The information contained within this announcement is deemed
by the Group to constitute inside information as stipulated under
the UK version of the EU Market Abuse Regulation (2014/596) which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, ("MAR"), and is disclosed in accordance with the Group's
obligations under Article 17 of MAR. Upon the publication of
this announcement via a Regulatory Information Service, this inside
information will be considered to be in the public
domain.
20 September
2024
Pressure Technologies
plc
("Pressure Technologies" or "the Company" or "the
Group")
Update on Sale of Precision
Machined Components Division & Trading
Pressure Technologies plc (AIM:
PRES), the specialist engineering group, provides an
update on the sale of its Precision Machined Components division
("PMC") and on trading for the financial year ending 30 September
2024 ("FY24").
Update on Sale of PMC
In June 2024, the Group announced
that a preferred buyer had been identified and that the transaction
was expected to complete in August 2024. The sale process is now at
an advanced stage and due diligence has been completed. The Board
expects the transaction to complete in the very near
future.
Trading Update
Also in June 2024, the Group
announced an expected full-year FY24 Adjusted EBITDA of not less
than £1.0 million. While PMC has continued to deliver a strong
performance through the second half of the year,
the Board now expects the Group's full-year
FY24 performance to be slightly below previous guidance due
to later than anticipated defence order
placement and project delays in Chesterfield Special
Cylinders.
Additional Information
The person responsible for arranging
release of this announcement on behalf of the Company is Steve
Hammell, Chief Financial Officer.
For
further information, please contact:
|
Pressure Technologies plc
Chris Walters, Chief
Executive
Steve Hammell, Chief
Financial Officer
|
Tel: 0333 015 0710
company.secretary@pressuretechnologies.co.uk
|
|
Singer Capital Markets (Nomad and
Broker)
Rick Thompson / Asha
Chotai
|
Tel: 0207 496 3000
|
COMPANY DESCRIPTION
www.pressuretechnologies.com
With its head office in Sheffield,
the Pressure Technologies Group was founded on its leading market
position as a designer and manufacturer of high-integrity,
safety-critical components and systems serving global supply chains
in oil and gas, defence, industrial and hydrogen energy
markets.
The Group has two
divisions:
· Chesterfield Special
Cylinders (CSC) - www.chesterfieldcylinders.com
· Precision Machined Components
(PMC) - www.pt-pmc.com
o Includes the Al-Met, Roota Engineering and Martract
sites.