Pressure Technologies makes 'good progress' despite pandemic

However, the company also revealed that it expected to deliver an adjusted operating loss for the full year.

The company has today provided a trading update for the year to 3 October 2020.

The statement said: "Whilst the Covid-19 pandemic has brought significant challenges to our markets and operations over the course of the financial year, the group continues to make good progress against strategic priorities.

"The investments made since 2019 have underpinned growing diversification and sustainability in both divisions this year, evidenced by new customer acquisitions and new market development.

"However, tougher trading conditions, Covid-19 disruption and the previously announced deferral of revenue and profit for a defence contract into FY21 resulted in a reduction in group revenue for the year to approximately £25 million (2019: £28.3 million) and overall the group is expected to deliver an adjusted operating loss for the year (2019: £2.2 million profit)."

Chris Walters, Chief Executive of Pressure Technologies commented: "Despite challenging trading conditions, we have continued to make strategic progress through FY20 with increased diversification of the customer base in both divisions.

He added: "Recent major contract wins and the further growth in Integrity Management services have strengthened the outlook for CSC. I am also really encouraged by the progress made in the rapidly developing hydrogen energy sector, where our successful development of products and services for high-pressure hydrogen storage has been followed by new projects and a growing pipeline of opportunities.

"A focus on decarbonisation by governments worldwide is establishing hydrogen firmly in the global energy mix and I expect to see this sector become an increasingly significant part of the group's business over the next few years.

"Depressed oil and gas markets and slower than expected turnaround of operational performance have impacted the PMC division and the outlook remains uncertain. Management actions are focused on maintaining customer service levels and completing operational improvements, while preserving cash and protecting the capabilities built over the past two years.

"With further UK-wide lockdown restrictions announced in the last week, Covid-19 continues to impact our target markets, our operations and our people. I would like to thank all our employees for their continued hard work and commitment through these challenging times."

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