Preliminary Results

RNS Number : 6772J

Pressure Technologies PLC

08 December 2008

 



PRELIMINARY RESULTS 2008

Pressure Technologies plc ('Pressure Technologies' or the 'Group'), is pleased to announce its preliminary results for the period ended 27 September 2008.

Highlights:

• Revenue increased to £23.7 million (2007: £15.1 million) 

• Operating profit before exceptional costs of £4.9 million (2007: £1.9 million)

• Pre-tax profit of £5.0 million (2007: £1.4 million)

• Basic earnings per share of 31.6p (2007: 10.9p)

• Maiden final dividend of 4.0p per share, giving total dividend for the year of 6.0p

• Record order book of £23 million (2007: £18 million)

• Diversification strategy continues - Chesterfield BioGas division established

• Ongoing investment in skills base and R&D

Richard Shacklady, Chairman of Pressure Technologies, said: 'I am delighted to announce an outstanding set of results for a 'real engineering company'. Pressure Technologies has delivered exceptional organic growth and our strong balance sheet leaves us well positioned to exploit a number of medium-term opportunities we have already identified in related specialist, niche markets for engineered products and services.'

For further information, please contact:

Pressure Technologies plc	Today: 01653 618 016
John Hayward, Chief Executive	Thereafter: 0114 242 7500
James Lister, Group Finance Director	www.pressuretechnologies.co.uk
Rawlings Financial PR Limited	Tel: [phone]
Catriona Valentine	www.rawlingsfinancial.co.uk
Keeley Clarke
Brewin Dolphin Investment Banking	Tel: [phone]
Neil Baldwin
Sean Wyndham-Quin

  Company description:

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. The business has been conducted under the 'Chesterfield' brand which is a long established name in the cylinders and specialised pressure vessel market.  

Chesterfield BioGas, an operating division of Pressure Technologies, formed in November 2008 following the signing of a co-operation agreement with Greenlane® Biogas Limited, the world leader in biogas upgrading from raw biogas to vehicle quality fuel, gives Pressure Technologies exclusive rights to market Greenlane® equipment in the UK and Eire. Chesterfield BioGas will provide turnkey solutions for the cleaning, storage and dispensing of biomethane, produced from waste water treatment and anaerobic digestion of organic waste.

CHAIRMAN'S STATEMENT

It gives me pleasure to announce an outstanding set of results for the Group, which surpassed all original expectations for the year.

We are also on course to exceed one of the major aims in our flotation strategy 'to be a £40 million turnover business within five years', as the Group achieved record exports to its oil and gas exploration and production customers, as well as winning selected overseas defence contracts.

Results

Turnover increased to £23.7 million, compared with £15.1 million in 2007 - a creditable rise of over 50%. This increase in sales, combined with ongoing operating efficiency gains, served to more than double operating profits to £4.9 million before exceptional items (2007: £1.9 million). Profit before taxation was £5.0 million (2007: £1.4 million) and earnings per share rose to 31.6p (2007: 10.9p).

Despite long lead times from major suppliers, I am pleased to confirm that our actions to control working capital resulted in year end net funds of £5.9 million (2007: £4.6 million).

The Board has agreed a progressive dividend policy and is recommending a maiden final dividend of 4.0 pence per share, giving a total dividend for the year of 6.0 pence. If approved at the Annual General Meeting, this dividend will be paid on 12 March 2009 to shareholders on the share register at the close of business on 13 February 2009. The ex-dividend date will be 11 February 2009.

Strategy

Our Business Growth Strategy, to penetrate key growth sectors, notably global energy and high pressure gases markets, establishing a presence in new niche markets and acquire businesses which offer synergistic benefits in related niche sectors, is progressing:

	Long term export contracts and orders have been secured from overseas defence and aerospace programmes in Europe and Asia.
	As well as supplying assemblies to drilling rig constructors, we are also continuing to win orders for offshore diving support vessels.
	In the industrial gas trailer refurbishment sector, contracts have been secured stretching into 2009 from a major industrial gas supplier.
	In the Compressed Natural Gas ('CNG') and Biogas sectors, we have signed an Agreement with Greenlane® Biogas Limited, a New Zealand based company with a market leading position on Biogas upgrading technology. The UK lags behind the rest of northern Europe in exploiting an energy source that is growing at over 25% per annum in those countries. Recent changes in UK legislation will facilitate the growth of this energy source in the UK gas market.
	We continue to invest in R&D programmes, including composite material cylinders and internal selected surface coatings, which are attracting interest from both industrial and defence customers. Initial prototype products are being manufactured and evaluated for potential applications.
	Key equipment has been procured and skilled staff recruited that will enable us to target the in-service field testing of ultra-large cylinders. This sector is expected to develop as cylinders in service start to require re-certification.

People

We welcomed Philip Cammerman to the Board as a Non-executive Director in April 2008 and also James Lister, who was appointed Group Finance Director on 1 June 2008. The Group is already benefiting from their combined expertise.

I am particularly pleased to report that the achievements of our Chief Executive, John Hayward, were recognised nationally when he scooped the Ernst & Young Business Products Entrepreneur of the Year Award 2008.

We strengthened our second tier management and professional staff during the year under review. Recognising that there is a skills shortage in the UK, we have ramped up our engineering training and apprentice programmes. The Group is also well positioned geographically to benefit from local universities and Research Institutes which have maintained sound technical faculties - including Sheffield University, Hallam University and NAMTEC. Our future as a value-driven engineered products business depends on our investment in engineering and metallurgical skills and resources.

It is appropriate to acknowledge the skill, hard work and support of our Operational Directors and all our employees in contributing to another successful year for our business.

Finally, I would like to thank our shareholders for their support of the Company throughout the year.

Prospects

Pressure Technologies has entered the new financial year with a record order book of £23 million (2007: £18.0 million) giving clear visibility throughout 2009 and into 2010. There remains a shortage of semi-submersible and deep water drilling rigs to support the world's demand for hydrocarbons and we are enthused by the medium term prospects of the CNG and Biogas sector, in which Chesterfield BioGas is already developing a significant tender pipeline.

The Company continues to evaluate synergisitic acquisitions, particularly in the light of our cash resources and the opportunities now being presented in the market.

The Board is confident that Pressure Technologies will deliver further growth in the short term and, as we roll out our diversification strategy on a controlled and profit driven basis, the medium to long term future of the Group remains strong.

Richard L Shacklady

Chairman 

8 December 2008

CHIEF EXECUTIVE'S REVIEW

It was a year of exceptional organic growth, which was recognised in our share price performance relative to the AIM market. We exited the year with a record order book and a strong pipeline of quoted projects in all markets. This seems somewhat at odds with the world financial climate but may be explained, in part, by the markets in which we operate.

In our main market, the oil and gas sector, there remains a shortage of semi-submersible drilling rigs and drill ships to develop deep water hydrocarbon reserves. This has created strong demand for our products which started in 2005 when oil prices were averaging around $50 per barrel. If oil price is a driver of investment, then we do not yet appear to be outside the price range for investment to be profitable. Nor has there been a reduction in the number of support services projects. A further indicator of the sector's strength is the availability of materials, in particular, seamless pipe, which is used for drill pipe as well as cylinders. This is still rationed and a number of steel mills have no available capacity in 2009. 

There was an increase in activity in the export defence market. We won naval build orders in two new geographical areas, France and Canada. The UK defence market remains subdued, however we continued to supply significant quantities of cylinders into military aircraft programmes and are bidding for further contracts on aircraft carriers and the Astute submarine programme. Sales to the naval market will be significantly higher in 2009 than at any time since 2002.

All our other markets, in terms of orders and levels of quotations, remain at or above historical levels. I was particularly pleased with the growth achieved in our trailer refurbishment business, which should continue into 2009. We have our largest forward order load for new trailers since the management buyout in 2004.

Threats from market downturn do not appear significant in the short term and I concur with our Chairman on the medium and long term prospects for the Group.

Looking at 2008, we had a terrific year with a significant number of 'highs' and a few missed opportunities. The key points being:

What we did well

	Winning orders, growing sales and ending the year with a record £23 million order book. Sales at our operating company, Chesterfield Special Cylinders ('CSC'), increased by 56% to £23.7 million (2007: £15.1 million) with growth being achieved in all our major markets.
	The increase in sales was predominantly in ultra-large cylinders and operations management was highly effective, improving line efficiency. As a consequence, gross profit increased by 91% after allowing for year on year net exchange gains of £0.5 million.
	Manufacturing support was improved through the addition of a production planner and implementation of finite capacity scheduling software.
	Building relationships with a range of business partners and organisations, which will benefit the growth of the business in the future.
	Getting to a position where we could launch Chesterfield BioGas (see below).

Where we could have done better

We did not have sufficient resources to grow the small cylinder business, due to the focus on improving throughput on the ultra-large production line and sales resources were diverted onto the Biogas project (see below). This will be addressed in 2009 by the introduction of a separately managed business unit for small cylinders, which will have its own dedicated operations management and sales staff.

Stock levels were too high, as a result of holding stock to cover poor delivery by suppliers and the insistence, by some customers, that we source certain fittings from their nominated suppliers. We are working very closely with suppliers to improve the reliability of deliveries and our customers have now given us permission to resource fittings from cost effective UK based suppliers.

Operational Review

• Sales and marketing

This was a very busy year for Philip Redfern and his team at CSC. The plan to pursue growth in the UK aggressively with the appointment of an additional salesman focused solely on this market was put on hold, as the new salesman was moved to our new Biogas project. Significant opportunities to grow the customer base in our home market across the full range of commercial products and services remain and a modified version of this plan, incorporating the new business unit structure, will be relaunched as soon as we have recruited another salesman.

Our International Sales Development Manager was very active in India, the Far East and China during the year and we are actively quoting for projects in niche sectors, where higher pressures, product integrity and design capability are essential. 

As reported above, the export defence market was very rewarding. It was particularly satisfying to win the contract for high pressure cylinders on the Barracuda submarine, after thirty years endeavouring to gain entry to the French defence sector. We will continue to target all naval build programmes worldwide, as our design and development capability in this sector is unrivalled. Medium term prospects for the UK look promising and we intend to lodge innovative bids that highlight our supply chain expertise.  

• Operations

The challenges of the £8.6 million increase in revenues should not be underestimated. Operations management at CSC, led by John Brown and Philip Catton, met the challenges very successfully. Manufacturing employees increased from 33 at the beginning of the year to 52 by year end. Training was not neglected and we successfully ran induction courses and an NVQ level 2 course. Given the success of our apprenticeship scheme, we decided to employ three new apprentices in September 2008.

An experienced production planner was employed and investment in finite capacity scheduling software was made to ensure on-time delivery and manage production flow more effectively. By the year end, overdue orders were reduced to very low levels.

Capital investment was once again focused on improving manufacturing efficiency and increasing output. This included changing the layout of a number of areas within ultra-large manufacturing to improve product flow and the installation of new end-heating furnaces for the ultra-large forge, which halved gas usage and improved product quality. Capital investment in 2009 will again be in excess of twice the depreciation level.

Business units will be introduced in 2009 to deliver improvements in both the ultra-large and the small cylinder areas. In ultra-large, there will be a concerted effort to eliminate waste and further improve process flow and we are currently working with the Manufacturing Advisory Service on a project to achieve this. In small cylinders, the focus will be on growing the business. 

• Technical and development

Maintaining our technical and design capability continued to pay dividends, as many of our customers no longer have high pressure cylinder design expertise in their organisations. The additional designer we employed gives us greater scope for both product and tooling development. We are now in the process of recruiting a graduate trainee into the design function.

The CSC Technical Director, Alan Harding, is actively engaged in the development of new ISO standards for ultra-large seamless steel cylinders and ultra-large composite cylinders. To assist with this and other areas of development, we have engaged Dr Rohitan (Roy) Irani, former Global Technical Authority, Cylinders, for The BOC Group, as a consultant. Roy has a lifetime's experience in the design and applications of both high and low pressure cylinders, including cryogenic applications.

Research and development continued on a range of products and services and we now have closer links with the Sheffield Advanced Manufacturing Research Centre and the two Sheffield universities. CSC is also involved in the Special Metals Forum's nuclear supply chain initiative. The key areas for development in 2008 are:

		The development of in-service field testing of cylinders where we have recently procured key equipment and recruited staff with the relevant non-destructive testing expertise.
		The development of ultra-large composite cylinders.
		The development of materials and coatings for naval applications.

• Corporate Social Responsibility

The management of health and safety issues remains a management priority across the business. Health and safety is an agenda item at both the Pressure Technologies and CSC Boards. It was disappointing to see reportable accidents increase to three this year (2007: 2, target: 0); none of these injuries were life-threatening. Additional capital expenditure to improve materials handling is planned for 2009 - the major project will improve loading and unloading of the ultra-large forge.

It was very pleasing to see CSC gain accreditation to ISO14001:2004 in January 2008. Our product is virtually 100% recyclable, but it is also good to know that we also have a robust environmental management system in our manufacturing facility. Once again, we had no environmental incidents in the year.

CSC gives donations of £250 per month to charity. These donations are administered by an employee committee. The aim of these donations is two-fold; to help small, mainly local charities and to raise employee awareness of, and participation in, charitable giving.

• Chesterfield BioGas

During the year, we were actively engaged in preparing the Group's entry to a new market. On 10 November 2008, we announced the establishment of a new operating division, Chesterfield BioGas, following the signing of a co-operation agreement with Greenlane® Biogas Limited, the world leader in biogas upgrading from raw biogas to vehicle quality fuel. 

Under the agreement, which gives Pressure Technologies exclusive rights to market Greenlane® equipment in the UK and Eire, Chesterfield BioGas will provide turnkey solutions for the cleaning, storage and dispensing of biomethane, produced from waste water treatment and anaerobic digestion of organic waste. We have a long relationship with Flotech, the owners of Greenlane® Biogas, as we have worked together on a number of biogas projects in Sweden over the last decade. This is a low-risk, tried and tested biomethane fuel solution for the UK market. Our joint skills and experience in this field mean that we are able to deliver an effective and successful system, when others can only offer prototypes.

The UK market for biomethane has, to date, remained untapped, largely due to a limited availability of methane-fuelled vehicles and subsidies for combined heat and power plants, which have made the injection of methane into the gas grid uneconomic. These two factors are now being addressed. Mercedes and Volkswagen are now producing right-hand drive methane fuelled vehicles for the UK market and the Energy Bill has been changed to pave the way for financial incentives, designed to encourage direct injection of biomethane into the gas grid. 

Chesterfield BioGas will develop the UK market for biogas cleaning equipment, which provides clean biomethane suitable for use as an alternative vehicle fuel or for direct injection into the natural gas grid, across a wide range of commercial sectors. These will include waste management and water treatment companies, as well as large commercial farmers and waste food processors. A strong pipeline of projects is developing but, due to the complexity of UK planning law and lead times on equipment, it is anticipated that orders secured by Chesterfield BioGas in 2009 will not contribute to Group revenues until the year ending 30 September 2010. 

• Acquisitions

We have a target list of companies that match our criteria of niche, high added value companies in pressure containment and control markets and we are actively in discussions with a number of companies. We now have more time to spend working on delivering acquisitions and intend to employ additional resources to assist with this process. Buying private companies is time consuming and about relationships. Time spent getting this right is essential to the success of the programme and we will not buy in haste.  

In summary, 2008 was another successful year for the Group, delivering solid growth and shareholder value. Our strong order book and pipeline prospects should ensure that we deliver another good result in 2009. 

John Hayward

Chief Executive    

8 December 2008

Consolidated income statement

For the period ended 27 September 2008

	Notes	2008	2007
		£'000	£'000
Revenue		23,660	15,124
Cost of sales		(16,150)	(11,189)
Gross profit		7,510	3,935
Administration expenses		(2,578)	(2,053)
Exceptional administration costs		-	(530)
Total administration expenses		(2,578)	(2,583)
Operating profit before exceptional costs		4,932	1,882
Exceptional administration costs		-	(530)
Operating profit		4,932	1,352
Finance income		155	116
Finance costs		(41)	(84)
Profit before taxation		5,046	1,384
Taxation	2	(1,465)	(446)
Profit for the financial period		3,581	938
Earnings per share -basic	3	31.6p	10.9p
-diluted	3	31.5p	10.9p

All the above results are from continuing operations.

Consolidated balance sheet

As at 27 September 2008

	Note	2008	2007
		£'000	£'000
Non-current assets
Property, plant and equipment		2,043	1,774
Deferred tax asset		76	49
		2,119	1,823
Current assets
Inventories		6,527	4,550
Trade and other receivables		3,125	3,155
Derivative financial instruments		110	78
Cash and cash equivalents		6,091	4,930
		15,853	12,713
Total assets		17,972	14,536
Current liabilities
Trade and other payables		(4,731)	(5,348)
Borrowings		(80)	(80)
Current tax liabilities		(846)	(362)
		(5,657)	(5,790)
Non-current liabilities
Other payables		(695)	(448)
Borrowings		(160)	(240)
Deferred tax liabilities		(293)	(263)
		(1,148)	(951)
Total liabilities		(6,805)	(6,741)
Net assets		11,167	7,795
Equity
Share capital	4	567	567
Share premium account	4	5,341	5,341
Retained earnings	4	5,259	1,887
Total equity	4	11,167	7,795

Consolidated cash flow statement

For the period ended 27 September 2008

	Note	2008	2007
		£'000	£'000
Operating activities
Cash flows from operating activities	5	2,881	(609)
Finance costs paid		(41)	(84)
Income tax paid		(977)	(176)
Net cash inflow / (outflow) from operating activities		1,863	(869)
Investing activities
Interest received		155	116
Purchase of property, plant and equipment		(551)	(428)
Proceeds from sale of property, plant and equipment		101	9
Net cash used in investing activities		(295)	(303)
Financing activities
Proceeds from issue of ordinary shares		-	5,541
Repayment of borrowings Dividends paid		(80) (227)	(437) -
Payment of deferred consideration		(100)	-
Net cash (outflow) / inflow from financing activities		(407)	5,104
Net increase in cash and cash equivalents		1,161	3,932
Cash and cash equivalents at beginning of period		4,930	998
Cash and cash equivalents at end of period		6,091	4,930

Notes

1.	Basis of Preparation

The accounting policies applied in the preparation of this consolidated financial information are set out below. These policies have been applied consistently to all the periods presented, unless stated otherwise.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the European Union and IFRIC interpretations issued by the International Accounting Standards Board, and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS for the first time. 

The policies have changed from the previous year when the financial statements were prepared under applicable United Kingdom Generally Accepted Accounting Principles (UK GAAP). The comparative data for the year to 30 September 2007 has been restated and reconciliations are included in the Company's Annual Report and Accounts.

The financial statements have been prepared under the historical cost convention, except for derivative financial instruments carried at fair value. 

The following Standards and Interpretations, which have not been applied during the period but are likely to impact on the financial statements of the Group, were in issue but not yet effective:

IAS 1 Presentation of Financial Statements (revised 2007) (effective 1 January 2009)

IAS 23 Borrowing Costs (revised 2007) (effective 1 January 2009)

IAS 27 Consolidated and Separate Financial Statements (Revised 2008) (effective 1 July 2009)

Amendment to IFRS 2 Share-based Payment - Vesting Conditions and Cancellations (effective 1 January 2009)

IFRS 3 Business Combinations (Revised 2008) (effective 1 July 2009)

IFRS 8 Operating Segments (effective 1 January 2009)

Improvements to IFRSs (effective January 2009 other than certain elements effective 1 July 2009)

The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group except for IAS 1 (revised), IFRS 3 (revised) and IFRS 8. The amendment to IAS 1 affects the presentation of owner changes in equity and introduces a statement of comprehensive income. Preparers will have the option of presenting items of income and expense and components of other comprehensive income either in a single statement of comprehensive income with subtotals, or in two separate statements (a separate income statement followed by a statement of other comprehensive income). This amendment does not affect the financial position or results of the Group but will give rise to additional disclosures. Management is currently assessing the detailed impact of this amendment on the Group's financial statements. 

IFRS 3 Business Combinations (Revised 2008) will apply to any future business combinations that the Group may undertake once it is in force. The Group has no plans to adopt the revised standard in advance of its mandatory implementation date and it is not possible to quantify the effect of the standard on future business combinations until those combinations take place. 

IFRS 8 introduces new rules on the disclosure of operating results by business segment. The new standard requires a management approach, under which segment information is presented on the same basis as that used for internal reporting procedures. The Group will apply IFRS 8 from 1 October 2009. The impact of the standard is not expected to be significant as the Group only has one segment that currently contributes more then ten percent of total revenue, profit or loss, or assets.

First time adoption of IFRS

The consolidated financial statements for the period ended 27 September 2008 are the first annual financial statements that comply fully with IFRS 1 and all other applicable International Financial Reporting Standards. These financial statements have been prepared as described above.

The Group's transition date is 1 October 2006 and the Group prepared its opening IFRS balance sheet at that date. In preparing these consolidated financial statements in accordance with IFRS 1, the Group has applied the mandatory exemptions and certain of the optional exemptions from full retrospective application of IFRS. The Group did not take advantage of any optional exemptions available.

2.

Taxation

			2008	2007
			£'000	£'000
Current tax
Current tax expense			1,461	445
Relating to prior periods			-	(18)
			1,461	427
Deferred tax
Origination and reversal of temporary differences			(4)	19
Adjustment in respect of prior years			8	-
Total taxation charge			1,465	446

Corporation tax is calculated at 28% (2007: 30%) of the estimated assessable profit for the period. 

The charge for the period can be reconciled to the profit per the income statement as follows:

	2008 £'000	2007 £'000
Profit before taxation	5,046	1,384
Theoretical tax at UK corporation tax rate 28% (2007: 30%)	1,413	415
Effects of:
- non-deductible expenses	4	72
- adjustments in respect of prior years - current tax	-	(18)
- adjustments in respect of prior years - deferred tax	8	-
- effect of rate change - see below	50	(17)
- small companies and marginal relief	(10)	(6)
Total taxation charge	1,465	446

The corporation tax rate has fallen as a result of the reduction in the UK corporation tax rate from 30% to 28% from 6 April 2008.

3.	Earnings per ordinary share

Basic and diluted earnings per share have been calculated in accordance with IAS 33, which requires that earnings should be based on the net profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares in issue during the period.

The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.

The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares on the assumed conversion of all dilutive options. 

	2008 £'000	2007 £'000
Profit after tax	3,581	938
	No.	No.
Weighted average number of shares - basic	11,333,620	8,615,812
Dilutive effect of options issued 30 November 2007	47,958	-
Weighted average number of shares - diluted	11,381,578	8,615,812
Basic earnings per share	31.6p	10.9p
Diluted earnings per share	31.5p	10.9p

4.	Statement of changes in equity

		Share capital account £'000	Share premium account £'000	Other reserves £'000	Retained earnings £'000	Total £'000
Balance at 1 October 2006		220	-	(54)	680	846
Profit for the year		-	-	-	938	938
Release of financial liability		-	-	54	269	323
New share issue		347	5,341	-	-	5,688
At 30 September 2007		567	5,341	-	1,887	7,795
Profit for the period		-	-	-	3,581	3,581
Dividends paid		-	-	-	(227)	(227)
Share based payments		-	-	-	17	17
Tax taken directly to equity		-	-	-	1	1
At 27 September 2008		567	5,341	-	5,259	11,167

5.	Notes to the consolidated cash-flow statement

	2008	2007
	£'000	£'000
Continuing operations
Profit after tax	3,581	938
Adjustments for:
Finance income - net	(114)	(32)
Depreciation of property, plant and equipment	200	203
Profit on sale of property, plant and equipment	(19)	(1)
Share option costs	17	-
Income tax expense	1,465	446
Gain on derivative financial instruments	(32)	(48)
Changes in working capital
Increase in inventories	(1,977)	(3,269)
Decrease in trade and other receivables	30	211
(Decrease)/increase in trade and other payables	(270)	943
Cash generated by / (used) in operations	2,881	(609)

6.	Notice of Annual General Meeting

The Annual General Meeting of the Company will be held at the Yorkshire Sculpture Park, West Bretton Wakefield WF4 4LG on Wednesday 4 February 2009 at 10.30 am.

7.	Preliminary Statement

This preliminary statement, which has been agreed with the auditors, was approved by the Board on 8 December 2008. It is not the Company's statutory accounts. Statutory accounts will be posted to shareholders at least 21 days before the date of the Annual General Meeting, and will be made available on our website: www.pressuretechnologies.co.uk.

The statutory accounts for the year ended 30 September 2007 received an audit report which was unqualified and did not contain statements under s237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 30 September 2007 have been delivered to the Registrar of Companies but the 27 September 2008 accounts have not yet been filed.

 

END

 

 

FR EAXASESSPFFE