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AIM-listed valve manufacturer Pressure Technologies (LON:PRES) has seen its share price drop by 8.01% to 122.35p (as of 13:15 BST) despite posting a 59% improvement in revenues for the six months ended 30th March. The company posted a small profit for the half year, a positive development relative to the loss in the comparable period. Management said that they expected the oil and gas division to continue to perform strongly during the second half, but warned that lower revenues from defence contracts would negatively impact margins in the CSC arm.
Chief executive Chris Walters commented: “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.
“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“.