5th Feb 2015 08:09
LONDON (Alliance News) - Pressure Technologies PLC saw more than a third of its value wiped out early Thursday after told markets to revise down their expectations for its current financial year in light of the recent sharp decline in the oil price.
The high pressure engineering company said it was carrying out a full review of prospects across the business after clients in the oil market started cutting capital spending in response to the oil price decline. The Brent oil price is trading at about USD53 a barrel Thursday morning, down from over USD115 a barrel last June.
"Whilst the board remains confident of the medium-term opportunities for the Group, it considers that expectations for the current financial year should be revised downwards as part of a prudent response to market conditions," it said in a statement.
Its shares were down 37.0% at 234.60 pence early Thursday, making it the worst-performing stock in the AIM All-Share index.
By Steve McGrath; [email protected]; @stevemcgrath1
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