Pressure on takeover trail
Seamless cylinder manufacturer Pressure Technologies is "exploring further acquisition opportunities" despite posting a fall in pre-tax profit.
Pressure Technologies, which has major operations in Chesterfield, reported revenue of £23.1m - up from £21.7m in 2010.
But operating profit was down from £3.5m to £700,000 for the 12 months to 1 October 2011 while pre-tax profit fell to £600,000 from £3.5m.
Basic earnings per share were 3.5 pence - down from 22.3 pence with year end net funds, after the acquisition of the Hydratron Group of companies at £2.9m.
The business hailed its "sound balance sheet" and said it had kept "cash management strong".
But it added that the year had been "impacted by low demand for deepwater oil and gas platforms in (its) Cylinder division" but a recovery is "underway".
Richard Shacklady, chairman of Pressure Technologies, said: "The group is now well along the path of transforming itself, both organically and through strategic acquisition, into being a better balanced business with long-term growth prospects in niche market sectors.
"We are exploring further acquisition opportunities and anticipate the transformation of the group to stretch across the next 12 to 18 months with the benefits starting to show in the current financial year."
