Demand rises for cylinder group

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Special cylinders, engineered products and alternative energy group Pressure Technologies, is predicting results ahead of expectations for the financial year which has just ended.

The Sheffield-based group says increased demand in the oil and gas sector and a growth in naval defence projects lifted its cylinders division, resulting in a better-than-expected end to the year.

Sales and profits at its engineered products subsidiary, Hydratron, improved significantly after a slow start to the financial year, and growing demand from the deep water oil and gas market boosted its Al-Met subsidiary.

Meanwhile, its alternative energy division secured two large orders for biogas upgrading systems to be delivered in 2014 and there is a pipeline of potential follow on orders.

Broker Charles Stanley has increased its forecast of Pressure Technologies’ pre-tax profits by 20 per cent and set a 12-month target price of 375p for its shares, which stood at 330p at the time of the forecast.