Pressure Technologies, the Sheffield-headquartered engineering group, has posted a 34% rise in revenue to £28.3 million for the year ended 28 September 2019.
Adjusted operating profit rose by over 50% from £1 million to £2.2 million, while the company reduced its loss before tax from £1.7 million in 2018 to £500,000.
According to a trading update, the company said that its results were largely driven by the UK and export defence contracts as well as increased momentum in the global oil and gas markets.
“We have made important management and operational changes within the business over the course of the year,” said Chief Executive, Chris Walters.
“I am pleased with the way our teams have responded during this transitional period and encouraged by the progress we have made with organisational development and culture that is key to delivering sustainable growth.
“Order backlog and delayed output increased working capital during the year, but I am confident that this will unwind early in the new year as the backlog is cleared and operational initiatives take effect, delivering shorter lead times, improved margins and recovering cash flows.
“Good strategic progress and the favourable conditions in core markets underpin our confidence in the outlook for 2020 and beyond.
“Both divisions hold strong order books with reduced customer concentrations and have recently posted record contract wins from an increasingly diverse and buoyant sales pipeline.”