Pipehawk plc
PipeHawk plc is a UK AIM-listed engineering group offering advanced engineering solutions across utility detection and mapping (Adien), rail track renewal and maintenance equipment (Thomson Engineering Design), ground probing radar technology (Utsi Electronics), and skid-resistance test equipment (Wessex Precision Instruments). Revenue is earned from the development, assembly and sale of automated manufacturing units, test systems, rail industry solutions and ground probing radar equipment, plus GPR-based survey services.
10 annual reports read, FY2016 to FY2025
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Sources: Companies House (10)
FY2026Next report expected 4 Dec 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
PipeHawk plc, a small UK engineering group making ground-scanning radar and rail maintenance machines and carrying out underground utility surveys, saw revenue fall to £3.7m from £9.1m. Even so, it made an operating profit of £118k, against a £1.2m loss the year before, and its loss after tax narrowed to £259k. Revenue fell mainly because the group left its loss-making QM Systems business, while the businesses it kept grew, led by rail machinery. The previous year's loss also included a one-off gain of £870,000, making the underlying improvement larger than the loss figures alone suggest. Cash at the year end was £15k, borrowings stood at £6.9m and the group owes more than it owns. No new shares were issued and no dividend was paid. Management expects growth in rail and surveys but says UK rail and public-sector spending is being held back. The auditor flagged a serious doubt over whether the company can keep going, because it depends on continued financial support from its Executive Chairman, who has pledged it for at least 12 months.
From the reportevery line sits on the page it namesWhat drove revenueRail attachment and track renewal machinery (Thomson Engineering Design)
TED turnover grew from £1.14m to £1.77m (+55%), partnership with Unipart driving exposure, RFQs over £500k generated at Rail Live event
page 4AndUtility detection and mapping survey services (Adien)
Adien turnover up over 30% for the second year running; orders strong in Telecoms, Water and Power
page 5What moved the margintailwindGroup returned to operating profit (£118k vs £(1,215)k loss) and positive EBITDA (£207k) despite turnover falling 59% as unprofitable QM Systems business exited and core businesses grew 27%
Chairman's statement; remaining core turnover grew from £2.9m to £3.7m
page 2AndtailwindNo goodwill impairment in FY2025 versus £163k impairment in FY2024 (goodwill already fully written off)
Consolidated SCI; Note 11 Goodwill now £nil net book value
page 19One-offs in the year£870k credit: Prior-year exceptional items (FY2024 only) of £870,000 credit, and goodwill impairment of £163,000 (FY2024)
page 19After the year endThere were no adjusting or significant non-adjusting events between 30 June 2025 and the approval of the financial statements (24 November 2025). Note: Non-executive Director Robert Randal MacDonnell passed away on 20 September 2025, disclosed as a subsequent event in the Chairman's Statement/Directors' Report though not flagged under Note 21.
page 44Going concern and the auditUnqualified audit opinion from Sedulo Audit Limited, with a material uncertainty related to going concern highlighted (not modifying the opinion). The Group is in a net liability position (net liabilities £6,391k) and reliant on continuing financial support from Executive Chairman G.G. Watt, who has pledged support for at least 12 months from approval date. Auditor is Sedulo Audit Limited; audit fee £33,000 (Group, 2024: £53,000); Company audit fee £18,000 (2024: £29,000); additional tax services fee £5,000 (2024: nil).
page 14The risks it names firstRead from C001010-AR-2025-ch.
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