Engineering firm shares fall 10%
Shares in Pressure Technologies, the gas cylinder manufacturer, have today fallen by 10% after the company published a trading update which stated they were “materially behind market expectations” for the current financial year.
The Sheffield based manufacturing company, which has divisions in the Precision Machined Components and Engineered Products, say it is apparent that customers have pushed back decision dates on projects in the Alternative Energy Division.
In a trading update this morning, Pressure Technologies said a result of this slippage and cost overruns on certain European projects, the Alternative Energy Division would post a result materially below market expectations.
However, the company stated that the oil market is experiencing some increase in confidence. This includes an increase in orders in Precision Machined Components, including the receipt of an order in Cylinders for a drillship project for delivery in 2018, the first for three years.
Looking ahead, the predicted order load for PMC and the defence contracts already secured by Cylinders gives the Board confidence that market expectations for financial year 2018 for our manufacturing divisions will be exceeded.
