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Global Invacom Group on Friday reported a drop in revenue and a widened loss for the first half of 2022, as a result of semiconductor shortages.
For the six months that ended on June 30, the Whitstable, Kent and Singapore-based satellite communications equipment and electronics firm said revenue fell 7.5% year-on-year to $37.4 million from $40.4 million a year earlier.
Its pretax loss widened to $3.3 million from $1.1 million a year prior.
The company said a shortage of semiconductors globally, together with material availability, labour challenges and price increases, hurt revenue during the period.
Gross profit amounted to $7.4 million, down 16% from $8.8 million a year earlier.
Executive Chair Tony Taylor says: ‘Trading across the first six months of the year has not been without its challenges, as we continue to adjust to the ongoing shortages for semiconductors globally, alongside inflationary pressures across our business. Whilst we are fully aware the broader macro picture will take time to improve, Global Invacom remains well placed to capitalise on the growing demand for satellite communications services globally.’
Cash amounted to $10 million as at June 30, compared to $10.8 million on December 31.
Global Invacom said it has started a business review to improve the company's performance.
Shares in the company were untraded in London on Friday morning, last quoted at 7.00 pence.
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