Sheffield engineering group uses share placing to raise £5m

Pressure Technologies plc, the Sheffield-based specialist engineering group, has raised approximately £5m through an oversubscribed share placing

The company has said that the placing will help to strengthen the its balance sheet, invest in its manufacturing divisions and capitalise on opportunities for both organic and non-organic growth.

A statement from Pressure Technologies said: “As highlighted in the interim results for the six months to 1 April 2017, released in June, and the trading update announced at the end of August, the Group’s three Manufacturing Divisions: Precision Machined Components, Engineered Products and Cylinders are emerging from a sustained period of retrenchment and re-organisation arising from the oil and gas market downturn.

“The Board believes that the upward trajectory in sales revenue and profits, underpinned by the benefits of restructuring, should continue across these divisions with market and product development across several areas providing the momentum to maintain this progress.

“The Board believes that the placing will provide a number of benefits and stems in part from the strong support of the company’s long standing institutional shareholders.”

Roger Dyson, head of hlw Keeble Hawson’s corporate team and associate, Michael Hall, acted for Pressure Technologies.

Roger Dyson said: “Pressure Technologies has an enviable track record as a world leader in its field.

“The £5m cash influx will enable the group to take advantage of the improved conditions in its key oil and gas and defence markets, focus on product development and harness exciting new opportunities.”

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