News blog
Pressure Technologies
- BY: Andrew Hore |
- POSTED: 12/02/2013 |
High-pressure, seamless steel gas cylinders and engineered products manufacturer Pressure Technologies has made a strong start to the financial year.
The cylinders business has a strong order book and Chesterfield BioGas has completed an upgrade order for a project in Stockport.
Chesterfield BioGas was formed in November 2008 and it supplies equipment produced by Greenlane Biogas.
There have been mixed fortunes for the engineered products operations. AI-Met, which has an oil and gas sector customer base, had record sales in November and the order book is strong. Hydratron, which high pressure hydraulic pumps, had a weak first quarter but orders should start to pick up.
Alan Wilson has taken over from Richard Shacklady as chairman and the company hopes that he will be able to help to identify acquisition targets in the oil and gas sector.
At 187.5p a share, Pressure Technologies is valued at £21.3m.
In the year to September 2012, revenues grew from £23.1m to £30.4m, while pre-tax profit trebled to £1.8m. Higher investment in oil and gas exploration helped.
Since the figures were published, Liontrust increased its stake to 6.04% and Investec increased its to 4.04% but D&A Income has cut its shareholding from 9.2% to 4.9%. D&A Income bought Montoya Investments’ 9.2% stake at the end of 2010.
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