Chesterfield Special Cylinders Holdings Plc · LSE:CSC
Chesterfield Special Cylinders — Pressure Technologies — H1 2013 Earnings Presentation
13 slides from Chesterfield Special Cylinders's earnings presentation, Jun 10, 2013
Slide 1: Interim Results 2013
Interim Results 2013 For the six months to 30 March 2013 Presented by John Hayward, CEO, and James Lister, FD
Slide 2: Highlights
Highlights Strong growth in revenues and profits Revenue up 30% at £16.4 million (2012: £12.6 million) Pre-tax profit of £1.33 million (2012: £0.46 million) Basic earnings per share increased to 8.5p (2012: 3.1p) Progressive dividend policy continues: interim dividend of 2.6p per share (2012: 2.5p)
Slide 3: A balanced group
A balanced group Engineered Products Cylinders Alternative Energy Designing products and services to satisfy specific customer needs in: Oil and Gas Defence Industrial Gases Alternative Energy 3
Slide 4: Sales increased by 30%
Sales increased by 30% 16.4 £m 0.8 0.9 0.3 0.5 12.6 Delivery of one 2.2 biogas upgrader 0.1 Small increase in First half sales (none in the sales – mix growth driven by corresponding favouring higher Al-Met 7.0 Alternative Energy period) added value, defence and Recovery in service provision deepwat
Slide 5: Operating profit increased by 190%
Operating profit increased by 190% 2013 2012 £m £m £m Cylinders 1.8 0.7 0.2 0.1 0.2 Engineered Products 0.3 0.5 1.1 Chesterfield BioGas (0.1) (0.2) 1.3 Acquisition and amortisation costs (0.1) (0.1) 0.5 Unallocated central costs (0.6) (0.4) Operating profit 1.3 0.5 5
Slide 6: Strong balance sheet
Strong balance sheet 30 Mar 31 Mar 29 Sep H1 2013 H1 2012 FY 2012 £m £m £m Intangible assets 3.3 3.8 3.4 Fixed assets 4.6 4.5 4.7 Inventories 6.8 6.0 6.9 Receivables 9.7 6.4 7.4 Payables (9.6) (8.2) (8.3) Working capital 6.9 4.2 6.0 Tax provisions (1.0) (0.6) (0.7) Net funds 2.7 3.5 2.7 Net assets 1
Slide 7: Operating cash flow £0.6 million
Operating cash flow £0.6 million Operating cash flow £0.6m (2011: £1.8m) £m 0.9 1.8 2013 0.3 half 2013 year opening closing net 0.5 net funds 0.1 funds Increased working Capital capital to expenditure support increased activity Dividends Tax paid Group paid EBITDA 2.7 2.7 7
Slide 8: Summary results
Summary results H1 H1 FY 2013 2012 2012 Sales (£m) 16.4 12.6 30.4 Operating profit (£m) 1.3 0.5 1.8 EBITDA (£m) 1.8 0.9 2.9 PBT (£m) 1.3 0.5 1.8 EPS basic (pence) 8.5p 3.1p 11.2 EPS adjusted (pence) 8.5p 3.1p 12.5 Dividend (pence) 2.6p 2.5p 7.5 Cash flow (£m) 0.0 0.6 (0.2) Net funds (£m) 2.7 3.5 2.7
Slide 9: Further progress in Cylinders
Further progress in Cylinders Continued strong demand in principal market, deepwater oil & gas platforms Widening of product and customer base to offset Korean threat Diving support and winch markets strong Continued growth of in-situ re-test Expanding naval market Principal supplier UK, France and
Slide 10: Expanding Engineered Products
Expanding Engineered Products Strong sales and profit growth at Al-Met Increased demand driven by substantial spending on deepwater project developments Major customers reporting record order books Hydratron strong recovery in orders in Q2 Low Q1 order intake impacted sales and profits for the half
Slide 11: Poised and ready Alternative Energy
Poised and ready Alternative Energy Biogas to UK gas Grid is the key market Second upgrader project, Stockport, delivered in October 2012 Number of large project opportunities increasing Regulatory issue, allowable oxygen in gas to grid, delaying orders - resolved on 24 May 2013 2013 remains the dec
Slide 12: Outlook
Outlook Results show the benefits of diversification Opportunities in all the Group’s markets are good Cylinders - widen product and customer base Engineered Products - take greater market share in growing markets Alternative Energy - decisive year On-going investment in new products and services un
Slide 13: Disclaimer
Disclaimer This presentation has been prepared by Pressure Technologies plc (the "Company“ or “Pressure Technology”) solely in connection with providing information on the Company and to certain institutional and professional investors in the United Kingdom. This presentation does not constitute or
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