- Pressure Technologies said it anticipates its FY results will be substantially below current market expectations. It cited the difficult trading conditions in the oil and gas market.

The Board has continued to take measures to ensure the Group remains cash positive, including a further significant reduction in headcount, alongside a commitment to productivity efficiencies that are already yielding improvements, the company said.

"The preservation of our key core skills remains paramount; consequently we have seen gains in market share, as a result of market pressures on some of our competitors and our dependability and reputation for delivering quality products on time and in full," it added.

"The Board remains confident in the medium to long-term prospects for the Group and believes that when the oil and gas market returns it will present considerable opportunities.

"In the meantime, we will take whatever measures are necessary to ensure the resilience of our businesses whilst continuing to invest in the future of the Group and implement the strategic objectives to broaden our customer, technology and industrial base.

"As highlighted at the AGM in mid-February, the difficult trading conditions in the oil and gas market continued into the first quarter of 2016.

"Whilst the Board indicated that no significant pick up was expected this year, the Group's businesses dependent on the industry have since experienced a further, substantial decline in orders in quarter two, which has been complicated by unpredictable demand and very short lead times.

"Despite some recovery in oil prices, the outlook is for a slow recovery, particularly as oil inventories remain at historic highs. Capital expenditure for oil exploration and production remains under pressure with further cuts possible this year and we now anticipate the pick up in this market to be delayed into 2017.

"Whilst we continue to align costs to trading conditions, there is no escaping the effect the prolonged downturn is having and the difficulty in trying to call the "bottom" of this cyclical downturn.

"On the other hand, prospects for Alternative Energy remain positive, but the timing of contracts are a significant factor in determining the outturn for the full-year."

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