Revenues rise at Pressure Technologies
Posted on 27 Jan 2020 and read 746 times
Sheffield-based Pressure Technologies, which provides pressure containment and control products and services to customers operating in safety-critical environments, saw its revenues rise by 34% (to £28.3 million) in the financial year to 28 September 2019, while its gross profit was up by 27% (to £9.2 million).
The reported loss before tax was £0.5 million, compared with £1.7 million loss the previous year.
Chief executive Chris Walters (www.pressuretechnologies.com
) said: “I am pleased with the significant improvement in trading performance; we have made important management and operational changes within the business.
"I am also 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, which 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.”