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12 February 2013
Pressure Technologies plc
The Board of Pressure Technologies plc (the "Group") issues the following trading update ahead of the Group's AGM, which is being held at 10.00 hours today at Hydratron Ltd, Altrincham.
The Board is pleased to report a positive start to the year, which has been underpinned by a strong order book in the Cylinders division and the completion of a Chesterfield Biogas upgrader order for a project in Stockport. In Engineered Products, Hydratron had a weaker first quarter, when compared with the same period in the previous year, but an improvement in order levels is expected in quarter two. Al-Met has enjoyed rapid growth since the financial year end, with a record sales month in November, and has a strong order book in the current quarter.
Sales prospects across the divisions are strong and, overall, the Group is performing in line with the Directors expectations and, accordingly, the Board is confident in the outcome for the current financial year.
For further information, please contact:
Pressure Technologies plc
John Hayward, Chief Executive
James Lister, Group Finance Director
Today: 020 7920 3150
Thereafter: 0114 242 7500
Tel: 020 7920 3150
Charles Stanley Securities
Nominated Adviser and Broker
Tel: 020 7149 6942
Pressure Technologies is an AIM listed, leading designer and manufacturer of speciality engineering solutions for high pressure systems serving large global markets. The Group is organised into three divisions: Cylinders, Engineered Products and Alternative Energy.
Engineered Products: This division comprises Al-Met Limited ("Al-Met") and the Hydratron group of companies ("Hydratron").
Al-Met is a niche manufacturer of specialised, precision engineered valve wear parts used in the oil and gas industries, which was acquired by Pressure Technologies in February 2010. Its products are used in high-pressure choke and flow control valves, designed to regulate flow volumes in extremely demanding applications in the subsea and surface oil and gas industries. The business, which was established in 1985, has developed a leading edge capability in precision machining carbides, high grade stainless steels and super alloys.
Hydratron, acquired in October 2010, designs, manufactures and sells a range of air operated high pressure hydraulic pumps, gas boosters, power packs, hydraulic control panels and test rigs. Hydratron has sales and manufacturing companies in Altrincham, UK, and Houston, USA and a spread of third party distributors in key locations around the world. Formed in 1981, Hydratron has since established itself as a leading supplier of quality high pressure equipment to the oil and gas industries. The full range of Hydratron products may be viewed at www.hydratron.co.uk.
Cylinders: Chesterfield Special Cylinders Limited ("CSC") designs, manufactures and offers retesting and refurbishment services for a range of speciality high pressure, seamless steel gas cylinders for global energy and defence markets. The business is conducted under the "Chesterfield" brand which is a long established name in the cylinders and specialised pressure vessel market.
Alternative Energy: Chesterfield BioGas Limited was formed in November 2008 following the signing of a co-operation agreement with Greenlane® Biogas Limited, the world leader in biogas upgrading. This gives Pressure Technologies exclusive rights to market and manufacture Greenlane® equipment in the UK and Eire. Chesterfield BioGas provides turnkey solutions for the cleaning, storage and dispensing of biomethane for injection into the gas grid or use as a vehicle fuel.
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