Pressure Technologies plc 2020 Preliminary Results

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n \n \n \n RNS Number : 6256L\n Pressure Technologies PLC\n 14 January 2021\n  \n \n \n \n 14 January 2021\n \n \n  \n \n \n Pressure Technologies plc\n \n \n (\"Pressure Technologies\" or \"the Group\")\n \n \n 2020 Preliminary Results \n \n \n Pressure Technologies (AIM: PRES), the specialist engineering group, announces its preliminary results for the 53 weeks to 3 October 2020.\n \n \n Financial Results\n \n \n \n \n \n \n · \n \n \n \n \n Revenue of £25.4 million (2019: £28.3 million) \n \n \n \n \n \n \n · \n \n \n \n \n Gross profit of £5.3 million (2019: £9.2 million)\n \n \n \n \n \n \n · \n \n \n \n \n Adjusted operating loss* of £2.4 million (2019: £2.2 million operating profit) \n \n \n \n \n \n \n · \n \n \n \n \n Loss before taxation of £20.0 million includes £13.9 million non-cash exceptional impairment (2019: £0.5 million operating loss)\n \n \n \n \n \n \n · \n \n \n \n \n Net operating cash inflow** of £ 1.7 million (2019: £0.6 million)\n \n \n \n \n \n \n · \n \n \n \n \n Total net debt*** reduced to £7.4 million (28 September 2019: £11.4 million)\n \n \n \n \n \n \n · \n \n \n \n \n Bank facility extended to 30 November 2022 \n \n \n \n \n \n \n · \n \n \n \n \n Fundraising of £7.5 million (before expenses) from existing and new shareholders successfully completed in December 2020.\n \n \n \n \n \n \n * operating loss excluding amortisation, impairments and other exceptional costs.\n \n \n ** before cash outflow for exceptional costs and excluding cash flows associated with discontinued operations\n \n \n \n ***\n \n \n total net debt includes gross borrowings, asset finance leases, right of use asset leases, less cash and cash equivalents\n \n \n \n Group Highlights\n \n \n Results\n \n \n \n \n \n \n · \n \n \n \n \n Group revenue reflects challenging trading conditions, Covid-19 disruption and the deferral of a major defence contract from Q4 FY20 into Q1 FY21 \n \n \n \n \n \n \n · \n \n \n \n \n Adjusted operating loss driven by lower than expected gross margins in both divisions, the deferral of major defence contract revenue in Chesterfield Special Cylinders (CSC) and poor operational performance in Precision Machined Components (PMC)\n \n \n \n \n \n \n · \n \n \n \n \n PMC restructuring, site consolidation and other cost-saving measures were taken promptly in the second half of the year to ...

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