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.
According to chairman Richard Shacklady, the company could increase its turnover to £40m within five years by establishing its presence in niche markets, continuing its overseas defence contracts and building on its current order book for oil and gas exploration customers.
Shacklady said: ‘I am delighted to announce an outstanding set of results for a “real engineering company”.
‘Pressure Technologies has delivered exceptional organic growth and our strong balance sheet leaves us well positioned to exploit a number of medium-term opportunities we have already identified in related specialist niche-markets for engineered products and services.’