Pressure Technologies PLC Trading Update and Notice of Results (8679T)
30 Marzo 2021 - 12:00AM
UK Regulatory
TIDMPRES
RNS Number : 8679T
Pressure Technologies PLC
30 March 2021
30 March 2021
Pressure Technologies plc
("Pressure Technologies" or "the Group")
TRADING UPDATE AND NOTICE OF RESULTS
Pressure Technologies (AIM: PRES), the specialist engineering
group, provides the following trading update, ahead of its Annual
General Meeting which will be held today at 11.00am.
Trading continues in line with management expectations and the
Group is in a strong financial position, following the successful
GBP7.5 million fundraising completed in December 2020.
Chesterfield Special Cylinders (CSC)
With a strong and increasingly diverse order book, CSC continues
to make good progress on major contracts for defence, industrial
and nuclear energy customers.
Momentum has gathered further in the fast-developing hydrogen
energy market, with refuelling station contract wins of over GBP1.0
million secured since December 2020 from new and established
customers. The pipeline of hydrogen opportunities continues to grow
and the visibility of increasing future demand is improving through
the development of deeper customer relationships, underpinning our
outlook for strong and sustainable growth in this exciting sector.
Investment in our production capacity and engineering capability to
support hydrogen growth, utilising fundraising proceeds, will
commence in the second half of this year.
Whilst Covid-19 travel restrictions have disrupted Integrity
Management deployments, several UK and overseas projects were
completed in the first half of the year. A steady recovery in
deployments is expected as travel restrictions are lifted.
Recruitment and investment in specialist equipment to support
continued growth is progressing in line with investment plans.
Precision Machined Components (PMC)
As expected, the impact of the pandemic on the oil and gas
market continued through the first half of the year, with record
low order intake levels. Restructuring, site consolidation and cost
saving measures completed over the past year have reduced the
divisional cost base by around 40%, while operational improvement
projects have been accelerated to support efficiency gains and
margin improvement to underpin service levels for our OEM
customers.
Further progress has been made with the diversification of
customers and product scope and with the development of long-term
supply agreements with key customers. We also continue to appraise
opportunities to diversify our specialist engineering capability
into other sectors.
Our priority remains to protect core capability, while
conserving cash and recovering profitability, as we await a
recovery in market conditions. The outlook for the oil and gas
market remains uncertain, but we have been encouraged by
strengthening oil prices and the steadily improving enquiry levels
seen since early February and we expect order intake in March to
reach its highest level since July 2020.
The Group's strategy remains focused on the continued
development and growth of both divisions. The Board is encouraged
by the progress being made and expects performance for the full
year to be in line with management expectations.
Notice of Results
On 15 June 2021, the Group will announce its interim results for
the 26 weeks to 3 April 2021.
ENDS
For further information, please contact:
Pressure Technologies plc Tel: 0330 015 0710
Chris Walters, Chief Executive PressureTechnologies@houston.co.uk
N+1 Singer (Nomad and Broker) Tel: 0207 496 3000
Mark Taylor / Carlo Spingardi
Houston (Financial PR and Investor Tel: 0204 529 0549
Relations)
Kate Hoare / Anushka Mathew /
Ben Robinson
NOTES TO EDITORS
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, Chesterfield Special Cylinders and
Precision Machined Components.
Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com
--Chesterfield Special Cylinders, Sheffield, includes CSC
Deutschland GmbH
Precision Machined Components (PMC) - www.pt-pmc.com
--Precision Machined Components includes the Al-Met, Roota
Engineering, Quadscot Precision Engineers and Martract brands.
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END
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