The close of a tumultuous 2009 saw the Pressure Technologies group pleased to announce a strong set of preliminary results for its full financial year, ended 3rd October 2009.
As the holding group of Chesterfield Special Cylinders and Chesterfield BioGas, Pressure Technologies saw its revenue jump to £26.2m for the year, up from £23.7m in 2008.
In addition, operating profit (£5m) and underlying operating profit (£5.4m) both witnessed increases against 2008 figures, while pre-tax profit experienced a marginal increase too, rising from £5m in 2008 to £5.1m in 2009.
The figures are all the more impressive when considering the difficult economic year that 2009 undoubtedly was. But what else do these results mean for the group? Such figures ensure a basic earnings per share of 32.1p and a strong balance sheet - net cash increased to £7.9m from £5.9m in 2008.
In terms of divisional highlights, Chesterfield Special Cylinders noted a ‘substantial’ order book, containing significant higher added value defence contracts, and saw its UK sales double. The company also implemented the introduction of many business units, expected to deliver major benefits to its Small Cylinders business.
Chesterfield BioGas declared a ‘strong market profile’ and project quotations in hand of £10m, spread over three years.
As we move on into the New Year, it seems fitting to reflect on the company’s expectations for the twelve months ahead – and beyond.
Pressure technologies notes that its outlook for 2010 is ‘in line with market expectations and significant organic growth expected in 2011’.
To that end, Richard Shacklady, Chairman of Pressure Technologies, commented, “I am pleased to report that the group has continued to thrive and progress its diversification strategy, despite the worst market and financial turbulence experienced for over 20 years.”
“Our secure market position and strong balance sheet are enabling us to actively pursue relevant, realistically priced acquisition targets.”
Pressure Technologies is the holding company for Chesterfield Special Cylinders Limited (CSC). CSC designs, manufactures and offers retesting and refurbishment services for a range of speciality high pressure, seamless steel gas cylinders for global energy and defence markets.