Pressure Technologies plc, the designer, manufacturer and re-tester of speciality high pressure, seamless steel gas cylinders for the global energy and defence markets, this week announced its interim results for the six months ended 29th March 2008 and revealed that the trend for growth and progression is still going strong.
Pressure Technologies is the holding company for Chesterfield Special Cylinders Limited (CSC) and the group’s first interim results since flotation on AIM last summer demonstrated a revenue increase from £7.3m in 2007 to a healthy £11.7m.
Both operating profit and pre-tax profit rose too, from £0.8m in 2007 to £2.3m and £0.7m to £2.4m respectively. The company notes that its strategy is to broaden the activities of the business through acquisition and diversification, a strategy that looks to continue in the future.
Richard Shacklady, Chairman of Pressure Technologies, explained, “Our forward order book has been maintained at £18m and stretches well into 2009 giving the group good forward visibility. There is also a pipeline of further large tenders still outstanding.”
“The world demand for energy is such that offshore oil and gas exploration and production has to go into deeper waters, up to 9,000 feet above seabed, which requires semi-submersible rigs and drill-ships. Our customers lead the world in the type of drilling rig technology required to reach these depths,” he continued.
“This reaffirms the validity of the group strategy and the board remains confident of delivering substantial year on year growth.”
Demand from global energy markets was sustained at a high level, supported by orders being booked from the company’s key growth sectors - notably overseas naval markets, the UK and European industrial gas trailer markets and aerospace markets. This is cited as one of the reasons for the continually impressive interim results.
CSC designs, manufactures and offers re-testing and refurbishment services for a range of speciality high pressure, seamless steel gas cylinders for global energy and defence markets. The business has been conducted under the respected ‘Chesterfield’ brand, which is a long-established name in the cylinders and specialised pressure vessel market.