Pressure Technologies achieves record revenues

SHEFFIELD-based Pressure Technologies today revealed that it had achieved record full year revenues.

The company said its engineered products division was poised to become the largest part of the group, and it was continuing to look for acquisitions.

In the year ended September 29 2012, the company achieved revenue of £30.4m, compared with £23.1m the year before.

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The pre-tax profit was £1.8m, which is significantly higher than the £600,000 figure achieved the year before.

Richard Shacklady, the chairman of Pressure Technologies, said: “The engineered products division is poised for further growth; the facility in North America has been re-structured and is positioned to take advantage of a buoyant US market for its well control products.

“Additionally, the seabed well control equipment market has rebounded after a period of stagnation and orders from this sector are particularly buoyant. Having rebounded strongly in 2012 we expect growth in the cylinder division to moderate this year, not least due to increased competition from the Far East in the oil and gas market. However, the business does benefit from having a large forward order book, market leadership in the defence sector and growth positions into diversified markets.

“We will continue to seek acquisitions that suit our profile and will fit into and enhance the engineered products division. It is now positioned both geographically and in product range to become a significant player in the oilfield control and equipment sector and we believe it is proving to be a platform for growth.”