23 October 2013 – trading update
A strong end to its financial year has led to the group revealing that profits in the year to 30 September will be higher than expected. Strong trading was seen in both the Cylinders and Engineered Products Divisions helped by increasing demand in the oil and gas sector. Further progress is expected in both divisions in the new financial year although margins in Cylinders will come under pressure (!). Although this is clearly a positive announcement, the share price has moved up strongly over recent weeks and so on valuation grounds we reduce our recommendation to HOLD.