HeiQ PLC - London-based textiles technology firm - Chief Executive Officer Carlo Centonze buys 300,000 shares at an average price of 28 pence each, worth GBP84,000, in London on Wednesday. Centonze is now interested in 14.2 million shares, including 5.2 million shares held by Cortegrande AG, a 10.1% stake. Cortegrande is a company wholly owned by Centonze.

On Wednesday, the company said sales in the fourth quarter of 2022 were impacted by a "significant" deterioration in consumer demand as a result of worsening macroeconomic conditions. It explained that this reduction in sales has also been compounded by brands increasing their levels of inventory to all-time highs after the pandemic, due to persisting supply chain concerns.

HeiQ now expects revenue for the year to be 20% below market expectations at between USD54 million and USD55 million. The firm's pretax loss is expected between USD2.5 million and USD3.5 million.

Current stock price: 28.90 pence, up 7.0% in London on Thursday morning

12-month change: down 69%

By Sophie Rose; Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.