Half-year Report

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n \nRNS Number : 8714H Pressure Technologies PLC 13 June 2017  \n\n \n \n 13 June 2017\n \nPressure Technologies plc\n(\"Pressure Technologies\" or the \"Group\")\n \n2017 Interim Results\n \nPressure Technologies (AIM: PRES), the specialist engineering group, announces its interim results for the 26 weeks to 1 April 2017, which show improving momentum across the Group.  \n \nJohn Hayward, CEO of Pressure Technologies, said:\n\"Our Manufacturing Divisions are now experiencing an upward trajectory in sales revenue and profits.  Several strands of market and product development should provide the momentum to maintain this progress.\n\"The restructured Alternative Energy Division has a solid platform on which to grow.  Whilst timing of orders continues to be a source of frustration there are clear signs, particularly in North America, that significant market growth can be expected over the remainder of the decade.\"\nFinancial\n●    Revenue of £17.7 million (2016*: £16.2 million)\n●    Adjusted operating loss** at £(0.8) million (2016*: £(0.7) million)\n●    Reported loss before tax of £(2.6) million (2016*: profit £0.9 million)\n●    Adjusted earnings per share loss of (6.3)p (2016*: (7.1)p)\n●    Reported basic earnings per share loss of  (15.9)p (2016*: 8.3p)\n●    Operational cash generation*** of £2.2 million (2016: £2.4 million)\n●    Net debt at £8.6 million (2016: £6.1 million)\n \n* re-presented to show results of the Engineered Products US operation as discontinued \n** before acquisition costs, amortisation and exceptional charges and credits  \n***before payment of redundancy and reorganisation costs\n \nOperational\n●     Further improved gross margin in the PMC division as investment in productivity efficiencies come to fruition, which coupled with a slightly stronger order book, give confidence for the full-year results\n●     Martract Ltd acquired on 7 December 2016, integration on plan and contributing as expected\n●     Secured order book for Alternative Energy biogas upgrading projects totalling £10.1 million\n●     Cylinders defence order book increas...

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