Pressure Technologies seeks acquisitions

In the year ended October 1, the company’s full year revenue was £23.1m, which is higher than the £21.7m recorded the year before.

The full year pre-tax profit was £600,000, compared with £3.5m in the previous year.

The company said it had maintained a sound balance sheet, and its cash management was strong.

Richard Shacklady, the chairman of Pressure Technologies, said: “The group is now well along the path of transforming itself, both organically and through strategic acquisition, into being a better balanced business with long term growth prospects in niche market sectors. We are exploring further acquisition opportunities and anticipate the transformation of the group to stretch across the next 12-18 months with the benefits starting to show in the current financial year.

“Our confidence in the group’s prospects and financial position is reflected in the board’s dividend policy and we remain confident that the group has the ability to adapt to changes in market conditions and profitably exploit the opportunities which arise.”

Mr Shacklady said it was “disappointing to confirm” that the group’s results for the full year have, as announced on October 21, fallen substantially below market expectations.

He added: “I am pleased, however, to report that the much delayed recovery in equipment ordering for the deepwater offshore oil and gas drilling sector is now underway and there was a notable acceleration of firm orders at Chesterfield Special Cylinders in the second half of the year.”

The proposed final dividend is 4.8p per share.