Pressure Tech Share News (PRES)

Engineering manufacturer Pressure Technologies said it had an "excellent" year with strong sales and profits despite geopolitical tensions and market uncertainties.Revenues increased 57% to £54m, driving profits before tax to £5.4m from £2.9m in the year before and earnings per share 47% higher to 28.5p.Cash and equivalents rose to £6.4m from £4m, while the dividend was raised 8% to 5.6p per share.However, a background of low global economic growth, geopolitical tensions and oil price uncertainty prompted its shares to drop considerably on Tuesday."The board views current market conditions with caution, but we start 2015 in a much stronger and more balanced position overall, so I am optimistic about the year ahead," chairman Alan Wilson said.The company said its cylinders and engineered products divisions saw an increase in order intake during the three first quarters of the year, but the final quarter was affected by the market conditions.Uncertainty in the sector led the firm to postpone or re-engineer the development of major projects to reduce costs.Wilson revealed the group expects a reduction in sales into the oil and gas market in cylinders, but other divisions are expected to grow thanks to successful acquisitions during the year.Shares were down 13.79% to 480p at 12:43 on Tuesday.