HiWave sees losses widen

HIWAVE Technologies reported losses of £3.9m for the 15 month period to 30 September, up from £2m in 2010.

The company reached a turnover of £2m in the period, which was longer than usual due to a financial year change, just up from £1.9m in 2010.

HiWave also reported total assets of £5.3m, a hefty increase on last year’s £1.8m, and £1.1m of orders taken.

Chairman David Bramwell said: “2012 will be tough and challenging but the company now has the team capable of meeting the challenges.”