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Pressure Technologies plc (LSE:PRES), a specialist engineering group, has issued an update regarding the sale of its Precision Machined Components division (PMC) and its trading outlook for the financial year ending 30 September 2024 (FY24).
Update on the Sale of PMC
In June 2024, Pressure Technologies announced the identification of a preferred buyer for its PMC division, with expectations for the transaction to conclude in August 2024. The sale process has advanced significantly, with due diligence now completed. The Board anticipates that the transaction will finalize very shortly, marking a key milestone for the company.
Trading Update
In conjunction with the PMC sale announcement in June, the Group had projected an Adjusted EBITDA for FY24 of not less than £1.0 million. While the PMC division has performed robustly during the second half of the fiscal year, the Board now expects that the Group's overall performance for FY24 will fall slightly short of previous guidance. This adjustment is attributed to delays in defense order placements and project setbacks in Chesterfield Special Cylinders.
