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Pressure Technologies results fall 'significantly below' guidance
Specialist engineering group Pressure Technologies turned in first-half results that were "significantly below" market expectations on Wednesday after losing several contracts to competitors throughout the period.
While Pressure's oil and gas units had shown some signs of improvement, the firm continued to see a degree of variability in order intake for its manufacturing division and its biogas division was "frustratingly slow to deliver" with just three upgrade contracts awarded to its alternative energy division since October.
"The outturn for the alternative energy division is now dictated by projects already in execution, which are insufficient to avoid incurring financial losses for the full-year," Pressure Technologies said.
The AIM-listed firm added that delays to its Dreadnought programme would impact its cylinder division's current year, but noted that the full extent of the hit would not be clear until the end of the fourth quarter.
"The cumulative short-term effect of these means that the group's results for the full year are expected to be substantially below market expectations," Pressure added.
As of 1100 BST, Pressure Technologies shares had tumbled 23.12% to 143p.