Record year for cylinder expert

Pressure Technologies chief John Hayward, with one of Chesterfield Special Cylinders, with one of the company's cylinder assemblies, destined for the offshore oil industry.
Pressure Technologies chief John Hayward, with one of Chesterfield Special Cylinders, with one of the company's cylinder assemblies, destined for the offshore oil industry.
0
Have your say

Pressure Technologies is looking for more businesses to buy after completing its most successful year yet and starting its new financial year with orders more than a third up on last year.

The Sheffield-based Alternative Investment Market-listed company boosted pre-tax profits by 63 per cent from £1.8 million to £2.9 million on revenue up by 13 per cent from £30.4 million to £34.4 million for the year to September 28.

John Hayward, chief executive of the Meadowhall-based business, said: “The past year has seen a material step change in our businesses.

“Once again the group delivered improved results and the diversification of our businesses continued apace.

“The major markets of all of the group’s three divisions, Cylinders, Engineered Products and Alternative Energy, are experiencing significant volume growth and there is a real sense that this will be a continuing trend in the mid term.”

Chairman, Alan Wilson said prospects for further improvements are very promising thanks to a 37 per cent increase in the company’s order book.

“We also continue to develop new products and services across the group and are planning major capital expenditure over the next two years to expand capacity, improve productivity and quality and increase profitability,” said Mr Wilson.

“In parallel with growing our core businesses, the board continues to evaluate earnings enhancing acquisitions which complement and add value to our existing portfolio.”

Pressure Technologies says growth has continued in the principal market for its cylinders business of supplying Air Pressure Vessels used on deep water oil and gas rigs.

Within its engineered products division, Pressure Technologies’ Al-Met subsidiary had its best year ever, breaking order intake and sales output records.

Meanwhile, its Hydratron subsidiary saw a sustained upturn.

And, Pressure Technologies says, its green energy business, Chesterfield BioGas, has seen its future sales prospects transformed.