The newly formed Pressure Technologies group, with its main operating company Chesterfield Special Cylinders Ltd, is planning to list on the successful Alternative Investment Market (AIM).
The managing director of the new Group, Mr John Hayward is excited about the prospect saying, $quot;We look forward to being quoted on AIM as we believe it will enable us to maximise the exciting growth opportunities which the management team quite clearly sees before us.$quot;
Chesterfield is a UK-based maker of high-pressure seamless steel gas cylinders with a manufacturing history going back to 1897. Business is good and the management team has considerably re-shaped the business in recent years following a successful management buy out in 2004.
Results for the year ending 30 September 2006 show a turnover of Â£8m ($16m), generating profits of Â£1m ($2m). Chesterfield says, $quot;the current order book for ultra-large cylinders is at an all-time high, with more than a year's production booked for oil industry operations in Europe, the Far East and West Africa. Since 2004, the overall order book has nearly trebled and the export proportion of the business has more than doubled.$quot;
Future growth of the new Group will be targeted, organically and by acquisition, on related pressure technologies in markets in which Chesterfield Special Cylinders is already known around the world. The premise for this is partly based on the surging demand for the company's added value services, where purchasing authorities seek to reduce the number of their suppliers and to outsource and 'package' complex logistical tasks.
Mr Hayward explained his group will continue to focus on safety saying, $quot;Pressure systems, by their very nature, require high-integrity components to ensure safety. We fully intend to maintain our leading expertise in this field that has seen the company contribute to the raising of safety standards many times in the past. The listing of Pressure Technologies on AIM will help provide the basis for continuing technical development.$quot;
The date for admission to AIM is provisionally envisaged to be in June 2007. Pressure Technologies hopes to raise approximately Â£4m ($8m).