Pressure Technologies weathering oil and gas storm, keeps divi

Pressure Technologies saw its full-year operating profits almost halved as a result of the storm in oil and gas markets, but the directors of the company expressed confidence in the group´s outlook.

The specialist engineering outfit´s revenues for the 53 weeks to 3 October grew 4.8% to £55.6m.

However, adjusted earnings before interest, taxes, depreciation and amortisation - excluding pre acquisition costs, amortisation on acquired businesses and exceptional charges and credits - dropped from 2014´s £8.7m to £4.7m.

Net debt as a proportion of EBITDA ended the period at 1.51.

"Whilst current trading conditions for the majority of our businesses remain challenging, the Group is much more diverse and better balanced than in the previous low in the oil and gas market. The Board remains confident in the medium to long-term prospects for the Group," John Hayward, CEO of Pressure Technologies said in a statement.

Hayward also emphasised the strong pipeline of potential orders at the companies Alternative Energy Division, adding that development of the division was "important" to the near-term outlook for growth.

South Yorkshire-based Pressure Technologies kept its final dividend at 5.6p per share and its total dividend pay-out at 8.4p.

The company´s largest unit, focused on the Oil&Gas sector, supplied Air Pressure Vessels for oil rig motion compensation systems and deepwater offshore platforms as well as a large range of control and testing equipment for drilling systems.

As of 16:04 shares of the firm were up by 7.73% to 195p, far below its record intra-day highs of 790p reached on 17 July 2014.