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Pressure Technologies plc confirmed it will not meet the March 31, 2023, deadline for the publication of its FY22 Annual Report & Accounts, which covers the financial year ended October 1, 2022. This delay follows previously announced audit adjustments for long-term defence contracts from FY19 through FY22. Consequently, the Company's ordinary shares will be suspended from trading on AIM from 7:30 a.m. on April 3, 2023, with publication of the report now expected no later than the end of April 2023.
| Date | 27 Mar 2023 |
| Time | 07:00:05 |
| Category | Miscellaneous |
| ID | 2312U |
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")
Update on the Publication of FY22 Annual Report & Accounts
Pressure Technologies plc (AIM: PRES), the specialist engineering group, provides an update on the publication of its Annual Report & Accounts for the financial year ended 1 October 2022 ("FY22 Annual Report").
Publication of FY22 Annual Report
On 21 March 2023, the Group announced a delay to the audit of its FY22 accounts while adjustments were made in relation to the accounting treatment applied to long-term defence contracts in FY22 and in prior periods to FY19. This delay meant that the Group was unlikely to publish its FY22 Annual Report ahead of the Annual General Meeting ("AGM") scheduled for 31 March 2023.
The Group now confirms that it will not meet the 31 March 2023 deadline for publication of the FY22 Annual Report and accordingly, 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 FY22 Annual Report, which will be as soon as possible and which the Board now expects to be no later than the end of April 2023.
Further announcements will be made in due course as appropriate.
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: 0330 015 0710 |
|
Singer Capital Markets (Nomad and Broker) Rick Thompson / Asha Chotai |
Tel: 0207 496 3000 |
|
Houston (Financial PR and Investor Relations) Kay Larsen / Ben Robinson |
Tel: 0204 529 0549 |
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.