pressure technologies plc said tuesday that it expects to report a wider adjusted operating loss in fiscal 2022 due to an accounting correction though there will be a corresponding profit increase in future years the specialist engineering group said as part of its audit process for the year ended oct 1 it is reviewing its accounting policy and past treatment for a small number of longterm defense contracts within its chesterfield special cylinders division the companys auditor said the current treatmentwith cost deferrals at financial period endsisnt compliant with accounting standard ifrs 15 which requires all costs incurred to be immediately expensed subject to final audit confirmation a further 12 million pounds 15 million of operating losses are expected for fiscal 2022 on top of the gbp14 million adjusted operating loss guided for in november fiscal 2021 reported operating loss has also widened by gbp80000 to gbp15 million pressure said the cost treatment doesnt affect the total profit of the contracts nor the timing of cash flows the company also said it remains confident in underlying market opportunities and continues to expect to swing to profitability and positive cash generation in fiscal 2023 its positive mediumand longterm outlook is underpinned by a strong order book and pipeline it said