Shares in Pressure Technologies PLC (AIM:PRES) fell 13.5% to 38.5p as it published annual results and accounts that were delayed due to a historic accounting error.
The results for the 52 weeks to 1 October 2022 showed operating losses of £2.6mln, which is a £1.2mln increase over the £1.4mln loss notified in the earlier trading update on 15 November, as a net result of correcting how IFRS 15 rules should have been applied to some long-term contracts last year and in the three prior financial years.
Revenue of £24.9mln was down from £25.3mln, statutory losses were trimmed to £4mln from £5mln last time and net debt was cut to £3.5mln from £5mln.
“Difficult trading conditions throughout the FY22 period reflected the challenging economic climate, supply chain disruptions and cost inflationary pressures impacting the group's operations, customers and suppliers,” the company said.
Revenue from the defence sector, precision machines components and the smaller hydrogen division all increased.
On the outlook, the company said opportunities for the supply of new hydrogen storage and demand for hydrogen transportation systems “continue to develop, despite delays in the hydrogen energy supply chain”.
It is also seeing increasing demand for in-situ and factory-based inspection, testing and recertification services for hydrogen static storage and road trailers.