Pressure Technologies, the UK specialist engineering group, has announced a swing to adjusted Ebitda profit for the fiscal year ended Sept. 30. The company reported an adjusted earning before interest, taxes, depreciation, and amortization of £2.0 million, compared with a loss of approximately £900,000 in the previous year.
This increase in profitability was driven by a rise in group order intake to around £43 million, up from £25 million, and a revenue increase to £32 million, up from £25 million.
Looking ahead to fiscal 2024, the company expects a slight increase in revenue and profitability. This is based on a positive outlook for order intake from the oil and gas sector, as well as improved pricing and manufacturing efficiencies.
“We have seen strong order intake in both divisions and have made recent operational improvements which have resulted in a more consistent performance in the second half of 2023. This has led to a significant improvement in profitability. We believe there are further opportunities for margin improvement in both divisions,” commented Chief Executive Officer Chris Walters.