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Engineering group Pressure Technologies said its chairman Sir Roy Gardner would step down from his role in March 2022. The company also also reported narrower adjusted losses even as revenue slipped amid 'difficult trading conditions.'
For the 52 weeks ended 2 October 2021, adjusted operating losses was expected to narrow to £0.8 million from £2.4 million a year earlier, while revenue was expected to be approximately £25 million, down from £25.4 million.
The company said it had seen a strong performance in defence, nuclear and hydrogen energy markets offset by 'the impact of difficult trading conditions in the oil and gas market, supply chain disruptions and the delay of integrity management deployments from the second half of the year into FY22 and FY23.'
The company, however, continues to expects to report full-year results in line with market expectations.
Preliminary results for the 52 weeks to 2 October 2021 would be released on 15 December 2021.