Last checked at 21 Nov 2019 07:00
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 |
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N+1 Singer (Nomad and Broker) | Tel: 0207 496 3000 |
Mark Taylor / Lauren Kettle |
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IFC Advisory Ltd (Financial PR and IR) | Tel: 0203 934 6630 |
Graham Herring / Tim Metcalfe / Zach Cohen |
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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.