Specialist engineering and industrial valve manufacturing company Pressure Technologies (LON: PRES) booked a modest first half profit with improving oil and gas sector conditions helping to drive sales.
The company’s revenue jumped 59% to £14.5 million while pre-tax profit for the six months through March came to £0.1 million, up from a £1.5 million loss the year before.
This news follows updates from elsewhere in the energy sector, with Petrofac (LON: PFC) providing guidance updates this morning, and Eco Oil and Gas (LON: EGO) and Mayan Energy (LON: MYN) providing operations updates.
“I am pleased with the progress we have made over the past six months in what has proved a very busy period, one that signals a return to profitability for the group,” said chief executive Chris Walters.
“The sale of our alternative energy division, which completed in June 2019, was a key milestone.”
“We now have a clear strategic focus and are making good progress with the management, operational and cultural changes that will help accelerate organic growth and performance improvements in target markets.”
“Our results for the first half of the year reflect the delivery of major defence contracts and improving conditions in the oil and gas sector.”
“We are pleased with the growth in our order book and the increasing diversity of our customers and products.”
“I have confidence in the outlook for the group as we approach the next phase of our strategy.”
Pressure Technologies trading update
The Company did not declare an interim dividend alongside this latest update. Further – following today’s update – the company’s shares have dipped sharply so far during trading on Tuesday morning, down 8.27% or 11p to 122p per share 25/06/19 09:45 GMT.