“Excellent” year for Pressure Technologies
PRESSURE Technologies has announced record sales and profits as it continues its growth strategy.
The Sheffield-based company, which specialises in the development of technology that contains and controls liquids and gases in pressurised environments, ended the year to September 27 2014 strongly with revenue at £54m, up from £34.4m. Pre-tax profits rose up to £5.3m from £2.9m and underlying operating profits more than doubled to £7.8m from £3.3m.
Alan Wilson, chairman of Pressure Technologies, which sees its products used in the defence, oil & gas, alternative energy and industrial gases markets, said: “The group will continue its growth strategy of combining acquisitions and organic growth. The priority with recent acquisitions is to complete their successful integration, but we may pursue further acquisitions if the right opportunities present themselves.”
Wilson highlighted that continued organic growth must be viewed against a background of low global economic growth, geopolitical tensions and oil price uncertainty.
“Whilst it is pleasing to report that the group ended the year with a like for like order book 14% higher than last year, we expect a reduction in sales into the deepwater oil and gas market in Cylinders, but continued growth through our other divisions as a result of our market position and the full year contribution of recent acquisitions,” he said. “The board views current market conditions with caution, but we start 2015 in a much stronger and more balanced position overall, so I am optimistic about the year ahead.”
John Hayward, chief executive, added: “This was a notable year for the group, not just because of the record revenue and operating profit, but growth in Engineered Products and Alternative Energy, coupled with recent acquisitions means, that the group is much better balanced both in its oil and gas market sales and across its wider markets. The current financial year will be tougher due to the slowdown in the oil and gas market, but we still expect to see growth in the group as a whole due to this diversification. This is a very exciting time for Pressure Technologies.”
Highlights of the year included the acquisition of Roota Engineering in March and the groundwork for the acquisitions of Greenlane and Quadscot immediately after close of the financial year. A strategic investment in Kelley GTM, a US-based manufacturer and developer of composite cylinder technology, was also completed in January.
