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LONDON (Alliance News) - High-pressure engineering company Pressure Technologies PLC on Tuesday said it expects its adjusted earnings to beat market forecasts for the full year despite the tough conditions in its key markets.
Pressure said its adjusted earnings before interest and tax for the year to October 3 will be slightly ahead of market expectations, a good performance given weakness in oil and gas markets and reflecting the positive impact of acquisitions the company has made and cost cuts it enacted in the first half.
The Precision Machined Components business traded ahead of expectations in the year, Pressure said, while the Cylinders business is also set to beat its forecasts. That offset a weaker performance in Engineered Products, hit by order deferrals and pricing pressures.
The group said it does not envisage any improvement to conditions in its key markets, but equally does not expect any further deterioration, leaving it confident on its outlook.
Shares in Pressure were up 22% to 179.00 pence on Tuesday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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