Sheffield's Pressure Technologies reports record revenue
Sheffield-based Pressure Technologies has reported a record year for revenue, up 13% on last year, of £34.4 million.
Pressure Technologies is a designer and manufacturer of engineering solutions, specialising in specialised valves and seamless steel cylinders for oil and gas, defence and alternative energy under the Chesterfield division.
It also has the sole rights to Greenlane Biogas technology.
Alan Wilson, Chairman of Pressure Technologies, said: “We have begun the current financial year with an order book 37% higher than last year, so the prospects for a further improvement in performance are very promising.
“We also continue to develop new products and services across the Group and are planning major capital expenditure over the next two years to expand capacity, improve productivity and quality and increase profitability.
“In parallel with growing our core businesses, the Board continues to evaluate earnings enhancing acquisitions which complement and add value to our existing portfolio.
“I view the year ahead with much enthusiasm and look forward to presenting further evidence of the Group’s ability to capitalise on the opportunities which lie ahead.”
The global demand for oil in 2014 according to the company is expected to increase by 1.3%, slightly higher than the previous year. This increased demand will further underpin the oil price and E&P investment, which is forecast to grow by 8% thereby creating a generally positive and encouraging picture for the coming year.