Power Probe PLC (LON: PWR), which makes automotive electrical diagnostic tools such as circuit testers and multimeters, reported first-half revenue down 16.6% to $17.7m and profit after tax down 40.8% to $2.0m on Monday. Shares slipped to 59p.
The stock had already closed at 60p on Friday, near the bottom of its 52-week range of 59p to 100.74p, roughly 40% below that high. It fell a further 1.67% to 59p after the results were published.
The company said the revenue decline reflects new product launches being pushed into the second half, consistent with guidance it had already given. Despite the softer top line, the board declared an interim dividend of 2.16 cents (1.60p) per share, payable by 16 October, with shares going ex-dividend on 24 September. Cash stood at $13.0m with minimal borrowings.
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Gross margin, the share of revenue left after direct product costs, rose 9.6 percentage points to 50.4% from 40.8% a year earlier. The company said the improvement came from shifting sales towards its own Power Probe-branded products and away from lower-margin private-brand business, alongside pricing initiatives introduced this year. Chief executive Chema Garcia said: “We continued to make good strategic progress during the first half and the significant improvement in gross margin demonstrates the benefits of our focus on Power Probe branded products, the transition towards higher-quality private brands business and the pricing initiatives implemented during the year.”
Garcia added: “We remain confident in our strategy and believe the investments and initiatives underway provide a strong platform for growth through the second half of 2026, into FY27 and beyond.”
The dividend declaration and margin gains suggest management is confident the H2 product launches will deliver, but with revenue already down and shares sitting at the bottom of their 52-week range, that pledge remains untested until the numbers arrive.
