Pressure Technologies 1H Pretax Profit -38%, Raises Dividend

LONDON (Dow Jones)--Pressure Technologies PLC (PRES.LN), a holding company for Chesterfield Special Cylinders Ltd. which manufactures and offers retesting and refurbishment services for speciality high pressure, seamless steel gas cylinders for energy and defense markets, Monday reported a 38% decline in pretax profit for the first half of 2010 and raised its interim dividend 9% to 2.4 pence per share. MAIN FACTS: -Revenue for the 26 weeks ended April 3 GBP9.7 million (2009: GBP12.7 million) -Pretax profit GBP1.5 million (2009: GBP2.4 million) -Diluted EPS 9.5 pence (2009: 15.5 pence) -Interim dividend increased 9% to 2.4 pence per share (2009: 2.2 pence) in line with the Board's progressive dividend policy -Strong balance sheet maintained; GBP5.2 million net cash in bank after acquisition of Al-Met Ltd. -Operating profit GBP1.5 million (2009: GBP2.4 million) -On target to meet market expectations for the full year -Order book, while much reduced, stretches into early 2011 and the company entered the second half of the financial year with orders totaling GBP11.4 million. -Expects orders to follow for Astute Submarine 5 in near term. Astute Submarine 5 was procured by the Ministry of Defense in March -Shares closed Friday at 182.5 pence, valuing the company at GBP20.7 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com Order free Annual Report for Pressure Technologies PLC Visit http://djnweurope.ar.wilink.com/?ticker=GB00B1XFKR57 or call +44 (0)208 391 6028 (END) Dow Jones Newswires June 14, 2010 02:32 ET (06:32 GMT)