Revenues and profits dip at engineering business

Chris Walters

Specialist engineering group, Pressure Technologies, says it remains confident it can meet its full-year market expectations despite the impact of inflation on its operations.

Issuing its interim results for the 26 weeks to 2 April 2022, the business records its Group revenue as down to £9.5m (2021: £14.5m). And the Sheffield-based company made a reported loss before tax of £2.3m (2021: profit £0.2m).

Pressure Technologies operates across two divisions – Chesterfield Special Cylinders (CSC) and Precision Machined Components (PMC).

Chris Walters, chief executive, said: “Results for the first half of the year reflect the expected timing of major defence contract placement and milestones in Chesterfield Special Cylinders and the continued impact of difficult oil and gas market trading conditions in Precision Machined Components.

“In Chesterfield Special Cylinders, the order book reached its highest level for more than five years at the end of the first half and a strong second-half performance is expected, driven by high-value defence contracts, Integrity Management deployments and hydrogen energy projects.

“The pipeline of hydrogen opportunities continues to develop, with order intake from this exciting market expected to grow significantly into 2023 and beyond.

“In Precision Machined Components, the recovery of order intake levels is expected to continue throughout the second half of the year, as OEM customers report an increasingly strong oil and gas market outlook.

“The division is expected to return to profitability by the end of the first quarter of FY23.”

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