- Pressure Technologies has swung to an H1 pretax loss of £0.52m, from a year-ago profit of £1.3m. Revenue was £32.1m, from £19.9m.

Chairman Alan Wilson said:

"Whilst we cannot escape the current, very challenging conditions within the oil and gas market, the Group is now much better balanced and the Board will continue efforts to broaden our customer, technology and industrial base. The Board remains confident in the medium to long-term prospects for the Group."

Separately, the company said the group's FD, James Lister, is to step down from the board on June 30 and will retire on September 1. He will be replaced by Joanna Allen.

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