Trading Update and Notice of Results

About this update from Chesterfield Special Cylinders Holdings Plc

[{"type":"text","content":"\n \n \n \n RNS Number : 8679T\n Pressure Technologies PLC\n 30 March 2021\n  \n \n \n \n  \n \n \n 30 March 2021\n \n \n Pressure Technologies plc\n \n \n (\"Pressure Technologies\" or \"the Group\")\n \n \n TRADING UPDATE AND NOTICE OF RESULTS\n \n \n Pressure Technologies (AIM: PRES), the specialist engineering group, provides the following trading update, ahead of its Annual General Meeting which will be held today at 11.00am. \n \n \n Trading continues in line with management expectations and the Group is in a strong financial position, following the successful £7.5 million fundraising completed in December 2020.\n \n \n Chesterfield Special Cylinders (CSC)\n \n \n With a strong and increasingly diverse order book, CSC continues to make good progress on major contracts for defence, industrial and nuclear energy customers. \n \n \n Momentum has gathered further in the fast-developing hydrogen energy market, with refuelling station contract wins of over £1.0 million secured since December 2020 from new and established customers.  The pipeline of hydrogen opportunities continues to grow and the visibility of increasing future demand is improving through the development of deeper customer relationships, underpinning our outlook for strong and sustainable growth in this exciting sector.  Investment in our production capacity and engineering capability to support hydrogen growth, utilising fundraising proceeds, will commence in the second half of this year. \n \n \n Whilst Covid-19 travel restrictions have \n disrupted Integrity Management deployments, several UK and overseas projects were completed in the first half of the year.  A steady recovery in deployments is expected as travel restrictions are lifted.  Recruitment and investment in specialist equipment to support continued growth is progressing in line with investment plans.  \n \n \n Precision Machined Components (PMC)\n \n \n As expected, the impact of the pandemic on the oil and gas market continued through the first half of the year, with record low order intake levels.  Restructuring, site consolidation and cost saving measures completed over the past year have reduced the divisional cost base by around 40%, while operational improvement projects have been accelerated to support efficiency gains and margin improvement to u...

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