The textile technology group HeiQ Plc suffered significant losses in sales and a higher loss in the first half of the 2023 financial year. In an interim statement published on Monday, the company also admitted that it had to revise its previous year’s results downwards due to “numerous errors”.
In the months January to June, group sales amounted to 20.5 million US dollars (19.4 million euros). This means that it fell by 26 percent compared to the recalculated level for the same period last year. The company attributed the loss to the persistently difficult market environment in the industry. In the meantime, measures have been initiated to adapt the cost base and operational processes to the adverse conditions, explained HeiQ. A “stabilization of business development” is therefore expected for the second half of the year.
In the first six months of the current year, however, HeiQ slipped deeper into the red. Compared to the same period last year, the operating loss increased from 1.6 to 6.0 million US dollars. The net loss attributable to shareholders increased from 1.7 to 6.4 million US dollars (6.1 million euros).