PressureTechnologies FY results seen in line with expectations

Critical components and systems designer and manufacturer Pressure Technologies said on Friday that its full-year results were projected to be in line with market expectations.

Pressure Technologies said revenues were expected to be approximately £25.0m, broadly flat year-on-year, while its adjusted operating loss was forecast to have narrowed from £2.4m to £00,000.

The AIM-listed group stated the result reflected "a strong performance" in defence, nuclear and hydrogen energy markets, offset as expected by the impact of "difficult trading conditions" in the oil and gas market, supply chain disruptions and the delay of Integrity Management deployments from the second half into 2022 and 2023.

Pressure Technologies, which announced in June that it was in default under the terms of its revolving credit facility with Lloyds Bank, highlighted that amendments to the RCF were agreed with Lloyds Bank in October and that the default had been remedied.

Elsewhere, Pressure revealed that chairman Roy Gardner had informed the company of his intention to step down before the group's next annual general meeting in March, with the company already launching a process to identify and appoint a non-executive director to succeed to the position of chair and to ensure a smooth handover.

As of 1235 GMT, Pressure Technologies shares were flat at 78.50p.