Interim Results

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n RNS Number : 7881X Pressure Technologies PLC 30 June 2008  \n \nINTERIM RESULTS 2008\n \nPressure Technologies plc ('Pressure Technologies' or the 'Group'), the designer, manufacturer and retester of speciality high pressure, seamless steel gas cylinders for the global energy and defence markets, is pleased to announce its interim results for the six months ended 29 March 2008.\n\nHighlights:\n\n\n\nRevenue increased to £11.7 million (2007: £7.3 million)\n\n\nOperating profit of £2.3 million, including exchange gains of £0.4m (2007: £0.8 million)\n\n\nPre-tax profit of £2.4 million (2007: £0.7 million)\n\n\nBasic earnings per share of 15.0p (2007: 7.1p)\n\n\nMaiden interim dividend of 2.0p per share (2007: nil)\n\n\nStrategy to broaden the activities of the business through acquisition and diversification continues\n\n\nSignificant opportunities in UK Compressed Biogas market being explored\n\n\n\nRichard Shacklady, Chairman of Pressure Technologies, said:  \n\n'Our forward order book has been maintained at £18 million and stretches well into 2009 giving the Group good forward visibility. There is also a pipeline of further large tenders still outstanding. The world demand for energy is such that offshore oil and gas exploration and production has to go into deeper waters, up to 9,000 feet above seabed, which requires semi-submersible rigs and drillships. Our customers lead the world in the type of drilling rig technology required to reach these depths.  \n\n'This reaffirms the validity of the Group strategy and the Board remains confident of delivering substantial year on year growth.'\n\n…Ends…\n\nFor further information, please contact:\n\nPressure Technologies plc                                                                                      Today: 01653 618 016\nJohn Hayward, Chief Executive  &n...

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