Half Yearly Report

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n \nRNS Number : 2340Q Pressure Technologies PLC 16 June 2015  \n\n \n16 June 2015\n \nPressure Technologies plc\n \n(\"Pressure Technologies\" or the \"Group\")\n \n2015 Interim Results\n \nPressure Technologies (AIM: PRES), the specialist high pressure engineering group, announces its interim results for the 26 weeks to 28 March 2015, which shows strong revenue growth as the benefits of recent acquisitions come through.\n \nFinancial highlights: \n \nContinued underlying growth:\n \n·     Revenue of £32.1 million (2014: £19.9 million) - up 62%\n·     Underlying operating profit* at £2.6 million (2014: £2.2 million) - up 20%\n·     Underlying earnings per share* of 12.1p (2014: 12.7p) - down 5% \n·     Interim dividend unchanged at 2.8p per share \n·     Net debt of £7.5 million (2014 year end: net cash £5.8 million) \n·     New four-year bank facility with Lloyds Banking Group for up to £15 million with an accordion of up to an additional £10 million\n \n* Before acquisition costs, related amortisation and exceptional items\n \nM&A activity: \n \n·     Acquisition of Quadscot Precision Engineers in October 2014 for £6.9 million net and two-year earn out of up to £3 million\n·     Acquisition of the trade and certain assets of the Greenlane group of companies in October 2014 for £5.8 million with a four-year earn out of up to £6.2 million\n·     Acquisition of the freehold land and buildings at the Group's Meadowhall site for £3.3 million to secure the long-term future of the Cylinder Division\n \nAlan Wilson, Chairman of Pressure Technologies, said:\n \n\"Whilst we cannot escape the current, very challenging conditions within the oil and gas market, the Group is now much better balanced and the Board will continue efforts to broaden our customer, technology and industrial base.  The Board remains confident in the medium to long-term prospects for the Group.\"\n \n \nFor further information, please contact:\n \n\n\n\n\nPressure Technologies plc\nAlan Wilson, Chairman\nJohn Hayward, Chief Executive\nJames Lister, Group Finance Director\n \n\n\nToday Tel:...

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