Preliminary Results 2010

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n RNS Number : 4693X Pressure Technologies PLC 07 December 2010  \n \n\nPRELIMINARY RESULTS 2010\nPressure Technologies plc (\"Pressure Technologies\" or the \"Group\") is pleased to announce its preliminary results for the full year ended 2 October 2010.\n \nFinancials:\n \n·      Revenue at £21.7 million (2009: £26.2 million)\n \n·      Operating profit at £3.5 million (2009: 5.0 million)\n \n·      Pre-tax profit £3.5 million (2009: £5.1 million)\n \n·      Basic earnings per share 22.3p (2009: 32.1p)\n \n·      Year end net cash, after acquisition of Al-Met, £6.5 million (2009: £7.9 million)\n \n·      Final dividend of 4.8p per share, giving a total dividend increased to 7.2p (2009: 6.6p) \n \nKey points:\n \n·      Transformation of Group through strategic diversification programme well underway with acquisition of Al-Met and, post year end, Hydratron\n \n·      Chesterfield BioGas successfully completed the first UK biogas to grid project\n \n·      Operating management and engineering resources strengthened and capital investment and research and development continues as we invest for the future\n \n·      The global economic downturn impacted 2010 sales and profits\n \n·      Chesterfield Special Cylinders anticipating a difficult first half of 2011 with recovery of deepwater oil and gas markets delayed by the  BP Macondo oil spill but signs of upturn in orders for the second half year\n \n·      Acquisitions and Chesterfield BioGas expected to show growth in 2011\n \n·      Balance sheet remains strong \n \n·      Operating cash flows and confidence in a medium term recovery support dividend\n \nRichard Shacklady, Chairman of Pressure Technologies, said:   \"Overall, we expect the coming six months to be the lowest point in the cycle in shipments to the deepwater offshore oil and gas sector.  All key indicators together with recent orders from the sector suggest that...

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