Full Year Trading Update

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n \n \n \n RNS Number : 1533S\n Pressure Technologies PLC\n 12 November 2021\n  \n \n \n \n Pressure Technologies plc\n \n \n (\"Pressure Technologies\" or the \"Group\")\n \n \n  \n \n \n FULL-YEAR TRADING UPDATE, BOARD CHANGES AND NOTICE OF RESULTS\n \n \n  \n \n \n Pressure Technologies (AIM: PRES), the specialist engineering group, provides a trading update for the 52 weeks ended 2 October 2021.\n \n \n The Group expects to report full-year results in line with market expectations. \n \n \n Revenue of approximately £25 million (2020: £25.4 million) and an adjusted operating loss1 of c.£0.8 million (2020: £2.4 million loss) reflect a strong performance in defence, nuclear and hydrogen energy markets, offset as expected by the impact of difficult trading conditions in the oil and gas market, supply chain disruptions and the delay of Integrity Management deployments from the second half of the year into FY22 and FY23.\n \n \n CHESTERFIELD SPECIAL CYLINDERS\n \n \n Chesterfield Special Cylinders (CSC) delivered revenue of approximately £18.6 million (2020: £11.2 million) and is expected to report an adjusted operating profit\n \n 1\n \n of c.£2.5 million (2020: £0.1 million loss).\n \n \n The phasing of major defence contracts resulted in significantly higher revenue and profitability in the first half of the year, which also included the positive impact of a major defence contract delayed from FY20 into Q1 FY21. Revenue for UK and export defence contracts was approximately £11.0 million (2020: £5.1 million) and the contract pipeline continues to strengthen, providing good visibility of major naval construction and refit programmes going into FY22.\n \n \n As expected, momentum has continued to build in the fast-developing hydrogen energy market, with revenue of approximately £2.2 million (2020: £0.2 million) driven by the success of CSC's optimised Type 1 steel cylinder designs that meet customer demand for safe and efficient hydrogen storage across projects in the UK, Europe and Australia. \n \n \n As governments increasingly acknowledge the role of hydrogen in net zero carbon targets for transportation and in decarbonising industry, hydrogen energy storage remains a strategically important market for the Group. The pipeline of opportunities for static and mobile hydrogen storage systems continues to grow and t...

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