REG - PipeHawk PLC - Update in relation to Adien Ltd

PipehawkAnnouncement

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RNS Number : 9039V  PipeHawk PLC  09 March 2026

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information as stipulated under the
UK Market Abuse Regulation. With the publication of this announcement, this
information is now considered to be in the public domain.

 

9 March 2026

 

PipeHawk plc

("PipeHawk", "Company" or the "Group")

 

Update in relation to Adien Ltd

 

PipeHawk (AIM: PIP) provides the following update in relation to Adien Ltd
("Adien"), a subsidiary of PipeHawk.

 

As announced by the Group on 25 November 2025, Adien's project pipeline had
become somewhat difficult to navigate as a number of sectors that were
expecting reasonable growth indicated that there would be little to no spend
in 2025 and 2026. Nevertheless, Adien saw upside within the Telecoms, Water
and Power industries.  However, heavy snow and rain impacted the ability to
get on site to undertake work in December and January, thus affecting
profitability and cashflow.  This has been exacerbated by the non-payment of
a debt of over £100,000 due from a customer.

 

Notwithstanding this challenging environment, the Group had expected funds
from the sale of Utsi (the "Proposed Disposal") to be available at the end of
February to provide, inter alia, financial support to Adien.  However, the
Proposed Disposal is the subject of an assessment under the National Security
and Investment Act 2021, the timing of which is a minimum of 30 days and may
be longer.

 

As a result, Adien's financial position is now under severe financial
pressure. Accordingly, the Board is now taking steps to potentially place
Adien into administration or a similar corporate insolvency process.

 

While the above developments in relation to Adien are disappointing, the Board
is of the view that any steps taken to protect the interests of Adien's
creditors through, inter alia, placing Adien into administration, will not
have a significant impact on PipeHawk's broader group of companies and the
Board believes that the remainder of the Group will be able to continue to
trade as a going concern, notwithstanding trading within the Group's other key
subsidiaries, being Thomson Engineering Design Ltd and Utsi Electronics Ltd,
being currently slightly behind management's expectations.

 

Further information on Adien Ltd

 

Adien is a turnkey provider of utility detection and mapping services across
the UK. For the financial year ended 30 June 2025, Adien generated
approximately £1.5 million in revenues (representing approximately 41% of the
Group's revenue for that year) and reported a profit before tax of
approximately £15k. As at 30 June 2025, Adien had total assets of
approximately £612k.

 

A further announcement will be made in due course.

 

 

-Ends-

 

Enquiries:

 

 PipeHawk plc                                Tel. No. 01594 826 611

 Gordon Watt (Chairman)

 Allenby Capital Limited (Nomad and Broker)  Tel. No. 020 3328 5656

David Hart / Vivek Bhardwaj

 

For further information on the Company and its subsidiaries, please visit:
www.pipehawk.com (http://www.pipehawk.com/)

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