Trading Update & Board Change

11 Oct 2007 07:00

Pressure Technologies PLC11 October 2007 PRESSURE TECHNOLOGIES PLC ("the Company") 11 October 2007 Trading Update Further to the previous trading update issued on 30 July 2007 the Directors arepleased to report that the Company's strong performance has continued in thefinal two months of the financial year. Consequently the Board expects that theprofit before tax and exceptional items for the year ended 30 September 2007will show a result ahead of market expectations. The prospects for 2008 remainstrong. Exceptional Item The Company has incurred professional costs of around £0.4 million in relationto an abortive acquisition in this period. Since July the Company has been indiscussions to acquire a significantly larger overseas competitor which wouldhave represented a transformational transaction. However following an extensivedue diligence exercise and detailed negotiations the Company has been unable toagree satisfactory terms to acquire this business. The Company continues to review a number of smaller acquisition opportunities inline with its stated strategy. Board Change The Company announces that Jonathan Clark will leave the Board followingcompletion of the audit for the year ended 30 September 2007. The Boardexpresses its appreciation for his contribution during and since the Company'sflotation. A suitable replacement is being sought. Preliminary Announcement The Company expects to report its preliminary results for the year just ended by18 January 2008. Contacts: Pressure Technologies plcJohn Hayward Chief Executive 0114 242 7506 07711 891186Brewin Dolphin Investment BankingNeil Baldwin Director 0113 241 0130 ENDS This information is provided by RNS The company news service from the London Stock Exchange