LONDON (Alliance News) - Pressure Technologies PLC expressed confidence that its full-year results would be at least in line with expectations in a statement ahead of its annual general meeting Thursday.
The high pressure technology company said it was continuing to seek out and evaluate further acquisition opportunities.
The company saw a positive start to the year. Total orders at the end of January 2014 were 100% ahead of orders at the end of January 2013, Pressure Technologies said.
In its Cylinders segment it continued to see improving demand for its products despite margins being hampered by pricing pressure caused by South Korean competitors. The company invested in a 40% stake in welded-steel composite cylinder manufacturer Kelley GTM Manufacturing LLC, which it said gives it a low risk entry into the composite cylinders market.
In its Engineered Products segment it saw continued demand for its Al-Met and Hydratron products. Pressure Technologies completed its first stage of planned capital investment into Al-Met, adding an Electrical Discharge Machining wire cutting machine. It will complete the second stage, purchasing a five-axis mill turning machining centre, in the second half of the year. The total costs of these investments is around GBP750,000.
Hydraton finished the first phase of the reorganisation of its UK manufacturing operations, Pressure Technologies said, which will help it to meet the demands of its growing order book.
The order book in its Alternative Energy division stands at GBP10.6 million, Pressure Technologies said, boosted by two orders for biogas-to-grid equipment.
Shares in Pressure Technologies were trading up 3.5% at 595.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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