News blog
Qonnectis
- BY: Andrew Hore |
- POSTED: 31/03/2009 |
Qonnectis says that it is rebuilding its order book.
The remote meter reading technology developer had a terrible six months to December 2008. Revenues slumped from £291,000 to £21,000. The interim loss increased from £222,000 to £406,000. There was £120,000 spent on product development.
New products will help to improve second half revenues. However, sales of the Leakfrog leak detection product have been disappointing.
Barbara Spurrier is combining her role of finance director with that of chief executive.
Shares in Qonnectis fell 0.045p to 0.2p a share, which values the company at £790,000.
There is net cash of £305,000 but that is less than the cash outflow in the first half. The cash outflow needs to be stemmed or the cash will run out.
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