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Pressure Technologies PLC shares fell on Tuesday, after it reported a ‘mixed’ performance in the first half of the financial year. Shares in the Sheffield, England-based engineering firm were down 15% to 33.00 pence each in London on Tuesday morning. In the 26 weeks ended March 30, revenue rose 9.2% to £15.0 million from £13.8 million a year earlier. Pretax loss narrowed to £1.2 million from £1.4 million. Chief Executive Chris Walters said: ‘Precision Machined Components performed well in the period, with much-improved revenue and profitability, underpinned by operational improvements and capital investment. We expect this momentum to continue throughout the second half. Performance at Chesterfield Special Cylinders was impacted by the deferral of UK defence contract revenues into future years and by operational delays, including unplanned downtime for process-critical equipment in the first quarter.’ The CEO warned that while CSC will have a better second half, the first half shortfall will not be recovered. Walters added: ‘[The] full-year performance will be further impacted by delayed order placement for new hydrogen storage contracts due to the UK general election, now expected later in FY24.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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