SPECIALIST engineering firm Pressure Technologies has high hopes for its alternative energy division, after it saw revenues fall during a period of restructuring.
The Sheffield-based company’s revenues in the year ended October 1, on a continuing operations basis, was £35.8m, which was down from the £53.8m revenues recorded the year before.
The company also recorded a full year adjusted operating loss of £0.4m, compared with a £3.8m profit the year before.
John Hayward, the chief executive of Pressure Technologies said: “The year has seen both the rebuilding of our alternative energy division, following its restructuring in 2015, and the completion of the restructuring of our manufacturing divisions. The group is far more resilient, with manufacturing divisions now structured to be profitable in the current market, and an alternative energy division on the brink of a breakthrough to sustainable revenues and profits.”
Earlier this month, Pressure Technologies revealed that it was continuing to diversify, with the acquisition of Martract, a profitable, cash-generative engineering business that specialises in the grinding and lapping of ball and seat assemblies and gate valves.
In a note, analysts from Cantor Fitzgerald said: “In many respects FY2016 (the full year results for 2016) can be looked at as a year of significant progress.
“The management team has continued to restructure the group and its manufacturing businesses are profitable and cash generative at current levels of demand.
“The team has also built a strong order book in alternative energy, where prior contract delays and legacy issues now appear to have been fully overcome.”