Pursuit share price drops by a third
Pursuit Dynamics lost over a third of its share price after a pre-close trading update revealed the Huntingdon-based engineering firm had only generated £1.4 million in revenues for the year ended September 30, well below analysts’ expectations.
The Huntingdon-based firm’s share price plummeted 37.35 per cent on the day – down 38.75p to 65p – despite a 14-fold increase in revenues for the year from £90,190 for 2005 to £1.4m.
The commercialisation of Pursuit’s unique steam propulsion technology, which is being successfully deployed in the brewing industry, has made rapid progress and significant advances in fire suppression.
Further advances are hoped for through the application of the PDS platform for decontamination scenarios following the conclusion of a trial with the US Department of Defense.
John Heathcote, CEO of Pursuit Dynamics, said: “Whilst focusing during the past twelve months on the commercialisation of our PDX technology platform in these first four industry areas, we have continued to drive additional R & D programmes in a wide range of applications. We will fully update shareholders in our Annual Report.”