Pressure Technologies to miss profit target
Pressure Technologies, which has large operations in Chesterfield, has issued a profit warning this morning (21 October 2011). The company said that results for its year-end will be "substantially lower" than market expectations.
For the year ending 1 October 2011, the company said gross profits fell due to changes to the sales mix in its Chesterfield Special Cylinders and the engineered products divisions.
Marginally lower sales were also recorded in Chesterfield BioGas, said the company in a preliminary statement today. It added the division had reported "slower than expected" progress.
Pressure Technologies said it was also hit by higher fixed costs and investment in commercial and technical staff, which had been budgeted for 2012, being brought forward to 2011.
However, the company said its balance sheet "remains strong" and expects year-end net funds to be in line with market forecasts of £2.9m.
The manufacturer said: "As a result of the above, while turnover is expected to be in line with market forecasts, the group will deliver profits substantially below expectations for the year ending 1 October 2011."
