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Annual Results

Pressure Tech's FY pretax profit much lower

15 December 2015 07:34

Pressure Technologies has booked a FY pretax profit of GBP0.58m, from a year-earlier profit of GBP5.4m. Revenue was GBP55.6m, from GBP54.0m. Administrative expenses totalled GBP12.4m, from GBP7.9m.

The outfit's final dividend was unchanged at 5.6p a share, maintaining the total at 8.4p.

CEO John Hayward said:

"The Alternative Energy Division has a strong pipeline of potential orders as the demand for renewable energy grows worldwide. Development of the division is important to the near-term growth of the Group and we have the resources to achieve this.

"Whilst current trading conditions for the majority of our businesses remain challenging, the Group is much more diverse and better balanced than in the previous low in the oil and gas market. The Board remains confident in the medium to long-term prospects for the Group."

HIGHLIGHTS:

- Creation of Precision Machined Components Division and successful integration of Quadscot

- Successful restructuring of Greenlane Biogas

- In-sourcing of machined components completed

- Major cost savings made in response to the trading environment

- Revenue from oil and gas market reduced from 73% to 59%

- New products and services being developed across the Group to benefit 2016

- Alternative Energy order pipeline strong for 2016

Story provided by StockMarketWire.com

Related Company: PRES

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