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Good interims and nice growth progression but always that niggling unsure element in the last sentence of every RNS re funding...
CW needs some antidepressants or something or get someone elese to write the RNS.
Can only hope the onboarding of Richard Staveley - a qualified accountant and fund manager and the appointment of the new CFO can make a difference to margins, contract pricing, hedging and hopefully profitability so we can get rid of that persistant niggling funding issue that Chris feels is always worth dwelling on.
Chris Walters gotta get the SP to 140 before Oct 2024 otherwise he misses out on 5.5% of the company's market capitilisation in awards...
Hopefully at some point soon he'ss start thinking of Prozac, sweet meadows , new kitchens and yachts...
See the drop occured on the 26th but the Interims were posted AM on 27th
is that a leaky ship (is that usual for this Co ?)
Quite a drop considering accounts look reasonable but i'm no expert
would appreciate others comments on it
guess debt refinancing not going well - higher interest rates
money generally leaving the markets nowadays - higher interest rates
Things shaping up here it seems.
Have taken a small position.
Major Order Placement
Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce that its wholly owned subsidiary, Al-Met Limited, part of the Group's Precision Machined Components ("PMC") division, has been awarded a record £3 million order from an established international OEM customer for the supply of flow control components and subassemblies used in high-pressure extreme service oil and gas applications.
This unprecedented order for Al-Met and the continuing momentum in PMC order intake underpin the FY23 full-year outlook for the division and also provide substantial order book coverage and visibility for the first half of FY24.
PMC total order intake for the month of March 2023 is now expected to exceed £4 million, the division's highest ever monthly intake. The PMC order book is now expected to reach approximately £7 million at the half year on 31 March 2023, the highest order book level for the division in over six years.
Chris Walters, Chief Executive of Pressure Technologies commented:
"We are delighted to announce this unprecedented order that demonstrates Al-Met's strong and growing position with its major international OEM customers, resulting from improved operational performance and competitiveness in meeting increasingly stringent metrics for quality and on-time delivery.
The scale of this award and the strengthening order intake across the PMC division demonstrate the increasing pace of recovery in oil and gas markets, underpinning our expectations for the full year, including a return to profitability at the end of this quarter."
The person responsible for arranging the release of this announcement on behalf of the Company is Chris Walters, Chief Executive.
1.2 million increase in operating losses, more time too do the audit, hmm something not right,
Pressure Technologies plc. 53:30
https://www.youtube.com/watch?v=z6yMYwzpV9M
PMC up for sale
I guess the constructive dialogue with Lloyds didn’t turn out to be quite so constructive after all. Cash raising for working capital is a bad sign
Terrible trading update.
As a result of the expected adjusted operating loss for the full year, the Group now anticipates that it will not be able to meet the requirements of the two existing financial covenants contained within the current facility. These covenants relate to leverage and interest cover and a first test is currently required at the end of October based on full-year performance to 30 September 2022. The Group is currently in constructive dialogue with Lloyds Bank regarding these covenants and ongoing facility requirements.
Not if Chris Walters has anything to do with it... Absolutely useless as usual!
Upward momentum resumed…£1 + and beyond
Gla
The price has moved up slowly on minimal volume over the past few days, any influx of buyers will see this move up sharply.
Absolutely investable. Could see a return to its halcyon days
This board is so beautifully quiet. Lots to like here.
Meanwhile - Hydrogen Storage is going great guns and this growth has a runway of at least a decade. submarine work also has a decade of growing work ahead of it and now the embargoes on Russian energy will put the wind back in the oil and gas segment as well.
I have been looking at Pres for a while but their size is putting me off. In the kind of markets they are operating can a £23m.company make significant progress?Hydrogen is exciting but if it does take off considerable investments will be needed,investments that bigger companies can make much more easily.
The Company's intellectual property,if considered strong and unique enough, could interest a buyer.At present ,I think this must be the major hope for the share rather than substantial organic growth.
Any views would be be much appreciated.
Yes, bang on.
Then underscore that with "The pipeline of opportunities for static and mobile hydrogen storage systems continues to grow and the visibility of future demand is improving." (12th Nov RNS). V encouraging.
1000% revenue growth in 12 months for Hydrogen storage is quite something.
Their scalable Hydrogen storage solution must be a very good commercial fit.
Excellent 30+ page research document available on VSA's website too. 175p target, as you say.
https://www.theaic.co.uk/aic/news/citywire-news/gresham-house-sacked-as-strategic-trust-follows-staveley-to-harwood-capital
This explains the transfer of the 14%
Harwood Capital take 14% stake.
They know the value here too.
Hydrogen Energy Market momentum building very nicely here.
"Chesterfield Special Cylinders (CSC) delivered revenue of approximately £18.6 million (2020: £11.2 million) and is expected to report an adjusted operating profit1 of c.£2.5 million (2020: £0.1 million loss)."
All in all a nice set of results, current market conditions considered.
Hoping for some Hydrogen storage contract announcements now after the COP26 dust has settled.
And to know who bought 14% of PRES a few days ago.
ATB
Johnson Matthey pulls out of Battery sector to focus on Hydrogen.
https://www.theguardian.com/environment/2021/nov/11/blow-to-uk-battery-industry-hopes-as-johnson-matthey-halts-research
Interesting as there are only a few companies worldwide that offer Hydrogen storage solutions at scale.
PRES are one of those companies and have a fully scalable H2 storage solution.
I expect more Hydrogen related contract news in the short to medium term.
GLA