Return to profitability for Pressure Technologies

Window for Yorkshire firms to benefit from EU funding extended
Credit: Linda Bestwick

Pressure Technologies, the AIM-listed specialist engineering group based in Yorkshire, has returned to profitability.

For the 26 weeks to 30 March 2019, group revenue was up 59% to £14.5 million – compared with £9.1 million for the same period last year.

Gross profit rose to £5 million, a 73% rise on last year’s £2.9 million in what the Group has described as a “period of transition”.

“I am pleased with the progress we have made over the past six months in what has proved a very busy period, one that signals a return to profitability for the Group,” said Chief Executive Chris Walters.

During this period, Mr Walters and his team led several operational management changes with progress made with organisation development and culture.

It has also streamlined its portfolio, having completed the post-period end of the divestment of its Alternative Energy division.

The sale allows the Group to “focus on core specialist engineering activities in target markets”.

Mr Walters said: “We now have a clear strategic focus and are making good progress with the management, operational and cultural changes that will help accelerate organic growth and performance improvements in target markets.

“Our results for the first half of the year reflect the delivery of major defence contracts and improving conditions in the oil and gas sector.

“We are pleased with the growth in our order book and the increasing diversity of our customers and products.

“I have confidence in the outlook for the Group as we approach the next phase of our strategy.”