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(Alliance News) - Pressure Technologies PLC on Tuesday said half-year revenue increased due to a strong performance across its businesses, and it is well-placed to record full-year growth.
The Sheffield, England-based engineering firm said pretax loss narrowed in the six months to April 1 to GBP1.4 million from GBP2.3 million a year prior as revenue grew by 45% to GBP13.8 million from GBP9.5 million.
This resulted from a strong defence order book in its Chesterfield Special Cylinders business, which led to revenue growth of 40% to GBP8.8 million from GBP6.3 million. Meanwhile, the Precision Machined Components business generated revenue of GBP4.9 million, up 53% from GBP3.2 million, due to recovery in the oil and gas market.
Pressure Technologies declared no interim dividend this year or last.
Looking ahead, Pressure Technologies said it is well positioned in the defence and emerging hydrogen and energy sectors, and expects to continue to benefit from recovery in the oil and gas market.
The company asserted that it is well-placed to drive revenue growth in the second half of financial 2023, and said its full year earnings before interest, tax, depreciation and amortisation is likely to be in the range of GBP2.2 million and GBP2.5 million, showing significant progress from an Ebitda loss of GBP900,000 in financial 2022.
Chief Executive Officer Chris Walters said: "Significantly improved performance in the first half of financial 2023 reflects the strong defence order book in Chesterfield Special Cylinders and the continued recovery of oil and gas market trading conditions in Precision Machined Components."
"We see the opportunity for revenue growth and margin improvement across the group."
Shares in Pressure Technologies were down 7.7% at 36.00 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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