DJ Pressure Technologies PLC Half-year Report
“The current trading volumes are masking the underlying strength of the Group, which is in good shape to weather these market conditions. The increasing contribution from the Alternative Energy Division will provide a cushion to Group results and diversification in our other divisions, together with eventual recovery in oil and gas, gives the Board confidence in the medium and long term outlook for the Group.”
Financial — Revenue of GBP17 million (2015: GBP32.1 million)
— Adjusted operating loss* at GBP0.9 million (2015: GBP2.6 million profit)
— Reported profit before tax of GBP0.7 million (2015: GBP(0.5) million)
— Adjusted earnings per share* loss of 8.5p (2015: 12.1p)
— Reported basic earnings per share 7.0p (2015: (3.4)p)
— Operational cash generation** of GBP2.1 million (2015: GBP3.8 million)
— Net debt reduced to GBP6.1 million (2015: GBP7.5 million)
— Interim dividend nil (2015: 2.8p)
* pre acquisition costs, amortisation on acquired businesses and exceptional charges and credits
**after payment of redundancy and reorganisation costs
Operational
— Alternative Energy has secured six contracts year to date and launched the 'Kauri' – the world's largest single water wash upgrader
— Short-term order pipeline for Alternative Energy of 11 projects totalling GBP26.2 million in core markets
— Cylinders defence order book to 2020 of GBP10 million
— Al-Met and Roota winning new customers and gaining market share
— Gross Margins preserved as direct costs reduced in line with lower sales revenues
— Overall headcount reduced by 25% since October 2014 but core skills retained ready for the oil and gas market return
— Productivity gains and improved technical capabilites achieved across the Group