Member Article

Sheffield's Pressure Technologies fears "tough" conditions

Sheffielf engineering manufacturer Pressure Technologies has said that despite predictions of a strong outlook, the group has experienced “tough” conditions more recently which may affect their results this year.

The group said it began the current financial year with a strong order book. However, the group’s divisions have experienced a tougher business environment due to the “significant and sustained” weakness in the global oil price which has led oil companies to materially reduce capital spending on new projects.

The widely reported marked deterioration in confidence in the sector, has reportedly prompted major customers to indicate a weakening in demand and requests to reduce prices.

The board said it has “every confidence” that as market conditions improve, the group is well placed to for a strong year however, but urged financial caution in the meantime.

This was posted in Bdaily's Members' News section by Clare Burnett .