TIDMPRES
RNS Number : 6818G
Pressure Technologies PLC
31 March 2022
31 March 2022
Pressure Technologies plc
("Pressure Technologies" or "the Group")
TRADING UPDATE
Pressure Technologies (AIM: PRES), the specialist engineering
group, provides the following trading update, ahead of its Annual
General Meeting (AGM) which will be held today at 10:00am at
Sopwell House, Cottonmill Lane, St Albans, Hertfordshire AL1
2HQ.
CHESTERFIELD SPECIAL CYLINDERS
In Chesterfield Special Cylinders, the overall order book has
reached its highest level for over five years, as order intake for
high-value defence contracts increased during the first half of the
year, with manufacturing scheduled to commence as expected in the
second half.
Demand for Integrity Management and factory cylinder
reconditioning services also increased steadily during the first
half of the year and the lifting of Covid-19 travel restrictions is
expected to further strengthen the order book for field deployments
in the second half.
Momentum continues to build in the fast-developing hydrogen
energy market and the visibility of future demand from existing and
new customers is steadily increasing as the role of hydrogen is
acknowledged in net zero carbon targets for transportation and
industrial decarbonisation. As expected, during the first half of
the year, the pipeline of opportunities for static and mobile
hydrogen storage systems for delivery in the remainder of FY22 and
FY23 grew significantly.
To meet the expected increase in demand from the hydrogen energy
market, investment in the Sheffield facility continues to plan and
is focused on delivering the capacity and operational efficiencies
that will reduce lead times and improve contract margins.
Strategic steel tube stock purchased in 2021 and long-term
agreements established with specialist steel tube suppliers,
Tenaris and Vallourec, have helped to mitigate raw material cost
inflation and support competitive lead times in all markets. Input
costs are being continuously monitored to ensure they are
sufficiently reflected in prices to customers.
PRECISION MACHINED COMPONENTS
In Precision Machined Components, following a prolonged period
of challenging oil and gas market conditions and Covid-19
disruptions, steadily improving enquiry and order intake levels are
encouraging, as major OEM customers including Schlumberger,
Halliburton, Expro and Baker Hughes continue to report a stronger
oil and gas market outlook for the remainder of 2022 and
beyond.
The divisional order book at the end of February was at its
highest level since August 2020, helping to drive a return to
profitability at the Roota Engineering and Martract sites over the
twelve months. Focus remains on the recovery of profitability and
cash generation from the Al-Met site, which is expected during this
calendar year, as demand recovers from key OEM customers.
OUTLOOK
As a result of an increasing order book, notwithstanding the
current economic climate and cost-inflationary pressures across the
Group's operations and supply chains, the Board remains confident
in meeting full-year market expectations.
BOARD CHANGES
As announced on 28 February 2022, Chairman, Sir Roy Gardner and
Non-Executive Director, Brian Newman, will step down from the Board
and leave the Company following today's AGM. Nick Salmon joins the
Board as Non-Executive Chair of the Company from 1 April 2022.
ENDS
For further information, please contact:
Pressure Technologies plc Tel: 0330 015 0710
Chris Walters, Chief Executive PressureTechnologies@houston.co.uk
James Locking, Chief Financial Officer
Singer Capital Markets (Nomad and Broker) Tel: 0207 496 3000
Mark Taylor / Asha Chotai
Houston (Financial PR and Investor Relations) Tel: 0204 529 0549
Kay Larsen / 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 and Martract operations.
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END
TSTFFFSLVIIIVIF
(END) Dow Jones Newswires
March 31, 2022 02:01 ET (06:01 GMT)
Grafico Azioni Pressure Technologies (AQSE:PRES.GB)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Pressure Technologies (AQSE:PRES.GB)
Storico
Da Gen 2024 a Gen 2025
