LONDON (Alliance News) - Pressure Technologies PLC on Tuesday said its loss widened in its recently ended financial year, hurt by weakness in its Renewable Energy division.
The engineering company said its pretax loss widened to GBP3.1 million in the 52 weeks ended September 29 compared to the GBP1.4 million loss reported a year earlier.
Revenue declined 7% to GBP32.3 million from GBP34.6 million year-on-year, as a result of fewer renewable energy projects.
Revenue in the Renewable Energy segment fell to GBP11.1 million from GBP15.9 million reported the year before, hurt by delays in clients getting funding.
Revenue in the Oil& Gas segment increased 18% to GBP12.5 million, driven by increased order volumes.
In the Defence segment, revenue increased slightly to GBP6.6 million from GBP6.4 million the year prior.
The Industrial Gas segment delivered revenue growth of 16% to GBP2.0 million, boosted by favourable phasing of cyclical refurbishment work for Pressure Tech's largest customer.
"The group is well placed to take advantage of improving market conditions and realise the benefits of investment in people, new equipment and supporting processes," said Chief Executive Chris Walters.
Shares in Pressure Tech were trading 2.8% lower on Tuesday at 94.75 pence each.
Pressure Tech (PRES)