Pressure Technologies (LON:PRES), the specialist engineering group, has provided the following update for the financial year ended 30 September 2019.
Notice of Results
The Group will publish results for the year ended 30 September 2019 on 17 December 2019.
Trading Update
Momentum continued through the second half of the year in both divisions, with full-year revenue and profit up on the prior year and the Board expects to report FY19 results in line with market expectations.
Full-year revenue in Chesterfield Special Cylinders (CSC) 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. The sharp rise in orders and the transition to a divisional operating structure had a greater impact on operational performance than expected, resulting in a lower than forecast improvement in return on sales for the second half and a higher than anticipated year-end order backlog.
Revenue phasing in CSC and the PMC order backlog contributed to higher working capital and a small increase in net banking facility debt at the year end over the reported half-year position.
The Board is pleased with progress and remains confident in the outlook for the Group.
Chris Walters, Chief Executive Officer of Pressure Technologies, comments: “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.”
