Sheffield-based Pressure Technologies reports fall in half year group revenues

The pandemic has caused major disruption to the global economy since restrictions were introduced in March.The pandemic has caused major disruption to the global economy since restrictions were introduced in March.
The pandemic has caused major disruption to the global economy since restrictions were introduced in March.
Pressure Technologies, the Yorkshire-based specialist engineering group, today revealed it had suffered a fall in half year group revenues, which was partially due to the pandemic.

Sheffield-based Pressure Technologies has announced its interim results for the 26 weeks to March 28 2020.

Over the half year, group revenue was £13.9 million, compared with £14.5 million in the same period the year before, while gross profit was £4.0 million, compared with £5.0 million in the comparative period in 2019.

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The company said that its overall group revenue was significantly lower than the prior year period due to the phasing of large defence contracts and the impact of Covid-19 restrictions in March 2020.

The company said a "strong order intake" in PMC (Precision Measured Components) underpinned a 12% increase in external revenue, while operational delivery issues and increased indirect costs adversely impacted margin performance.

Chris Walters, the chief executive of Pressure Technologies,commented: "The operational changes and strategic progress made over the past year have put the group in a stronger position to face the challenges and uncertainty in the current trading environment.

"The impact of Covid-19 continues to be felt to varying degrees across our markets. Strong order books in both divisions at the half year are encouraging, but it remains difficult to foresee how the pandemic and an uncertain oil and gas market will impact performance throughout the remainder of the year, particularly in the PMC division.

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Mr Walters added: "Management actions will seek to preserve cash and core capability in the business, without undermining the strategic and operational progress already made in both divisions to establish resilience and a foundation for future growth.

" New long-term strategic supply agreements with key customers demonstrate the progress being made and we remain focussed on advancing further with the group's strategic plans .

"I am proud to see the tremendous commitment and hard work of our teams across the group as we continue to support business continuity for our customers during this period."

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