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Datong swings to first half loss
LEEDS-based Datong, a maker of equipment used by special forces to track terrorists, swung to a first-half loss after customers delayed orders but said it still hoped to meet expectations for the year.
"(But) given the delays so far in receiving orders, the current economic conditions and the heavy reliance on the signing of contracts in the second half of the financial year, we recognise that the risk to the year-end result is increasing," the company said in a statement today
The company reported a pretax loss of 1.62m ($2.4m) for the six months to the end of September, against a 20,000 profit a year ago. Revenue fell 57 per cent to 1.51m after 2.9m of orders were delayed.
Chief Executive Brian Smith said the delays placed greater emphasis than usual on its traditionally stronger second half, but he still believed the group would meet market expectations.
Teathers analyst Kevin Ashton, who forecast revenue of 2.3m and a loss of 1.5m, said: "In general terms, the deal slippage is making this a tough year for Datong, and just at a time it has been investing for growth.
"It is rare that clients actually walk away from Datong, though phasing has been an issue in the past. We would expect to see a substantial improvement in H2 and into next year, despite the sub-optimum H1."
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Saturday 11 February 2012
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