14 slides from Chesterfield Special Cylinders's earnings presentation, Jun 10, 2014
Slide 1: Interim Results Presentation
Interim Results Presentation Half Year Ended 29 March 2014 Presented by John Hayward, CEO, and James Lister, FD
Slide 2: Highlights
Highlights Delivering results Revenue (£m) 19.9 +21% Operating profit* (£m) 2.2 +53% Operating cash flow (£m) 1.8 +1.2 EPS (adjusted)* (p) 12.7 +38% Interim dividend (p) 2.8 +8% Net cash (£m) 10.5 Growth led by Cylinders and Engineered Products divisions Successful £16.7 million fund raising and acq
Slide 3: A well balanced and profitable group
A well balanced and profitable group Engineered Products Cylinders Alternative Energy H1 Revenue £9.3m +33% H1 Revenue £10.5m +23% H1 Revenue £0.1m down £0.8m H1 Op Profit £1.1m +270% H1 Op Profit £2.2m +23% H1 Op loss £0.3m down £0.2m Designing products and services to satisfy specific customer nee
Slide 4: Sales increased by 21%
Sales increased by 21% £m 16.4 19.9 0.8 0.1 2.3 0.7 2014 – major 1.3 Sales growth at sales all in second Additional Hydratron and half Alternative Energy 0.9 defence projects Al-Met 2013 – major sales in the first 9.3 One month of Continued half Roota recovery in deepwater oil rig 7.0 and drillship
Slide 5: Underlying operating profit increased by 53%
Underlying operating profit increased by 53% H1 2013 H1 2014 £m £m £m Cylinders 1.8 2.2 Engineered Products 0.3 1.1 0.2 0.2 Alternative Energy (0.1) (0.3) 0.8 0.6 Unallocated central (0.6) (0.8) costs 0.4 Underlying operating 1.4 2.2 2.2 profit Acquisition and 1.4 1.5 (0.1) (0.7) amortisation costs
Slide 6: Strong balance sheet
Strong balance sheet Fund 29 Mar 28 Sep 30 Mar KGTM Roota raise 2014 2013 2013 £m £m £m £m £m £m - 11.6 - Intangible assets 14.6 3.2 3.3 2.4 - - Investment/loans in KGTM 2.3 - - - 1.6 - Fixed assets 6.7 4.8 4.6 - 1.2 - Inventories 8.8 7.2 6.8 - 1.8 - Receivables 15.0 8.9 9.7 - (1.8) - Payables (16.6
Slide 7: Strong cash balance for further investments
Strong cash balance for further investments 7.8 2014 Half Operating cash flow £1.8m (2013: £0.6m) year closing net £m funds 16.0 0.5 Roota acquisition Acquisition Reduced Capital costs (net) working expenditure Group capital Dividends EBITDA paid 2014 0.5 0.7 Tax paid Investment opening 0.6 in KGTM
Slide 8: Summary results
Summary results H1 H1 FY 2013 2014 2013 Sales (£m) 16.4 19.9 +21% 34.4 Underlying operating profit (£m) 1.4 2.2 +53% 3.3 Acquisition/amortisation costs (£m) 0.1 0.7 0.4 Operating profit (£m) 1.4 1.5 +7% 2.9 PBT (£m) 1.3 1.3 - 2.9 EPS basic (pence) 8.5p 6.9p -19% 19.4p EPS adjusted (pence) 9.2p 12.7p
Slide 9: Oil and gas market driving Cylinders
Oil and gas market driving Cylinders Revenue £10.5 million +23% Operating profit £2.2 million +23% Strong demand for deep water oil & gas platforms Sales and orders ahead of same period last year Price reductions conceded for 2014 to maintain market share Continued growth of in-situ re-test also lea
Slide 10: Acquisition in new market and technology
Acquisition in new market and technology Share of losses of associate £0.1 million % n/a Manufacturer of Gas Transport Modules (GTMs) 40% stake acquired for US$0.5 million and US$3.5m loan Option to increase to 80% in 2015 via payment of US$0.5 million and provision of further loans High growth pote
Slide 11: Expanded Engineered Products
Expanded Engineered Products Revenue £9.3 million +33% Operating profit £1.1 million +270% Strong sales and profit growth Second half 2013 recovery sustained through 2014 at Hydratron Al-Met increased sales and profits Roota contributing for one month in the period Acquisition of Roota Initial net c
Slide 12: Breakthrough in Alternative Energy
Breakthrough in Alternative Energy Revenue £0.1 million -£0.8million Operating loss £0.3 million -£0.2 million Sales Four orders, four customers received - total value £11.0 million Delivery second-half 2014 and first-quarter of 2015 financial years Strong pipeline with existing and potential new cu
Slide 13: Outlook
Outlook Great markets Continued growth in oil and gas market High added value opportunities in defence Alternative energy set for rapid growth Great products Strong demand for core products Development programme of next generation products Development of high added value services Great business Dive
Slide 14: 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