Record revenue for Pressure Tec

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Sheffield engineering supply firm Pressure Technologies plc has reported record revenue this year, up 57 per cent from the previous year to £54million.

The group said it experienced growth in all divisions over the year and said it had started the new financial year with its order book 14 per cent higher year-on-year.

Profit before tax also rose to £5.3 million from £2.9 million last year.

But its share price fell 12 per cent after it said it expects a fall in sales to the deepwater oil and gas markets next year.

Chairman Alan Wilson said the company was viewing the current market conditions “with caution”.

“The priority with recent acquisitions is to complete their successful integration, but we may pursue further acquisitions if the right opportunities present themselves.

“Continued organic growth must be viewed against a background of low global economic growth, geopolitical tensions and oil price uncertainty.

“The Board views current market conditions with caution, but we start 2015 in a much stronger position.”