Trading update clarifies tough environment but hints at big prospects

The manufacturer of speciality engineering solutions for high pressure systems has issued an update on recent trading and set out its current expectations for the financial year ending 3 October 2015 ahead of its AGM next week. As anticipated, and in line with the caution expressed by management in the full year results, the tumbling oil price has started to impact trading and prompted management to carry out a full review of prospects across the Group, with the result that expectations for the current financial year have been revised downwards. Clearly the key question is to what degree?