LONDON (Alliance News) - Shares in Pressure Technologies PLC rose strongly Wednesday after it said that its full-year performance will be ahead of market expectations.
Pressure Technologies designs and manufactures equipment for the energy market. Its shares were trading up 8.9% at 359.20 pence Wednesday morning.
Performance in the year ended September 28 had been better than expected, Pressure Technology said, with second-half performance in its Cylinders and Engineered Products divisions boosted by increased demand in the oil and gas sector and growth in naval defense projects.
In its Engineered Products Division, sales and profits had improved after a slow start to the year. The company expects further progress in this division, although it cautions that it expects its Cylinders division to see a reduction in margins due to aggressive pricing by Asian competitors.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Pressure Tech (PRES)