Engineering firm’s results ‘to be behind market expectations’
SPECIALIST ENGINEERING group Pressure Technologies has revealed that it expects to report results behind market expectations for the current financial year.
In an update on recent trading, and its expectations for the year ending September 30, 2017, the Sheffield-based company said that its manufacturing divisions continue to perform well.
The company, which is led by chief executive John Hayward, said in a statement: “As highlighted in the interim statement released in June, the result for the year for the Alternative Energy (AE) division is dependent on order intake in the second half.
“Whilst the division will report a significantly improved performance over the financial year 2016, it is now apparent that customers have pushed back decision dates on projects.
“As a consequence of this slippage, and cost overruns on certain European projects, AE will post a result below market expectations. Notwithstanding the positive news that the manufacturing divisions are performing strongly, and that cash flow is being well controlled, the board expects that it will report results materially behind market expectations for the current financial year.”
The company’s board said it continues to be confident in the medium to long term prospects for the group, underpinned by a stabilising oil market, strong defence contracts and a growing global market in waste to energy solutions “for which AE under the Greenlane brand is a world leader in biogas upgrading”.