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PressureTechnologies issues profit warning as Covid-19 weighs on FY trading
3rd Nov 2020 08:04
(Sharecast News) - Specialist engineering group Pressure Technologies issued a profit warning on Tuesday as the Covid-19 pandemic impacted full-year trading.
Pressure Technologies expects revenues for the year ending 3 October to come to about £25.0m, down from £28.3m a year earlier, with the group also expecting to fall to an adjusted operating loss from last year's £2.2m profit.
The AIM-listed group cited tougher trading conditions, Covid-19 disruption and the deferral of revenues and profits for a defence contract for the softer performance.
However, Pressure Technologies did highlight that investments made since 2019 had underpinned growing diversification and sustainability in both of its divisions, supporting customer acquisitions and new market development in the process.
Chief executive Chris Walters said: "Depressed oil and gas markets and slower than expected turnaround of operational performance have impacted the PMC division and the outlook remains uncertain.
"With further UK-wide lockdown restrictions announced in the last week, Covid-19 continues to impact our target markets, our operations and our people."
As of 1310 GMT, PressureTechnologies shares were down 4.27% at 56.0p.
Pressure Technologies expects revenues for the year ending 3 October to come to about £25.0m, down from £28.3m a year earlier, with the group also expecting to fall to an adjusted operating loss from last year's £2.2m profit.
The AIM-listed group cited tougher trading conditions, Covid-19 disruption and the deferral of revenues and profits for a defence contract for the softer performance.
However, Pressure Technologies did highlight that investments made since 2019 had underpinned growing diversification and sustainability in both of its divisions, supporting customer acquisitions and new market development in the process.
Chief executive Chris Walters said: "Depressed oil and gas markets and slower than expected turnaround of operational performance have impacted the PMC division and the outlook remains uncertain.
"With further UK-wide lockdown restrictions announced in the last week, Covid-19 continues to impact our target markets, our operations and our people."
As of 1310 GMT, PressureTechnologies shares were down 4.27% at 56.0p.