REVENUES increased at specialist engineering firm Pressure Technologies over the last financial year, as its trading performance improved.
In the year ended September 28 2019, the Sheffield-based group's revenue rose by 34 per cent to £28.3 million while gross profit was up by 27 per cent to £9.2m.
The reported loss before tax was £0.5 million, compared with a loss £1.7 million in the previous year.
Chris Walters, the chief executive of Pressure Technologies, said: "I am pleased with the significant improvement in trading performance this year. 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."
He added: "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."