Listed engineering group returns to profitability

Sheffield-headquartered listed engineering group Pressure Technologies has returned to profit in the six month period to 30 March 2019.

The group has this morning posted interim results showing that its revenues have risen 59% to £14.5m from £9.1m in the same period last year. It also achieved pre-tax profits of £100,000 – a return to profits with the group reported pre-tax losses of £1.5m in the same period last year.  

Chris Walters, who joined as CEO last year, said: “I am pleased with the progress we have made over the past six months in what has proved a very busy period, one that signals a return to profitability for the Group. 

“The sale of our Alternative Energy division, which completed in June 2019, was a key milestone.  We now have a clear strategic focus and are making good progress with the management, operational and cultural changes that will help accelerate organic growth and performance improvements in target markets.

“Our results for the first half of the year reflect the delivery of major defence contracts and improving conditions in the oil and gas sector.  We are pleased with the growth in our order book and the increasing diversity of our customers and products. I have confidence in the outlook for the Group as we approach the next phase of our strategy.

Pressure Technologies said it had been a period of transition, led by Walters and his team; including operational management changes and progress made with organisational development and culture.

Its Alternative Energy division divestment completed post period end, which the firm said would enable it to focus on core specialist engineering activities in target markets.

Pressure achieved its first delivery by Chesterfield Special Cylinders of customer orders for innovative projects in the emerging hydrogen energy sector and reported growth in its Integrity Management services.

There has been a restructuring and new leadership of the Precision Machined Components division, which the business said would underpin the strategy for organic growth and drive operational efficiencies, cost savings and improved margins.

Pressure Technologies said there had been a £600,000 investment in new equipment, with a further £2.7 million planned for this calendar year.

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