Pressure Technologies PLC – 2018 Interim Results

Pressure Technologies PLC – 2018 Interim Results

Pressure Technologies (AIM: PRES), the specialist engineering group, announces its interim results for the 26 weeks to 31 March 2018.

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.”

Financial

  • Revenue of £13.6 million  (2017: £17.7 million)
  • Adjusted operating loss* at £(1.3) million (2017: £(0.8) million)
  • Reported loss before tax of £(5.0) million (2017: £(2.6) million )
  • Adjusted loss per share of (6.9)p (2017: (6.3)p)
  • Reported basic loss per share of (25.0)p  (2017: (15.9)p)
  • Adjusted operating cash outflow** £2.1 million (2017: inflow £2.2 million)
  • Net debt at £9.3 million (2017: £8.6 million )

*before M&A costs, amortisation and exceptional charges

**before exceptional cash costs

Operational

  • The short-term Group outlook is dictated by issues of timing
  • Manufacturing Divisions strengthened by the more favourable market conditions in the defence and oil and gas markets
  • Delays in contract awards in Alternative Energy negatively impacting the half and full year
  • Manufacturing businesses focused on core competency in high added value component manufacture
  • Appointment of two highly experienced business leaders to head Alternative Energy and Precision Machined Components Divisions
  • Exploring strategic opportunities to unlock value for Shareholders for Alternative Energy
  • Post half year end, sale of Hydratron Limited for an initial consideration of £1.1 million
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