Technology company takes a hit as work dries up

ANOTHER wave of low oil and gas prices has meant that Sheffield’s Pressure Technologies is expecting below-forecast results, as projects in the sector dry up.

The firm said that it expects to see “material deterioration” in the group’s engineering and precision machined components businesses, and that results for the year will be significantly lower than market forecasts.

Pressure Technologies said the weak market conditions are expected to continue into the next financial year, and that other divisions would be affected by them, namely its “cornerstone” business, Chesterfield Special Cylinders.

Pressure Technologies listed on AIM in June 2007 and specialises in manufacturing technology for the containment and control of liquids and gases in pressure systems.

The statement said: “The board remains confident in the medium-term prospects for the group as the well documented issues in the oil and gas market have been confined to a general delay in capital spend rather than loss of market share.”

Last year Pressure Technologies acquired firms Roota and Quadscot to boost its engineering division.

This year the group acquired land and buildings at Meadowhall Road, Sheffield, where two Group companies, Chesterfield Special Cylinders and Chesterfield BioGas are based.