Engineering firm raises £5m through share placing
Sheffield-based specialist engineering group, Pressure Technologies, has been successful in a share placing that raised approximately £5m.
The placing will help Pressure Technologies to strengthen the balance sheet, invest in its manufacturing divisions and capitalise on opportunities for both organic and non-organic growth.
Pressure Technologies said: “The Group’s three Manufacturing Divisions: Precision Machined Components, Engineered Products and Cylinders are emerging from a sustained period of retrenchment and re-organisation arising from the oil and gas market downturn.
“The Board believes that the upward trajectory in sales revenue and profits, underpinned by the benefits of restructuring, should continue across these divisions with market and product development across several areas providing the momentum to maintain this progress.
“The Board believes that the placing will provide a number of benefits and stems in part from the strong support of the company’s long standing institutional shareholders.”
“The Board looks forward to 2018 with confidence for the Manufacturing Divisions”
Roger Dyson, head of hlw Keeble Hawson’s corporate team and associate, Michael Hall, acted for Pressure Technologies. Dyson said: “Pressure Technologies has an enviable track record as a world leader in its field. The £5m cash influx will enable the group to take advantage of the improved conditions in its key oil and gas and defence markets, focus on product development and harness exciting new opportunities.”
