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Annual Results

Pressure Technologies swings to FY pretax loss

13 December 2016 09:43

Pressure Technologies has swung to a FY pretax loss of £359,000, from a profit of £1.1m. There was no final dividend, versus 5.6p in 2015.

Revenue was £35.8m, from £53.8m.

"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," said CEO John Hayward in a statement.

"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.

"Significant progress in diversification has been made in the Cylinders Division and we continue to seek out new products and markets for the EP and PMC Divisions. The acquisition of Martract Ltd in December 2016 will assist with this process."

At 9:43am: (LON:PRES) Pressure Technologies PLC share price was -7p at 150.5p

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