- Pressure Technologies anticipates that its FY results at group level will be a loss, against a market expectation of a profit.

"Trading in our three manufacturing divisions, Cylinders, Precision Machined Components and Engineered Products, overall continues to be in line with market expectations and despite the ongoing challenges of the oil and gas market there have been some positive developments," the company said.

"Since we announced the interim results in June, our Alternative Energy Division has secured a further £8.5 million of firm contracts and a conditional award of a contract for £6.5 million to add to the £10 million that were signed in the first half of the year," the company added.

"This includes two projects that will use our new Kauri plant, the world's largest volume single upgrader.

"As we have highlighted previously, the outturn for the current year is dependent on the timing of contracts in this division.

"It is now clear that delays both in award and commencement on a number of these contracts, particularly in the USA, will have a significant impact on the expected results for the year as a whole, albeit that the 2017 financial year will be positively impacted as a result.

"In addition to these delays, we have also encountered some unanticipated additional legacy costs and margin erosion on a first of type project in North America.

"These factors, coupled with R&D spend that has been charged to the profit and loss account as part of our tax planning, will swing the division from a profit to a loss that will materially impact the Group result."

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