Pressure Technologies beats expectations in ‘challenging’ conditions
SPECIALIST engineering group Pressure Technologies has delivered full year results which are slightly ahead of expectations after its performance was boosted by acquisitions.
In the 53 weeks to October 3 2015, the Sheffield-based firm achieved revenues of £55.6m, compared with £54m the year before.
John Hayward, the CEO of Pressure Technologies, said: “The Alternative Energy Division has a strong pipeline of potential orders as the demand for renewable energy grows worldwide. Development of the division is important to the near-term growth of the group and we have the resources to achieve this.
“Whilst current trading conditions for the majority of our businesses remain challenging, the group is much more diverse and better balanced than in the previous low in the oil and gas market. The board remains confident in the medium to long-term prospects for the group.”
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Over the period, the group achieved an adjusted operating profit of £3.3m, compared with £7.8m in the same period the previous year.