Pressure Technologies FY results seen 'slightly below' previous guidance

Specialist engineering group Pressure Technologies warned on Friday that its full-year performance was now expected to be "slightly below" previous guidance.

Pressure Technologies said its softer-than-expected results were a result of later-than-anticipated defence order placement and project delays in its Chesterfield Special Cylinders unit.

Adjusted underlying earnings were pegged to be no less than £1.0m for the year ending 30 September.

The AIM-listed group added that the sale of its Precision Machined Components division was now "at an advanced stage" and said due diligence has been completed, noting that it expects the transaction to complete "in the very near future".

As of 1050 BST, Pressure Technologies shares had sunk 10.71% at 25.0p.

Reporting by Iain Gilbert at Sharecast.com