|
Pressure Technologies PLC on Wednesday said its loss widened as revenue dropped due to operational delays and deferred revenue. The Sheffield, England-based engineering firm said in the 12 months to the end of September revenue fell 28% to £14.8 million from £20.7 million in financial 2023. The company said trading performance was mixed, as its Precision Machined Components division reported ‘strong financial performance’ but the Chesterfield Special Cylinders division was impacted by operational delays and the deferral of revenue into the next financial year. The firm said it passed peak activity on high-value UK defence contract milestones during the year. Looking ahead, Pressure Technologies said the sale of PMC allows it focus on growing and developing CSC and removes its exposure to the oil and gas market. The firm said it intends to change its name to Chesterfield Special Cylinders Holdings PLC, subject to shareholder approval in March. It expects ‘significant revenue growth’ in 2024 and a return to adjusted earnings before interest, tax, depreciation and amortisation profitability. Chief Executive Chris Walters said: ‘In a year of significant strategic progress, the sale of our PMC division was a key milestone, focusing the group on the growth and development of Chesterfield Special Cylinders, strengthening our balance sheet and removing the exposure to cyclical oil and gas markets.’ He said the long-term outlook for naval newbuild and refit programmes is strong given geopolitical tensions and growth in global defence budgets. ‘With a simplified group structure, stronger balance sheet and a clear ambition for growth over the medium term, the Board remains focused on positioning the business to maximise shareholder value,’ he said. Shares in Pressure Technologies closed down 7.3% at 35.70 pence in London on Wednesday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
