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Eneraqua Technologies Faces Challenges with Customer Spending and Delays

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Eneraqua Technologies, a supplier of energy-and-water efficiency products, has experienced a significant decline in its stock shares, plummeting by 56%. The company recently announced that it anticipates both its revenue and profit for the current fiscal year to fall well below market expectations. This disappointing projection is due to a decline in customer spending and numerous project delays, which are now expected to extend into fiscal 2025.

As a result of these challenges, Eneraqua Technologies now estimates that only 25% of its current order book, amounting to £146.2 million ($179.6 million), will be fulfilled by the end of fiscal 2024, which concludes on January 31.

At 0817 GMT, the company’s shares were down by 52.00 pence, reaching a value of 40.50 pence.

Additionally, Eneraqua Technologies reported a pretax loss of GBP441,000 in the first half of fiscal 2024, a significant drop from the previous year’s pretax profit of GBP2.95 million. Despite this loss, revenue did experience a slight increase from GBP24.25 million to GBP26.05 million during the same period.

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