Profit grows at Pressure Technologies
Pressure Technologies the industrial machinery company based in Sheffield have posted pre taxed profits of 1.8m from 0.6m in 2011. For the year ending 29th September 2012 revenue had increased by almost 32% to a record £30.4m from 23.1m in 2011.
The company who are a leader in manufacture and design of high pressure seamless steel gas has said their engineered products division, centered on Hydration and Wales-based Al-Met, is set to become the largest part of the business.
Richard Shacklady, Chairman of Pressure Technologies, said: "The Engineered Products Division is poised for further growth; the facility in North America has been re-structured and is positioned to take advantage of a buoyant US market for its well control products. Additionally, the seabed well control equipment market has rebounded after a period of stagnation and orders from this sector are particularly buoyant”.