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Trading statements

PRES says FY EBIT ahead of views

10 November 2015 07:38

Pressure Technologies said as a result of strong performances across certain of its divisions, adjusted EBIT will be slightly ahead of market expectations.

"This is particularly pleasing given the conditions in our main oil and gas market and reflects the positive actions initiated in the first half of the year to integrate acquisitions and significantly reduce our operational cost base," the company said.

"We believe we have preserved our core skills, which will place the Group in a strong position when the market returns.

"The Board remains committed to plans for the medium to long-term development of the Group and implementation of strategic objectives to broaden our customer, technology and industrial base.

"Along with many others in the sector, we do not foresee any signs of pick-up in our main oil and gas market during 2016, however we do not currently anticipate market conditions deteriorating further.

"As a result, we remain confident in our expectations for our Precision Machined Components, Cylinders and Engineered Products Divisions. The Alternative Energy Division is project based and consequently is subject to the timing of new contract awards, but we are pleased with the growing momentum in this business."

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