Summit hit by industry's spending cutbacks
This article was originally published in Scrip
Executive Summary
The global economic slowdown has heavily affected Summit's performance in its first-half results. Revenue fell to just £740,000 for the first-half ended 31st July, down by 47% compared with the same period last year. The company attributed the decline to many of its customers reducing their budgets for external R&D expenditure amid a difficult financial environment.