Sheffield firm reports ‘strong growth‘

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Sheffield-based Engineer​ Pressure Technologies reported strong revenue growth thanks to acquisitions.

The firm also said it is in better shape to cope with the downturn in the oil and gas market now it has diversified into new areas.

Shares in the group closed up six per cent to 218p on the news that revenue jumped 62 per cent to £32.1m in the six months to March 28.

John Hayward, chief executive, said around £10m of the £32.1m turnover stemmed from recent acquisitions, which included the purchase of part of the Greenlane group for up to £12m and the acquisition of Quadscot Precision Engineers for up to £10m.

Pressure Tech said the integration of Greenlane Biogas has extended the group’s reach into biogas technology and global markets while Quadscot has started to provide in-house precision machining, thereby reducing external spending.