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LONDON (Alliance News) - High-pressure engineering manufacturer Pressure Technologies PLC issued a profit warning on Thursday as the fall in world oil prices eat into its Precision Machined Components and Engineered Products divisions.
The weak market conditions for the two divisions are expected to continue into the next financial year and will then also start to hit its Cylinder Division, the company said. The group added the planned restructuring of its Alternative Energy arm has been completed, but the arm has seen delays in securing new orders, which will also hit its performance in 2015.
The combination of all these factors mean the company now expects its results for the current and the next financial year will be materially lower than market forecasts.
Pressure Technologies said it remains confident on the medium-term outlook for the business as the problems being caused by the tough oil and gas market conditions will result in delays to expected revenue rather than cancellations. It added it thinks all of its divisions are well placed to capitalise on any improvement in conditions.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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