StockMarketWire.com - Specialist engineer Pressure Technologies narrowed its annual losses after its sales grew by about a third.

Pre-tax losses for the year through 28 September amounted to £0.5m, compared to losses of £1.7m on-year.

Revenue rose 34% to £28.3m and adjusted operating profit more than doubled to £2.2m, up from £1.0m.

Pressure Technologies said its improved operating performance was in line with market expectations and driven by UK and export defence contracts, plus increasing momentum in the global oil and gas market.

'I am pleased with the significant improvement in trading performance this year,' chief executive Chris Walters said.

'We have made important management and operational changes within the business over the course of the year.'

'I am pleased with the way our teams have responded during this transitional period and encouraged by the progress we have made with organisational development and culture that is key to delivering sustainable growth. '

'Order backlog and delayed output increased working capital during the year, but I am confident that this will unwind early in the new year as the backlog is cleared and operational initiatives take effect, delivering shorter lead times, improved margins and recovering cash flows.'

'Good strategic progress and the favourable conditions in core markets underpin our confidence in the outlook for 2020 and beyond.'

'Both divisions hold strong order books with reduced customer concentrations and have recently posted record contract wins from an increasingly diverse and buoyant sales pipeline.'




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