Pressure's profits

Speciality gas cylinder company Pressure Technologies has announced impressive preliminary results for the period ending 27 September 2008.

The Sheffield-based group more than doubled operating profit to £4.9m compared with £1.9m in 2007.

Turnover increased by 50 per cent to £23.7m, with earnings per share rising to 31.6p against 10.9p in the same period last year.

The company performed strongly in growing sales, mainly because of increased activity in the ultra-large cylinders market.

This has allowed the group to end the year with a £23m order book, increasing gross profit by 91 per cent.

Despite the economic downturn, Pressure Technologies claims the shortage of semi-submersible and deep water drilling rigs to support hydrocarbons demands will continue to benefit the company in 2009.