2022 Full-Year Results

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n\n \n \n23 May 2023\n \nPressure Technologies plc\n(\"Pressure Technologies\", \"the Company\" or \"the Group\")\n2022 Full-Year Results\nPressure Technologies (AIM: PRES), the specialist engineering group, announces its preliminary results for the 52 weeks to 1 October 2022, which are in line with the Group revenue and adjusted operating loss* previously announced by the Company on 21 March 2023.\nAs announced on 21 March 2023 and on 27 April 2023, the publication of the Company's Annual Report and Accounts for this period (\"FY22 Annual Report\") was delayed due the additional time required by the Company to correct a historic error related to the accounting treatment of certain long-term customer contracts since FY19, and the additional time required by the Company's auditor to finalise its audit report, which has now been completed.  The audited Annual Report and Accounts has been published on the Company's website and will be posted to shareholders on Wednesday 24 May 2023.\nAs previously announced, results for the period reflect a £1.2 million increase in operating losses over the £1.4 million adjusted operating loss* notified in the earlier trading update on 15 November 2022, as a net result of correcting the application of IFRS 15 to certain long-term contracts in FY22 and in the prior periods FY19, FY20 and FY21.  As a consequence, there will be a corresponding increase in reported profits of £2.3 million over the remaining lives of the relevant contracts in FY23, FY24 and FY25, while contract profitability over the entire duration of the contracts and the quantum and timing of cash flows remain unchanged.\n\n\n\n\nFinancial Results\n\n\n\n\n·     \n\n\nRevenue of £24.9 million (2021: £25.3 million)\n\n\n\n\n·     \n\n\nAdjusted operating loss* of £2.6 million (2021: £1.5 million operating loss***)\n\n\n\n\n·     \n\n\nAdjusted EBITDA loss** of £0.9 million (2021: £0.1 million EBITDA profit** ***)\n\n\n\n\n·     \n\n\nLoss before taxation of £4.0 million (2021: £5.0 million loss before taxation***)\n\n\n\n\n·     \n\n\nBasic loss per share of 13.0p (2021: loss per share 14.8p***)\n\n\n\n\n·     \n\n\nNet debt**** reduced to £3.5 million (2021: £5...

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