(Alliance News) - Pressure Technologies PLC on Tuesday said it expects revenue to grow and to swing to profit in the financial year that ended on September 30.
The Sheffield, England-based engineering firm said it anticipates to report revenue of GBP32 million for financial 2023, up 28% from GBP25 million a year prior. Further, it expects to swing to an adjusted earnings before interest, tax, depreciation and amortisation profit of GBP2.0 million from a loss of GBP900,000 in financial 2022.
Notably, order intake jumped 72% to GBP43 million from GBP25 million.
Looking ahead, citing its precision machined components division, Pressure Technologies said: "The board expects PMC to continue to operate at its current improved rate of activity and to generate further year-on-year growth in revenue and improved profitability in FY24, based upon a robust outlook for order intake from the oil and gas sector, improved pricing and manufacturing efficiencies.
Chief Executive Officer Chris Walters said: "Global defence programmes present strong opportunities for Chesterfield Special Cylinders and we remain well positioned to transition into the developing hydrogen energy market to supply static and mobile storage solutions, and to provide the through-life inspection, testing and recertification services for these safety-critical systems over the longer term."
Pressure Technologies shares fell 8.1% to 27.58 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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