Pressure Technologies reports ‘encouraging outlook’ for manufacturing division

John Hayward, CEO of Pressure Technologies
John Hayward, CEO of Pressure Technologies
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Engineering firm Pressure Technologies has recorded a half year loss, but said it sees “considerable momentum” in the defence and oil and gas markets so the outlook for its manufacturing divisions is encouraging.

Group revenues for the 26 weeks to 31 March 2018 were down £4.1 million to £13.6 million, which was primarily due to a lower opening order book in the alternative energy division.

As a consequence of reduced revenues, the group made an adjusted operating loss of £1.3 million.

John Hayward, CEO of Pressure Technologies, said: “Dynamics in the defence and oil and gas markets are showing considerable momentum, so the outlook for our manufacturing divisions is encouraging, but time dependent.

“There is significant potential in alternative energy, and the board is considering a number of strategic options for this division that will hopefully increase market opportunities and lead to enhanced shareholder value.”