2021 Interim Results

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n \n \n \n RNS Number : 8637B\n Pressure Technologies PLC\n 15 June 2021\n  \n \n \n  \n 15 June 2021\n \n  \n \n Pressure Technologies plc\n (\"Pressure Technologies\" or the \"Group\")\n \n  \n \n 2021 Interim Results\n  \n Pressure Technologies (AIM: PRES), the specialist engineering group, announces its interim results for the 26 weeks to 3 April 2021. \n  \n Financial Highlights\n \n \n \n \n \n ● \n \n \n \n Group revenue of £14.5 million (2020: £13.9 million)\n \n \n \n \n \n ● \n \n \n \n Gross profit of £4.7 million (2020: £4.0 million)\n \n \n \n \n \n ● \n \n \n \n Adjusted operating profit1 of £1.1 million (2020: loss £0.1 million)\n \n \n \n \n \n ● \n \n \n \n Reported profit before tax of £0.2 million (2020: loss £1.5 million)\n \n \n \n \n \n ● \n \n \n \n Reported basic earnings per share of 0.8p (2020: loss per share 5.9p)\n \n \n \n \n \n ● \n \n \n \n Adjusted basic earnings per share2 of 2.9p (2020: nil)\n \n \n \n \n \n ● \n \n \n \n Adjusted operating cash outflow3 of £1.4 million (2020: inflow £1.4 million)\n \n \n \n \n \n ● \n \n \n \n Net cash4 of £0.2 million (3 October 2020: net borrowings of £7.4 million)\n \n \n \n \n  \n \n \n \n \n \n 1 Adjusted operating profit is operating profit before amortisation, impairments and other exceptional items\n \n \n 2 Adjusted basic earnings per share is reported earnings per share before amortisation, impairments and other exceptional items\n \n \n 3 Adjusted operating cash outflow is operating cashflow before cash flow for exceptional items\n \n \n 4 Net cash/(borrowings) comprises cash and cash equivalents, bank borrowings, asset finance lease liabilities and right of use asset lease liabilities\n \n  \n Operational Highlights\n \n \n \n \n \n ● \n \n \n \n Overall Group revenue was 4% higher than the prior period, with a strong performance from Chesterfield Special Cylinders (CSC) more than offsetting continued weakness in Precision Machined Components (PMC)\n \n \n \n \n \n ● \n \n \n \n Strong defence order book underpinned a 79% increase in revenue for CSC and an increase in adjusted EBITDA1 to £3.3 million (2020: £0.7 million)\n \n \n \n \n \n ● \n \n \n \n Momentum gathering in the fast-developing hydrogen energy market, with over £1.4 million of refuelling station contract wins since December 2020 and improv...

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