Demand from oil and gas sector boost Pressure Technologies
23 October 2013
Pressure Technologies said today it forecasts a "better than expected" end to its financial year after being boosted by increased demand in the oil and gas sector.
The Sheffield-based business, which runs engineered products, cylinder and alternative energy divisions, said trading in the second half of the financial year was strong in both the Cylinders and Engineered Products divisions.
The Cylinders division was buoyed by increased demand in the oil and gas sector and a growth in naval defence projects, when compared to 2012.
In the Engineered Products Division, Hydratron UK delivered a major improvement in sales and profits in the second-half, after a slow start to the financial year, the company said.
Hydratron Inc, which is based in Houston, Texas, was brought under the direct control of Hydratron UK in May this year and has since been making positive headway in the important US oil and gas market.
Al-Met continued to grow in line with the increased building of subsea trees for the deep water oil and gas market.
The comapny said: "As a result of these various factors, the group now expects that the results for the year end September 28 2013 will be ahead of market expectations.
"Looking ahead to 2014, the board is expecting further progress in all areas of the Engineered Products Division. Whilst Cylinders is expected to experience a well flagged reduction in margins, arising from aggressive pricing by its Asian competitors, the directs expect to see a continuation of the high levels of activity in other areas of oil and gas highlighted earlier in the year.
"The board is pleased to being the new financial year on a positive footing and looking forward to updating shareholders as the year progresses."