PRESSURE Technologies is on the hunt for acquisitions in the oil and gas sector after seeing revenues grow by more than 20 per cent and a return to profit.
The Sheffield-based firm made £460,000 profit in the first half of this year, compared to a £310,000 loss in the same period last year.
Revenue in the six months to 31 March increased by £2.3m to £12.6m as a result of increased export activity in the oil and gas market.
The business is split into three divisions. Cylinder and engineered products reported increased profits while alternative energy incurred a small loss.
Chairman Richard Shacklady said: “Our two main divisions are on upward trajectories with improving order books and no shortage of ideas and initiatives to grow the businesses. All our businesses are better balanced and better managed than they were two years ago. This provides optimism that we will secure significant organic growth over the next three to five years.
“The board continues to seek appropriate acquisitions, which will fit into and enhance the engineered products division. This division has already established itself at the centre of the world’s oil and gas field equipment design and manufacture industry in the USA.
“It is proving to be a successful vehicle for growth in this market and is a tree that is sufficiently strong to support more growth and new branches.”
The board is proposing an interim dividend increase of 0.1p to 2.5p per share.
Pressure Technologies is the holding company for Chesterfield Special Cylinders (“CSC”) and Chesterfield BioGas. CSC designs, manufactures and offers retesting and refurbishment services for a range of speciality high pressure, seamless steel gas cylinders for global energy and defence markets.
The business is run under the “Chesterfield” brand which is a long established name in the cylinders and specialised pressure vessel market.
Based at Meadowhall, Sheffield, the group’s vision is to grow the business to a £40m turnover business within five years of the June 2007 flotation on AIM.