Revenue and profits up for listed engineering group

Sheffield-headquartered engineering group Pressure Technologies has recorded positive momentum through the second half of the year in both of its divisions.

The business has published a trading update for the financial year ended 30 September 2019, saying its Board expects to report 2019 financial year results in line with market expectations.

Full-year revenue in its Chesterfield Special Cylinders (CSC) divison was higher than FY18, with the phasing of key contracts benefitting the second half against forecast.

Precision Machined Components’ (PMC) full-year order intake and revenue were both higher than FY18.

However, the business said the sharp rise in orders and the transition to a divisional operating structure had a greater impact on operational performance than expected.

This resulted in a lower than forecast improvement in return on sales for the second half and a higher than anticipated year-end order backlog.

The Board said it was pleased with progress and remains confident in the outlook for the Group.

Chris Walters, chief executive officer of Pressure Technologies, said: “This has been a year of significant change for the Group and I am pleased with the positive momentum carried into FY20.

“The recently announced major contract win with EDF Energy is a good example of the increasingly diverse opportunities in the CSC pipeline.

“The investment in capacity and ongoing operational improvements in PMC are expected to increase returns in the year ahead and allow the division to capitalise further on opportunities for growth and diversification in a strong oil and gas market.”