Contract Placements and Update on Sale of PMC

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, (\"MAR\"), and is disclosed in accordance with the Group's obligations under Article 17 of MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.\n\n14 March 2024\n \nPressure Technologies plc\n(\"Pressure Technologies\" or \"the Group\")\n \nContract Placements and Update on Sale of PMC Division\n \nPressure Technologies plc (AIM: PRES), the specialist engineering group, is pleased to announce that Chesterfield Special Cylinders (\"CSC\"), its wholly owned subsidiary, has been awarded two major contracts, as expected, in the defence and green energy sectors and maintains its outlook for FY24. The Group also provides an update on the sale of the Precision Machined Components (\"PMC\") division.\n \nBAE Systems Australia Contract\n \nCSC has been awarded a major contract to supply air pressure vessels to the Royal Australian Navy's Hunter class frigate program. \n \nThe contract award by BAE Systems Maritime Australia covers the first batch of three frigates in the program and will underpin the Group's expected global defence order book development in the second half of FY24. Initial manufacturing milestones will commence later this year and pressure vessels are expected to be delivered to the program over the next three years. Pressure vessels manufactured by CSC will form an integral part of safety-critical onboard systems.\n \nThe Hunter class frigate is based on BAE Systems' established Type 26 Global Combat Ship platform, currently under construction for the UK's Royal Navy.  \n \nCheesecake Energy Contract\n \nCSC has also been awarded a major contract to supply high-pressure steel cylinder packages to Cheesecake Energy Limited (\"CEL\"), a UK developer of sustainable thermal and compressed air energy storage systems, for a pilot project funded by the Department for Energy Security & Net Zero.\n \nUtilising cylinder packages supplied by CSC, CEL systems will store surplus energ...

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