Pressure Technologies PLC - Sheffield, England-based engineering firm - Says annual results for 2022, delayed due to historic accounting error, are in line with company revenue and adjusted operating loss previously announced. Pretax loss narrows to GBP4.0 million from GBP5.0 million, and revenue falls to GBP24.9 million from GBP25.3 million. Says this fall in revenue was caused by unexpected customer delays, supply chain disruption and unplanned outage of key equipment, which combined delayed "significant revenue into the first half of FY23." Declares no dividend.
"Despite the disappointing results in FY22, the board is confident in underlying market opportunities and trading conditions and expects a return to profitability and cash generation in FY23," says Chief Executive Chris Walters.
Current stock price: 43.00 pence, down 1.3% in London on Tuesday.
12-months: down 100%
By Will Neill, Alliance News reporter
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Pressure Tech (PRES)