Pressure Technologies PLC Notice of Results and Trading Update (1341U)
21 Noviembre 2019 - 1:01AM
UK Regulatory
TIDMPRES
RNS Number : 1341U
Pressure Technologies PLC
21 November 2019
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THE
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
21 November 2019
Pressure Technologies plc
("Pressure Technologies" or the "Group")
Notice of Results and Trading Update
Pressure Technologies (AIM: PRES), the specialist engineering
group, provides the following update for the financial year ended
30 September 2019.
Notice of Results
The Group will publish results for the year ended 30 September
2019 on 17 December 2019.
Trading Update
Momentum continued through the second half of the year in both
divisions, with full-year revenue and profit up on the prior year
and the Board expects to report FY19 results in line with market
expectations.
Full-year revenue in Chesterfield Special Cylinders (CSC) was
higher than FY18, with the phasing of key contracts benefitting the
second half against forecast.
Precision Machined Components' (PMC) full-year order intake and
revenue were both higher than FY18. The sharp rise in orders and
the transition to a divisional operating structure had a greater
impact on operational performance than expected, resulting in a
lower than forecast improvement in return on sales for the second
half and a higher than anticipated year-end order backlog.
Revenue phasing in CSC and the PMC order backlog contributed to
higher working capital and a small increase in net banking facility
debt at the year end over the reported half-year position.
The Board is pleased with progress and remains confident in the
outlook for the Group.
Chris Walters, Chief Executive Officer of Pressure Technologies,
comments: "This has been a year of significant change for the Group
and I am pleased with the positive momentum carried into FY20. The
recently announced major contract win with EDF Energy is a good
example of the increasingly diverse opportunities in the CSC
pipeline. The investment in capacity and ongoing operational
improvements in PMC are expected to increase returns in the year
ahead and allow the division to capitalise further on opportunities
for growth and diversification in a strong oil and gas market."
For further information, please contact:
Pressure Technologies plc Tel: 0114 257 3616
Chris Walters, Chief Executive pressuretech@investor-focus.co.uk
Joanna Allen, Chief Financial Officer
N+1 Singer (Nomad and Broker) Tel: 0207 496 3000
Mark Taylor / Lauren Kettle
IFC Advisory Ltd (Financial PR and IR) Tel: 0203 934 6630
Graham Herring / Tim Metcalfe / Zach Cohen
COMPANY DESCRIPTION
Company website - www.pressuretechnologies.com
With its head office in Sheffield, the Pressure Technologies
Group was founded on its leading market position as a designer and
manufacturer of high-integrity, safety-critical components and
systems serving global supply chains in oil and gas, defence,
industrial gases and hydrogen energy markets.
The Group has two divisions, Precision Machined Components and
Chesterfield Special Cylinders.
Precision Machined Components (PMC) - www.pt-pmc.com
-- Precision Machined Components includes the Al-Met, Roota
Engineering, Quadscot and Martract brands.
Chesterfield Special Cylinders (CSC) -
www.chesterfieldcylinders.com
-- Chesterfield Special Cylinders, Sheffield, includes CSC
Deutschland Gmbh which is based in Dorsten, Germany.
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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