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Pressure Technologies plc announced on 20 September 2024 an update on the sale of its Precision Machined Components (PMC) division, stating the sale process is at an advanced stage with due diligence completed and the Board expects completion in the very near future. For the financial year ending 30 September 2024 (FY24), the Board now expects the Group's full-year performance to be slightly below its previous guidance of not less than £1.0 million Adjusted EBITDA. This revision is attributed to later than anticipated defence order placement and project delays in Chesterfield Special Cylinders.
| Date | 20 Sept 2024 |
| Time | 07:00:02 |
| Category | Trading updates |
| ID | 9467E |
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 |
|
Singer Capital Markets (Nomad and Broker) Rick Thompson / Asha Chotai |
Tel: 0207 496 3000 |
COMPANY DESCRIPTION
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.