PressureTechnologies - Update on Sale of PMC Division & Trading
20/09/2024 07:00
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RNS Number : 9467E Pressure Technologies PLC 20 September 2024
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
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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 Tel: 0333 015 0710
Chris Walters, Chief Executive company.secretary@pressuretechnologies.co.uk
Steve Hammell, Chief Financial Officer
Singer Capital Markets (Nomad and Broker) Tel: 0207 496 3000
Rick Thompson / Asha Chotai
COMPANY DESCRIPTION
www.pressuretechnologies.com (http://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 (http://www.chesterfieldcylinders.com/)
· Precision Machined Components (PMC) - www.pt-pmc.com
(http://www.pt-pmc.com/)
o Includes the Al-Met, Roota Engineering and Martract sites.
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