LONDON (Alliance News) - High-pressure engineering company Pressure Technologies PLC on Wednesday said it remains confident in its medium and long-term prospects, though it expects little improvement in conditions in the oil market in 2016.
The company said its businesses focused on the oil and gas sector have proved resilient within a very difficult market, and it said it would continue to take whatever measures it needs to in order to maintain this performance.
Pressure Technologies said it expects little pick up in activity in the industry in 2016 and will monitor its cost base closely to mitigate any impact it will face, though it will also continue to invest in broadening its customer base.
Other businesses performed in line with market expectations, though the short-term outlook for the company's Cylinders and Alternative Energy divisions will be dependent on key orders coming through, with profit to be heavily-skewed to the second half of the year to the end of October.
Still, Pressure Technologies said it remains confident on its medium and long-term outlook despite the tough conditions created by the rough oil markets.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Pressure Tech (PRES)