Pressure Technologies sees interim revenues rise

Alan Wilson, chairman of Pressure Technologies
Alan Wilson, chairman of Pressure Technologies
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Pressure Technologies has seen its half year sales rise after it completed a string of acquisitions.

In the 26 weeks to March 28 2015, Pressure Technologies achieved strong revenue growth as it received a boost from recent acquisitions.

During the period, the company achieved revenue of £32.1m, a rise of 62 per cent on the same period last year. The underlying operating profit rose by 20 per cent to £2.6m.

Recent activity at the Sheffield-based engineer has included the acquisition of Quadscot Precision Engineers in October 2014 for £6.9m net and two-year earn out of up to £3m.

Alan Wilson, chairman of Pressure Technologies, said: “Whilst we cannot escape the current, very challenging conditions within the oil and gas market, the group is now much better balanced and the board will continue efforts to broaden our customer, technology and industrial base. The board remains confident in the medium to long-term prospects for the group.”