Pressure Technologies Plc
eröffnet am 14.02.20 16:27:55 von
neuester Beitrag 27.03.24 22:52:38 von
neuester Beitrag 27.03.24 22:52:38 von
Beiträge: 101
ID: 1.320.292
ID: 1.320.292
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Gesamt: 9.051
Gesamt: 9.051
Aktive User: 0
ISIN: GB00B1XFKR57 · WKN: A0MUGB · Symbol: PRS
0,4000
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0,0000 EUR
Letzter Kurs 24.04.24 Frankfurt
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Werte aus der Branche Sonstige Technologie
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 628,90 | +10,63 | |
| 163,38 | +10,04 | |
| 0,5898 | +9,38 | |
| 4,3700 | +8,71 | |
| 1,6100 | +8,05 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 6,5000 | -7,14 | |
| 2,0500 | -7,66 | |
| 2,3450 | -8,75 | |
| 114,19 | -8,95 | |
| 1,9899 | -11,56 |
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Pressure Technologies plc (AIM: PRES), the specialist engineering group, is pleased to announce that Chesterfield Special Cylinders ("CSC"), its wholly owned subsidiary, has been awarded two major contracts, as expected, in the defence and green energy sectors and maintains its outlook for FY24.
https://tools.eurolandir.com/tools/Pressreleases/GetPressRel…
The firm will supply air pressure valves for the Royal Australian Navy’s first batch of three Hunter class frigates to BAE Systems Australia. The ship is based on BAE Systems’ established Type 26 Global Combat Ship platform, currently under construction for the UK’s Royal Navy.
https://www.thebusinessdesk.com/yorkshire/news/2121558-engin…
Pressure Technologies positive as subsidiary secures "major" contracts
https://www.lse.co.uk/news/pressure-technologies-positive-as…
https://tools.eurolandir.com/tools/Pressreleases/GetPressRel…
The firm will supply air pressure valves for the Royal Australian Navy’s first batch of three Hunter class frigates to BAE Systems Australia. The ship is based on BAE Systems’ established Type 26 Global Combat Ship platform, currently under construction for the UK’s Royal Navy.
https://www.thebusinessdesk.com/yorkshire/news/2121558-engin…
Pressure Technologies positive as subsidiary secures "major" contracts
https://www.lse.co.uk/news/pressure-technologies-positive-as…
Pressure Technologies Reports Substantial Revenue Growth and Strategic Moves
https://bnnbreaking.com/world/uk/pressure-technologies-repor…
https://bnnbreaking.com/world/uk/pressure-technologies-repor…
Pressure Technologies plc meldet Ergebnis für das am 30. September 2023 endende Geschäftsjahr
Pressure Technologies plc hat die Ergebnisse für das am 30. September 2023 beendete Geschäftsjahr bekannt gegeben. Für das Gesamtjahr meldete das Unternehmen einen Umsatz von 31,94 Mio. GBP im Vergleich zu 24,94 Mio. GBP vor einem Jahr. Der Nettoverlust betrug 0,679 Millionen GBP gegenüber 4,04 Millionen GBP vor einem Jahr.
https://de.marketscreener.com/kurs/aktie/PRESSURE-TECHNOLOGI…
Pressure Technologies plc hat die Ergebnisse für das am 30. September 2023 beendete Geschäftsjahr bekannt gegeben. Für das Gesamtjahr meldete das Unternehmen einen Umsatz von 31,94 Mio. GBP im Vergleich zu 24,94 Mio. GBP vor einem Jahr. Der Nettoverlust betrug 0,679 Millionen GBP gegenüber 4,04 Millionen GBP vor einem Jahr.
https://de.marketscreener.com/kurs/aktie/PRESSURE-TECHNOLOGI…
Pressure Technologies PLC - Sheffield, England-based engineering firm - Reports 29% rise in revenue to GBP32.0 million in the year ended September 30, from GBP24.9 million a year ago. Pretax loss narrows to GBP1.1 million from GBP4.0 million in financial 2022. Chief Executive Officer Chris Walters says: "Significantly improved performance in FY23 reflects the strong defence order book in Chesterfield Special Cylinders and the continued recovery of oil and gas market trading conditions in Precision Machined Components...Despite delays in the hydrogen energy supply chain over the past year, we remain well positioned in this emerging market to supply static and mobile hydrogen storage solutions, and to provide the through-life inspection, testing and recertification services for these safety-critical systems over the medium and longer term."
https://www.lse.co.uk/news/earnings-accrol-swings-to-interim…
https://www.lse.co.uk/news/earnings-accrol-swings-to-interim…
Sehr ruhig hier geworden. Die letzten Infos sind schon drei Monate alt... und das waren die Zahlen per April.
Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce its unaudited interim results for the 26 weeks to 1 April 2023.
Financial Highlights
● Group revenue increased 45% to £13.8 million (2022: £9.5 million)
● Gross profit up 76% to £3.7 million at 27% margin (2022: £2.1 million at 22% margin)
● Adjusted EBITDA1 profit of £0.3 million (2022: EBITDA loss of £1.2 million)
● Adjusted operating loss2 of £0.5 million (2022: loss of £2.1 million)
● Reported loss before tax of £1.4 million (2022: loss of £2.3 million)
● Reported basic loss per share of 3.9p (2022: loss per share of 6.0p) and Adjusted basic loss per share3 of 2.3p (2022: loss per share of 5.7p)
● Net debt4 of £3.7 million (2022: £5.4 million; 1 October 2022: £3.5 million); Net bank borrowings, excluding asset finance lease liabilities and right of use asset lease liabilities, of £0.9 million (2022: £2.7 million; 1 October 2022: £0.6 million)
Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce its unaudited interim results for the 26 weeks to 1 April 2023.
Financial Highlights
● Group revenue increased 45% to £13.8 million (2022: £9.5 million)
● Gross profit up 76% to £3.7 million at 27% margin (2022: £2.1 million at 22% margin)
● Adjusted EBITDA1 profit of £0.3 million (2022: EBITDA loss of £1.2 million)
● Adjusted operating loss2 of £0.5 million (2022: loss of £2.1 million)
● Reported loss before tax of £1.4 million (2022: loss of £2.3 million)
● Reported basic loss per share of 3.9p (2022: loss per share of 6.0p) and Adjusted basic loss per share3 of 2.3p (2022: loss per share of 5.7p)
● Net debt4 of £3.7 million (2022: £5.4 million; 1 October 2022: £3.5 million); Net bank borrowings, excluding asset finance lease liabilities and right of use asset lease liabilities, of £0.9 million (2022: £2.7 million; 1 October 2022: £0.6 million)
Trading Spotlight
Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce that its wholly owned subsidiary, Al-Met Limited, part of the Group's Precision Machined Components ("PMC") division, has been awarded a record £3 million order from an established international OEM customer for the supply of flow control components and subassemblies used in high-pressure extreme service oil and gas applications.
https://www.investegate.co.uk/pressuretechnologies--pres-/rn…
https://www.investegate.co.uk/pressuretechnologies--pres-/rn…
Update on FY22 Audit, AGM Resolutions and Current Trading
Pressure Technologies plc (AIM: PRES), the specialist engineering group, provides an update on the audit and the publication of its Annual Report & Accounts for the financial year ended 1 October 2022 ("FY22 Annual Report"), forthcoming AGM resolutions, and its current trading.
Audit Update
As part of the ongoing audit process in respect of the financial year ended 1 October 2022, the Board is now reviewing its accounting policy and past accounting treatment in respect of a small number of long-term defence contracts within its Chesterfield Special Cylinders division ("CSC").
Since FY19, the Group has consistently applied an accounting treatment whereby revenue for these specific defence contracts was recognised using an 'Output' methodology under IFRS 15, 'Revenue from Contracts with Customers' ("IFRS 15"), with costs being accrued to achieve a uniform profit margin throughout the multi-year life of the contracts, resulting in cost deferrals at financial period ends. Whilst this cost treatment impacted the timing of profit recognition between financial periods, it had no impact on either the total profitability of the contracts over their entire lives, nor the quantum or timing of cash flows.
The Company's auditor, Grant Thornton UK LLP ("Grant Thornton"), has advised the Company that this accounting treatment is not in compliance with IFRS 15, which requires that all costs incurred in the period relating to the contract should be immediately expensed. This means that cost deferral to achieve a uniform contract profit margin, as historically adopted by the Group, is not permitted.
Subject to final audit confirmation, as a result of a correct application of IFRS 15, the Group's results for FY22 are now expected to reflect a £1.2 million increase in operating losses over the £1.4 million adjusted operating loss1 as notified in the trading update on 15 November 2022. The correct application of IFRS 15 has also been applied to prior periods FY19, FY20 and FY21. A restatement of the comparative period FY21 in the FY22 results will also be required, by which the previously reported operating loss2 of £0.7 million will increase by £0.8 million. Adjustments made to operating profit or loss in FY19 and FY20 are individually not material, but do result in a reduction to FY21 opening reserves of £0.3 million.
However, as a consequence, there will be a corresponding increase in operating profits of £2.3 million over the remaining lives of these contracts, the majority of which is expected to be in FY23 and FY24.
It is emphasised that these accounting adjustments only impact the timing of profit recognition under these specific contracts. They do not impact the expected net debt position of the Group as at 1 October 2022, the future cash generation profile of the Group, nor the underlying trading or operations of the business.
The Board's expectations for overall Group revenue of approximately £25 million in FY22 remains unchanged and as set out in the trading update on 15 November 2022.
Publication of FY22 Annual Report
Accordingly, Grant Thornton has advised that they will require additional time to complete the FY22 audit and, as a result, the Group is unlikely to publish its FY22 Annual Report ahead of the Annual General Meeting ("AGM") which is scheduled for 31 March 2023.
In the event that the FY22 Annual Report is not published by 31 March 2023, the Company's ordinary shares will be suspended from trading on AIM in accordance with AIM Rule 19 with effect from 7.30 a.m. on 3 April 2023, being the first business day after 31 March 2023. Suspension from trading will be lifted with the publication of the Annual Report, which will be as soon as possible and currently expected to be no later than the end of April 2023.
Annual General Meeting, Withdrawal of Resolutions
The Company will hold its AGM on Friday 31 March 2023 as previously announced. However, as a result of the expected delay to the publication of the FY22 Annual Report, the Board has decided to withdraw resolution 1 (relating to the approval of the FY22 Annual Report) and resolution 2 (relating to directors' remuneration) from the agenda of the AGM.
The withdrawal of resolutions 1 and 2 does not affect the validity of the Notice of AGM, the proxy form or any proxy votes already submitted in respect of the remaining resolutions to be proposed at the AGM. The numbering of all other proposed resolutions at the AGM remains unchanged. All arrangements for the AGM are unchanged from those previously notified.
The intention of the Board is that resolutions 1 and 2 will be the subject of a later General Meeting, which will be held as soon as reasonably practicable after publication of the FY22 Annual Report and subject to the notice requirements of the Company.
Trading Update
The Board remains confident in underlying market opportunities and continues to foresee a return to profitability and positive cash generation in FY23. The positive outlook for the Group in the medium and longer term is underpinned by a strong defence order book and pipeline, as most recently evidenced by the £18.2 million contract to supply air pressure vessels for a major UK naval new construction programme, announced on 6 February 2023. Also as noted above, compared to previous expectations, the results for FY23 and FY24 will benefit from a majority of the £2.3 million accounting treatment correction in respect of the long-term defence contracts within CSC.
In addition, the current order book for the Precision Machined Components division is £4.3 million, its highest level since May 2020, with order intake from established international OEM customers expected to reach at least £2 million for the month of March 2023.
Banking Facility
The Group continues to make progress with the replacement of its existing Lloyds Bank credit facility3 with arrangements that provide greater flexibility and headroom. With support from Ernst & Young, the refinancing project has now progressed to detailed conversations with interested lender parties. In the meantime, Lloyds Bank remains supportive of the Group, which will repay a further £0.5 million of the drawn debt out of existing cash resources at the end of March 2023, reducing the drawn debt and facility level to £1.9 million. Gross borrowings less cash and cash equivalents as at the end of February 2023 was £0.9 million4.
Further announcements will be made in due course as appropriate.
Notes:
1. Operating loss before amortisation and exceptional administration charges. The trading update on 15 November 2022 referred to a potential downward impact to FY22 operating loss of c.£0.5 million due to 'FY17 to FY21 contract margin adjustments'. The correction of contract accounting treatment described in this announcement has superseded the previously disclosed historic contract margin adjustments.
2. Operating loss before amortisation, impairments and exceptional administration charges.
3. The current credit facility with Lloyds Bank runs to 31 March 2024.
4. Excludes asset finance leases of £1.1 million and right-of-use asset leases of £1.4 million at the end of February 2023.
https://www.investegate.co.uk/pressuretechnologies--pres-/rn…
Pressure Technologies plc (AIM: PRES), the specialist engineering group, provides an update on the audit and the publication of its Annual Report & Accounts for the financial year ended 1 October 2022 ("FY22 Annual Report"), forthcoming AGM resolutions, and its current trading.
Audit Update
As part of the ongoing audit process in respect of the financial year ended 1 October 2022, the Board is now reviewing its accounting policy and past accounting treatment in respect of a small number of long-term defence contracts within its Chesterfield Special Cylinders division ("CSC").
Since FY19, the Group has consistently applied an accounting treatment whereby revenue for these specific defence contracts was recognised using an 'Output' methodology under IFRS 15, 'Revenue from Contracts with Customers' ("IFRS 15"), with costs being accrued to achieve a uniform profit margin throughout the multi-year life of the contracts, resulting in cost deferrals at financial period ends. Whilst this cost treatment impacted the timing of profit recognition between financial periods, it had no impact on either the total profitability of the contracts over their entire lives, nor the quantum or timing of cash flows.
The Company's auditor, Grant Thornton UK LLP ("Grant Thornton"), has advised the Company that this accounting treatment is not in compliance with IFRS 15, which requires that all costs incurred in the period relating to the contract should be immediately expensed. This means that cost deferral to achieve a uniform contract profit margin, as historically adopted by the Group, is not permitted.
Subject to final audit confirmation, as a result of a correct application of IFRS 15, the Group's results for FY22 are now expected to reflect a £1.2 million increase in operating losses over the £1.4 million adjusted operating loss1 as notified in the trading update on 15 November 2022. The correct application of IFRS 15 has also been applied to prior periods FY19, FY20 and FY21. A restatement of the comparative period FY21 in the FY22 results will also be required, by which the previously reported operating loss2 of £0.7 million will increase by £0.8 million. Adjustments made to operating profit or loss in FY19 and FY20 are individually not material, but do result in a reduction to FY21 opening reserves of £0.3 million.
However, as a consequence, there will be a corresponding increase in operating profits of £2.3 million over the remaining lives of these contracts, the majority of which is expected to be in FY23 and FY24.
It is emphasised that these accounting adjustments only impact the timing of profit recognition under these specific contracts. They do not impact the expected net debt position of the Group as at 1 October 2022, the future cash generation profile of the Group, nor the underlying trading or operations of the business.
The Board's expectations for overall Group revenue of approximately £25 million in FY22 remains unchanged and as set out in the trading update on 15 November 2022.
Publication of FY22 Annual Report
Accordingly, Grant Thornton has advised that they will require additional time to complete the FY22 audit and, as a result, the Group is unlikely to publish its FY22 Annual Report ahead of the Annual General Meeting ("AGM") which is scheduled for 31 March 2023.
In the event that the FY22 Annual Report is not published by 31 March 2023, the Company's ordinary shares will be suspended from trading on AIM in accordance with AIM Rule 19 with effect from 7.30 a.m. on 3 April 2023, being the first business day after 31 March 2023. Suspension from trading will be lifted with the publication of the Annual Report, which will be as soon as possible and currently expected to be no later than the end of April 2023.
Annual General Meeting, Withdrawal of Resolutions
The Company will hold its AGM on Friday 31 March 2023 as previously announced. However, as a result of the expected delay to the publication of the FY22 Annual Report, the Board has decided to withdraw resolution 1 (relating to the approval of the FY22 Annual Report) and resolution 2 (relating to directors' remuneration) from the agenda of the AGM.
The withdrawal of resolutions 1 and 2 does not affect the validity of the Notice of AGM, the proxy form or any proxy votes already submitted in respect of the remaining resolutions to be proposed at the AGM. The numbering of all other proposed resolutions at the AGM remains unchanged. All arrangements for the AGM are unchanged from those previously notified.
The intention of the Board is that resolutions 1 and 2 will be the subject of a later General Meeting, which will be held as soon as reasonably practicable after publication of the FY22 Annual Report and subject to the notice requirements of the Company.
Trading Update
The Board remains confident in underlying market opportunities and continues to foresee a return to profitability and positive cash generation in FY23. The positive outlook for the Group in the medium and longer term is underpinned by a strong defence order book and pipeline, as most recently evidenced by the £18.2 million contract to supply air pressure vessels for a major UK naval new construction programme, announced on 6 February 2023. Also as noted above, compared to previous expectations, the results for FY23 and FY24 will benefit from a majority of the £2.3 million accounting treatment correction in respect of the long-term defence contracts within CSC.
In addition, the current order book for the Precision Machined Components division is £4.3 million, its highest level since May 2020, with order intake from established international OEM customers expected to reach at least £2 million for the month of March 2023.
Banking Facility
The Group continues to make progress with the replacement of its existing Lloyds Bank credit facility3 with arrangements that provide greater flexibility and headroom. With support from Ernst & Young, the refinancing project has now progressed to detailed conversations with interested lender parties. In the meantime, Lloyds Bank remains supportive of the Group, which will repay a further £0.5 million of the drawn debt out of existing cash resources at the end of March 2023, reducing the drawn debt and facility level to £1.9 million. Gross borrowings less cash and cash equivalents as at the end of February 2023 was £0.9 million4.
Further announcements will be made in due course as appropriate.
Notes:
1. Operating loss before amortisation and exceptional administration charges. The trading update on 15 November 2022 referred to a potential downward impact to FY22 operating loss of c.£0.5 million due to 'FY17 to FY21 contract margin adjustments'. The correction of contract accounting treatment described in this announcement has superseded the previously disclosed historic contract margin adjustments.
2. Operating loss before amortisation, impairments and exceptional administration charges.
3. The current credit facility with Lloyds Bank runs to 31 March 2024.
4. Excludes asset finance leases of £1.1 million and right-of-use asset leases of £1.4 million at the end of February 2023.
https://www.investegate.co.uk/pressuretechnologies--pres-/rn…
Pressure Technologies PLC on Tuesday said it has appointed a new chief financial officer, effective from the second quarter of 2023, and replacing the resigning incumbent.
The Sheffield, England-based group of specialist precision engineering businesses said Steve Hammell will join the company and board in the second quarter of 2023. He will replace James Locking, who will be stepping down at the end of February, as announced in November.
Hammell is currently CFO at Sheffield Forgemasters International Ltd, who manufacture ultra-heavy forgings and castings for a wide range of industry sector, including UK and international defence markets.
With over 29 years of experience as a chartered accountant, Hammell has held several financial leadership roles, including as CFO of cybersecurity firm ECSC Group PLC and group finance director of international technology consultancy eBECS Ltd.
Pressure Technologies said, to ensure a smooth transition from Locking to Hammell, recent management changes have been made within its finance function, including the addition of interim finance support to ensure the completion of ongoing projects such as its financial 2022 audit.
"We are delighted that Steve will be joining the company and board, where his considerable knowledge and experience will contribute significantly to the development of the business," said Pressure Technologies Chair Nick Salmon.
"The board would like to thank James for his contribution and service to the business over the past four years and wishes him every success for the future."
Shares in Pressure Technologies were down 3.8% to 38.00 pence each in London on Tuesday morning.
https://www.lse.co.uk/news/pressure-technologies-hires-repla…
The Sheffield, England-based group of specialist precision engineering businesses said Steve Hammell will join the company and board in the second quarter of 2023. He will replace James Locking, who will be stepping down at the end of February, as announced in November.
Hammell is currently CFO at Sheffield Forgemasters International Ltd, who manufacture ultra-heavy forgings and castings for a wide range of industry sector, including UK and international defence markets.
With over 29 years of experience as a chartered accountant, Hammell has held several financial leadership roles, including as CFO of cybersecurity firm ECSC Group PLC and group finance director of international technology consultancy eBECS Ltd.
Pressure Technologies said, to ensure a smooth transition from Locking to Hammell, recent management changes have been made within its finance function, including the addition of interim finance support to ensure the completion of ongoing projects such as its financial 2022 audit.
"We are delighted that Steve will be joining the company and board, where his considerable knowledge and experience will contribute significantly to the development of the business," said Pressure Technologies Chair Nick Salmon.
"The board would like to thank James for his contribution and service to the business over the past four years and wishes him every success for the future."
Shares in Pressure Technologies were down 3.8% to 38.00 pence each in London on Tuesday morning.
https://www.lse.co.uk/news/pressure-technologies-hires-repla…
Ganz schlechte Mischung: verzögerte Projekte, Lieferketten-Probleme etc.:
www.morningstar.co.uk/uk/news/AN_1664278296671763500/pressur…
Der Abverkauf ist schon massiv. Für langfristig orientierte Investoren mit genügend Cash könnte das interessante Einstiegschancen bieten. Sofern nicht aufziehende Rezession nicht so heftig wird, dass die Investitionsziele über die Wupper gehen.
Dabei müssten Unternehmen wie Pressure Tech. eigentlich davon profitieren, dass die Zeit billiger Rohstoffe aus Russland (wahrscheinlich) vorbei ist...
www.morningstar.co.uk/uk/news/AN_1664278296671763500/pressur…
Der Abverkauf ist schon massiv. Für langfristig orientierte Investoren mit genügend Cash könnte das interessante Einstiegschancen bieten. Sofern nicht aufziehende Rezession nicht so heftig wird, dass die Investitionsziele über die Wupper gehen.
Dabei müssten Unternehmen wie Pressure Tech. eigentlich davon profitieren, dass die Zeit billiger Rohstoffe aus Russland (wahrscheinlich) vorbei ist...
Bin long investiert
https://www.investegate.co.uk/pressuretechnologies--pres-/rn…
https://www.lse.co.uk/news/pressure-technologies-dives-47-on…
Muss man jetzt wohl aussitzen für mindestens ein Jahr, Aufträge sind da aber verzögert sich alles, läuft leider nicht so wie erwartet.
Keine Handelsempfehlung, nur persönliche Meinung
https://www.investegate.co.uk/pressuretechnologies--pres-/rn…
https://www.lse.co.uk/news/pressure-technologies-dives-47-on…
Muss man jetzt wohl aussitzen für mindestens ein Jahr, Aufträge sind da aber verzögert sich alles, läuft leider nicht so wie erwartet.
Keine Handelsempfehlung, nur persönliche Meinung
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