28th Jun 2022 12:08
Pressure Technologies PLC - Sheffield, England-based engineering firm - In the six months to April 2, swings to a pretax loss of GBP2.3 million from a profit of GBP240,000 the previous year. Revenue falls 35% to GBP9.5 million from GBP14.5 million. Company explains that the reduced revenue figure reflects the expected phasing of defence contract activity and milestones for its Chesterfield Special Cylinders business, as well as a challenging environment for its Precision Machined Components business. At the end of its first half, the CSC order book stands at GBP14.5 million, its highest level for more than five years. PMC's order book is at its highest level since August 2020, the company adds.
CSC is expected to have a strong second half.
Chief Executive Chris Walters says: "In Precision Machined Components, the recovery of order intake levels is expected to continue throughout the second half of the year, as OEM customers report an increasingly strong oil and gas market outlook. The division is expected to return to profitability by the end of the first quarter of FY23, as performance recovers in Al-Met and builds on the already profitable and strengthening performance of Roota Engineering."
Current stock price: 70.00 pence, down 4.1% in London on Tuesday
12-month change: down 28%
By Heather Rydings; [email protected]
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