Pressure Technologies back in the black

Pressure Technologies, a high pressure systems engineer, has returned to the black after enjoying a leap in revenues for the half year ended March 31st.

Pre-tax profits came in at £0.46m, compared to a loss of £0.31m in 2011, while revenues reached £12.6m, £2.3m higher than those seen the previous year.

Basic earnings per share were 3.1p, against a loss of 1.9p last year. Over the half year cash levels rose from £2.9m to £3.5m.

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The interim dividend was increased by 0.1p to 2.5p per share.

The increase in sales was a result of increased export activity to the oil and gas market by the Cylinders and Engineered Products divisions. As anticipated, sales to the defence sector were lower than 2011 due to the phasing of deliveries on defence projects. Sales to domestic industrial gases markets were flat through the period.

Richard Shacklady, Chairman of Pressure Technologies, said: "Our two main divisions are on upward trajectories with improving order books and no shortage of ideas and initiatives to grow the businesses. I am pleased to report that order books for the year 2012/13 are already starting to fill. All our businesses are better balanced and better managed than they were two years ago. This provides optimism that we will secure significant organic growth over the next three to five years.

"We have a proven management team, a strong balance sheet with significant cash balances and unused working capital facilities. This provides the comfort and support for our investment plans and also the continued progressive dividend policy. The strength of our order books gives the board confidence for a strong second half performance and further growth in year 2012/13."

NR