Interim Results 2010

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n RNS Number : 5180N Pressure Technologies PLC 14 June 2010  \n \n\n \nINTERIM RESULTS 2010\n \nPressure Technologies plc (\"Pressure Technologies\" or the \"Group\") is pleased to announce its interim results for the 26 weeks to 3 April 2010.\n \nFinancials:\n·     Revenue of £9.7 million (2009: £12.7 million)\n·     Pre-tax profit of £1.5 million (2009: £2.4 million)\n·     Basic earnings per share of 9.6p (2009: 15.5p)\n·     Interim dividend increased by 9% to 2.4p per share (2009: 2.2p) in line with the Board's progressive dividend policy\n·     Strong balance sheet maintained - £5.2 million net cash in bank after acquisition of Al-Met Limited\n·     On target to meet market expectations for the full year\n \nKey points:\n·     Diversification strategy progressed\n-  Al-Met Limited acquired for £2.3 million\n-  Chesterfield BioGas secured £0.6m order from Centrica post half year end\n·     Well positioned to manage cyclical nature of Group's core business\n·     Independent sector forecasts for new deepwater rig construction are optimistic with strong medium to long term prospects \n \nRichard Shacklady, Chairman of Pressure Technologies, said: \"This has been a very demanding six months for management and employees.  Whilst we are pleased to have made progress in our diversification strategy, the long order book visibility which the Group has enjoyed in recent years has reduced significantly with the downturn in oil and gas activity.  Customers in this sector are now placing orders much nearer the required delivery dates.  This presents new challenges for the Group.\n \n\"However, independent sector forecasts, as well as our own research, indicate that that the future prospects for the sector and, therefore, the Group remain strong.  Our balance sheet is robust; the Group is well positioned to manage the cycle and to gear-up rapidly when the upturn comes.\"  \n \nFor further information, please contact:\n \n\n\n\n\nPressure Technologies plc\nJohn Hayward, Chief Executive\nJames Lister, Group Finance Director\n \n\n\nToday:  01653 618 016\nThereafter:  ...

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