(Alliance News) - Pressure Technologies PLC on Tuesday expressed confidence for the year ahead after its performance improved in its recently ended financial year.
The AIM-listed engineering company said pretax loss narrowed to GBP515,000 in the 52 weeks to September 28 compared to GBP1.7 million a year prior, as revenue surged by 34% to GBP28.3 million from GBP21.2 million.
Pressure Tech said "favourable conditions" in the oil & gas market drove higher revenue and profitability in its Precision Machined Components division, with the order book at the highest level for the past five years.
Looking ahead, the Sheffield-based firm said reducing leverage by debt reduction remains its priority, whilst also supporting the business with the capital investment programme. Therefore, Pressure Tech said it will not be paying a dividend, unchanged from the year before.
"I am pleased with the significant improvement in trading performance this year," said Chief Executive Chris Walters.
He added: "Good strategic progress and the favourable conditions in core markets underpin our confidence in the outlook for 2020 and beyond."
Pressure Tech shares were trading 1.9% higher in London on Tuesday at 106.50 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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