Major Order Placement

RNS Number : 2314U

Pressure Technologies PLC

27 March 2023

 

27 March 2023

The information contained within this announcement is deemed by the Company 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 Company'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.

Pressure Technologies plc

("Pressure Technologies", the "Group", or "the Company")

Major Order Placement

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.

This unprecedented order for Al-Met and the continuing momentum in PMC order intake underpin the FY23 full-year outlook for the division and also provide substantial order book coverage and visibility for the first half of FY24. 

PMC total order intake for the month of March 2023 is now expected to exceed £4 million, the division's highest ever monthly intake. The PMC order book is now expected to reach approximately £7 million at the half year on 31 March 2023, the highest order book level for the division in over six years.

Chris Walters, Chief Executive of Pressure Technologies commented:

"We are delighted to announce this unprecedented order that demonstrates Al-Met's strong and growing position with its major international OEM customers, resulting from improved operational performance and competitiveness in meeting increasingly stringent metrics for quality and on-time delivery.

The scale of this award and the strengthening order intake across the PMC division demonstrate the increasing pace of recovery in oil and gas markets, underpinning our expectations for the full year, including a return to profitability at the end of this quarter."

The person responsible for arranging the release of this announcement on behalf of the Company is Chris Walters, Chief Executive. 

For further information, please contact:

Pressure Technologies plc Chris Walters, Chief Executive	Tel: [phone]   [e-mail]
Singer Capital Markets (Nomad and Broker) Rick Thompson / Asha Chotai	Tel: [phone]
Houston (Financial PR and Investor Relations) Kay Larsen / Ben Robinson	Tel: [phone]

COMPANY DESCRIPTION

www.pressuretechnologies.com

With its head office in Sheffield, Pressure Technologies 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 Company has two divisions, Chesterfield Special Cylinders and Precision Machined Components.

Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com

● Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland GmbH.

Precision Machined Components (PMC) - www.pt-pmc.com

● Precision Machined Components includes the Al-Met, Roota Engineering and Martract sites.

 

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