Pressure Technologies plc
(“Pressure Technologies” or the “Group”)
2016 Audited Preliminary Results
Pressure Technologies (AIM: PRES), the specialist engineering group, announces its preliminary results for the year ended 1 October 2016.
John Hayward CEO, Pressure Technologies said:
“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. 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.”
Financial
· Revenue of £35.8 million (2015*: £53.8 million )
· Adjusted operating loss** £(0.4) million (2015*: £3.8 million profit)
· Adjusted operating profit** in the Manufacturing Divisions £2.2 million (2015: £6.7 million)
· Adjusted operating loss** in Alternatively Energy slightly ahead of market expectation at £(1.1) million with H1 £0.9 million and H2 £0.2 million (2015: £(1.1) million)
· Annualised savings of £5.4 million achieved from restructuring over the last two years
· Net debt reduced to £6.6 million (2015: £7.1 million)
· Adjusted loss per share (2.6)p (2015 restated: earning per share of 18.1p)
· Profit after tax £0.6 million (2015: £1.2 million)
· Final dividend nil (2015: 5.6p)
* represented to show results of the Engineered Products US operation as discontinued
** before acquisition costs, amortisation and exceptional charges and credits
Operational
· Revenues from oil and gas reduced to 43% (2015: 57%)
· Manufacturing Divisions gross margins held up at 31% (2015: 32.2%)
· Manufacturing Divisions aligned to be profitable at volumes seen in the second half
· Al-Met won largest ever order of $1.2 million
· Post year end strategic acquisition of Martract Limited
· Alternative Energy has £14.2 million of upgrader orders carried over for delivery in 2017