Trading Update & Board Change

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n Pressure Technologies PLC\n11 October 2007\n\n\nPRESSURE TECHNOLOGIES PLC ('the Company')\n\n11 October 2007\n\nTrading Update\n\nFurther to the previous trading update issued on 30 July 2007 the Directors are\npleased to report that the Company's strong performance has continued in the\nfinal two months of the financial year. Consequently the Board expects that the\nprofit before tax and exceptional items for the year ended 30 September 2007\nwill show a result ahead of market expectations. The prospects for 2008 remain\nstrong.\n\nExceptional Item\n\nThe Company has incurred professional costs of around £0.4 million in relation\nto an abortive acquisition in this period. Since July the Company has been in\ndiscussions to acquire a significantly larger overseas competitor which would\nhave represented a transformational transaction. However following an extensive\ndue diligence exercise and detailed negotiations the Company has been unable to\nagree satisfactory terms to acquire this business.\n\nThe Company continues to review a number of smaller acquisition opportunities in\nline with its stated strategy.\n\nBoard Change\n\nThe Company announces that Jonathan Clark will leave the Board following\ncompletion of the audit for the year ended 30 September 2007. The Board\nexpresses its appreciation for his contribution during and since the Company's\nflotation. A suitable replacement is being sought.\n\nPreliminary Announcement\n\nThe Company expects to report its preliminary results for the year just ended by\n18 January 2008.\n\nContacts:\n\nPressure Technologies plc\nJohn Hayward Chief Executive 0114 242 7506\n 07711 891186\nBrewin Dolphin Investment Banking\nNeil Baldwin Director 0113 241 0130\n\nENDS\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2058,"tagName":"div"}]

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