Pressure Technologies PLC
11 October 2007
PRESSURE TECHNOLOGIES PLC ('the Company')
11 October 2007
Trading Update
Further to the previous trading update issued on 30 July 2007 the Directors are
pleased to report that the Company's strong performance has continued in the
final two months of the financial year. Consequently the Board expects that the
profit before tax and exceptional items for the year ended 30 September 2007
will show a result ahead of market expectations. The prospects for 2008 remain
strong.
Exceptional Item
The Company has incurred professional costs of around £0.4 million in relation
to an abortive acquisition in this period. Since July the Company has been in
discussions to acquire a significantly larger overseas competitor which would
have represented a transformational transaction. However following an extensive
due diligence exercise and detailed negotiations the Company has been unable to
agree satisfactory terms to acquire this business.
The Company continues to review a number of smaller acquisition opportunities in
line with its stated strategy.
Board Change
The Company announces that Jonathan Clark will leave the Board following
completion of the audit for the year ended 30 September 2007. The Board
expresses its appreciation for his contribution during and since the Company's
flotation. A suitable replacement is being sought.
Preliminary Announcement
The Company expects to report its preliminary results for the year just ended by
18 January 2008.
Contacts:
Pressure Technologies plc
John Hayward Chief Executive 0114 242 7506
07711 891186
Brewin Dolphin Investment Banking
Neil Baldwin Director 0113 241 0130
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange