Cylinders boost Pressure profits

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Sheffield-based Pressure Technologies saw half-year pre-tax profits almost treble thanks to a strong performance by its cylinders division.

The company made £1.33m in the six months to March 30, compared to £0.46m in the same period last year. Revenue was £16.4m compared to £12.6m in 2012.

Chairman Alan Wilson said growth was primarily due to Chesterfield Special Cylinders which is a global leader in the design and manufacture of cylinders used in offshore oil and gas, defence and industrial gases.

“The continued recovery in our offshore oil and gas activity, coupled with strong activity in defence, resulted in significant sales and profit growth that was ahead of our expectations,” he said.

“We have seen the benefit of our move to focus on more complex, higher value-added opportunities and the provision of services, such as in-situ testing, into this market.”

The company also comprises Al-Met, a niche manufacturer of valve wear parts used in the oil and gas industries and alternative energy division Chesterfield BioGas.

Mr Wilson said: “Our investment in new products and services will broaden our customer spread and ensure that the group is well positioned to deliver further growth.”

The company was on the acquisition trail, he added.

n Master Cutler Neil MacDonald has been appointed to the Pressure Technologies board as non-executive director. He was group finance director of South Yorkshire seal manufacturer AES Engineering until September 2012.