UNIGEL GROUP PLC (Alliance News) - Unigel Group PLC on Tuesday said revenue was weaker in 2023, amid high interest rates and less demand for fibre optic cables.
It said revenue fell 23% in 2023, to GBP28.5 million from GBP36.8 million in 2022.
"The year 2023 was probably one of the most challenging years for the global fibre optic cable industry which are the main markets for our group's products and services," the company said.
Pretax profit in 2023 totalled GBP815,497 up markedly from the GBP442,151 achieved in the second half of 2022 alone. The firm began trading on the Aquis exchange in August 2022.
The company remains cautious about its outlook as high interest rates persist.
Due to increasing tension between the US and China, Unigel says it plans to relocate raw material production away from China where possible.
Nevertheless, the company believes there is potential for growth both organically and through acquisitions. Unigel highlights its January acquisition of the remaining 40% equity stake in its UK subsidiary Unigel Ltd from Malaysian-based Unigel Compounds Sdn Bhd.
By Aidan Lane, Alliance News reporter
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