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PRES Pressure Technologies Plc

40.50
-1.50 (-3.57%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pressure Technologies Plc LSE:PRES London Ordinary Share GB00B1XFKR57 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50 -3.57% 40.50 40.00 41.00 42.00 40.50 42.00 59,063 14:00:08
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Fluid Powr Cylindrs,actuatrs 31.94M -679k -0.0219 -18.49 12.58M
Pressure Technologies Plc is listed in the Fluid Powr Cylindrs,actuatrs sector of the London Stock Exchange with ticker PRES. The last closing price for Pressure Technologies was 42p. Over the last year, Pressure Technologies shares have traded in a share price range of 24.00p to 45.00p.

Pressure Technologies currently has 31,067,163 shares in issue. The market capitalisation of Pressure Technologies is £12.58 million. Pressure Technologies has a price to earnings ratio (PE ratio) of -18.49.

Pressure Technologies Share Discussion Threads

Showing 2501 to 2524 of 2525 messages
Chat Pages: 101  100  99  98  97  96  95  94  93  92  91  90  Older
DateSubjectAuthorDiscuss
16/3/2024
02:28
@ banner - to your point I would add the following

- CSC has an unencumbered freehold property valued at £2.6m

- In the last annual accounts "The carrying value of the net assets of PMC at 30 September 2023, adjusting for cash, intercompany and deferred tax balances, was £5.8 million. On this basis, an impairment charge is not required." As there are almost no intangibles this should provide a guide for the likely minimum sales price that should be achieved for PMC division. My own guess is we will see something closer to £10 million.

- CSC has much higher gross margins than PMC so after divestment the group gross margins will improve substantially.

- We are expecting more good news at CSC in the nearer term - Including US Navy, HAR1 Hydrogen orders.

It is also clear given it would be almost impossible for any of the top 3 holders to exit in the market that so they will likely be looking for a trade sale. I suspect that is probably in 2026. If they can capture a decent share of work from the various HAR funding rounds it could well be at a price significantly north of your 75p per share.

I am very interested to see the level of orders we get as a result of the HAR1 funding round. HAR1 has funded 125MW of capacity out of a total of 4GW it intends to fund by 2030.

40 fathoms
14/3/2024
08:19
PT should turn into substantial net cash once PMC is sold. CSC should be worth £20m++ and accordingly the PT shares should be heading well north of 50p in a not too distant future. If CSC is sold to a trade buyer we could well see 75p in total value of the PT share.
baner
14/3/2024
08:02
Contract Placements and Update on Sale of PMC Division

Pressure Technologies plc (AIM: PRES), the specialist engineering group, is pleased to announce that Chesterfield Special Cylinders ("CSC"), its wholly owned subsidiary, has been awarded two major contracts, as expected, in the defence and green energy sectors and maintains its outlook for FY24. The Group also provides an update on the sale of the Precision Machined Components ("PMC") division.

BAE Systems Australia Contract

CSC has been awarded a major contract to supply air pressure vessels to the Royal Australian Navy's Hunter class frigate program.

The contract award by BAE Systems Maritime Australia covers the first batch of three frigates in the program and will underpin the Group's expected global defence order book development in the second half of FY24. Initial manufacturing milestones will commence later this year and pressure vessels are expected to be delivered to the program over the next three years. Pressure vessels manufactured by CSC will form an integral part of safety-critical onboard systems.

The Hunter class frigate is based on BAE Systems' established Type 26 Global Combat Ship platform, currently under construction for the UK's Royal Navy.

Cheesecake Energy Contract

CSC has also been awarded a major contract to supply high-pressure steel cylinder packages to Cheesecake Energy Limited ("CEL"), a UK developer of sustainable thermal and compressed air energy storage systems, for a pilot project funded by the Department for Energy Security & Net Zero.

Utilising cylinder packages supplied by CSC, CEL systems will store surplus energy generated by a dedicated solar power plant for use in periods of high energy demand, reducing reliance on fossil fuels and the grid, and lowering carbon emissions.

This significant contract award for CSC is for a total of 48 cylinders with initial manufacturing milestones commencing later this year.

Update on Sale of PMC

As previously announced, the sale process for the PMC division was launched in December 2023 with the release of information to a range of interested parties. Following engagement with potential acquirers, the Board has received a number of non-binding indicative offers for the division.

During the next phase of the process, the Board intends to provide selected potential acquirers with additional access to PMC and will invite final offers for the division.

The Board continues to target completion of the sale process in the third quarter of FY24 and will provide a further update in due course.

darrin1471
24/2/2024
00:59
It seems like we are seeing a tiny bit of buoyancy in the share price. Maybe the anticipation of 2 or 3 bits of good news that could drop in the coming months has at very least dried up some of the selling.

1) Sale of PMC business - If buyer can be found should be between £6m and £9m
2) First HAR1 orders placed - Should be significant in context of historical H2 revenue
3) Qualification as a supplier to US submarine programs.

40 fathoms
31/1/2024
11:34
40 Fathoms,

It's a while since I followed PRES closely.

I agree the presentation suggests they've rebooted their attempt to become qualified for US Naval contracts. A few years ago PRES suggested the incumbent supplier wasn't a top class or well invested business. With the expansion of the US submarine program there's certainly opportunities (as we've seen with large Naval contracts awarded to GDWN) to become part of the program.

I hope they're successful, it would be great news.

cockerhoop
30/1/2024
15:16
40 Fathoms,

"CSC are also currently in discussions for future global naval contracts which could support manufacturing activity for these products to 2040 and beyond."

I'd suspect this refers to the SSN-AUKUS program with the submarines being built in the UK and Australia.

I'm aware PRES tried very hard to get designed into the US Naval program for many years - eventually giving up when they became cash constrained a few years ago.

cockerhoop
30/1/2024
13:10
@Baner - On the central costs issue it is overstated by@ 1.2 million as it includes a number of (hopefully) one off finance and advisory fees. Still an issue but not such a big one.
40 fathoms
30/1/2024
12:58
The annual report is worth a read.

In terms of the expectations for the future order book I have pulled out the following.

"CSC are also currently in discussions for future global naval contracts which could support manufacturing activity for these products to 2040 and beyond."

"The US Columbia-class and Virginia-class programmes are active and involve the use of UK approved supply chain."

"CSC is making significant progress with framework purchase agreements with new customers to support collaboration on the development of efficient and cost-effective storage solutions" (Hydrogen)

"Demand for steel tube trailer new construction, refurbishment and recertification increased steadily during 2023 and this area is expected to grow further during 2024 due to increasing demand for bulk hydrogen transportation"

"CSC has developed commercial relationships with a number of the new UK projects that will receive HAR1 funding in the period to 2025 providing a pipeline of opportunities for the next two years."

40 fathoms
30/1/2024
09:04
Decent update today. Staveley looks to be bringing some excellent focus to the bod. Turnaround looks to be underway
mr roper
30/1/2024
08:32
Break up value should be well north of 50p/share. Central costs absolutely horrendous - how can the BOD accept this? Huge potential surplus value in the Sheffield property - fantastic location. Good to see mr Staveley now a director - First Class investor who will look after the best interest of all shareholders no doubt. Very sound risk/reward offered at prevailing share price.
baner
30/1/2024
07:59
At first glance nothing to get excited about.
Adjusted ebitda at PMC minimal,although I note the explanation on Almet. Peak defence revenue this FY for CSC and hydrogen slow.
No IMC type event.
Nothing of note seems to have happened since october 1 last apart from the Lloyds exit.
Continue to ask myself how feasible to sell PMC and once sold what will happen to the central costs.
Hope that you all and the market are more upbeat than me.

cerrito
17/1/2024
21:03
Hydrogen delays.
James Cropper: LSE:CRPR
"At the time of the Interim Results, the Group noted that it was scaling additional capacity for its Future Energy hydrogen offer and investing in the next phase of expansion in UK electrolyser manufacturing operations to position the Advanced Materials business to benefit from growing demand in these markets. However, since the announcement of the Group's Interim Results, the Advanced Materials business has seen expected projects in hydrogen being delayed, partly as a result of inflation and higher interest rates feeding through to higher project costs. In addition, funding decisions by governments have impacted end customer project plans and scheduling. As a result, customer expansion plans saw a noticeable change with major market growth now expected to be pushed back to calendar years 2026 to 2028."

darrin1471
03/1/2024
07:43
Yesterday they posted the Interim results presentation to the website, it is a bit late (about 5 months) but packed full of information



In particular I liked this bit on page 10, which I had not seen before.

"Qualification process for GDEB (US Defence prime) is progressing on-track for Mar ‘24"

This is General Dynamics Electric Boat and they are building the Columbia class and the SSN(X)/Improved Virginia class (The SSN-AUKUS class "will have a high degree of commonality" with the Virginia-class, including "sharing elements of the propulsion plant, combat system and weapons")

40 fathoms
30/12/2023
12:49
A 98 page terms and conditions document for a £800k over 4 years MOD contract
darrin1471
29/12/2023
23:48
A new MOD contract awarded in October and published this month for £797,500 over 4 years for the supply of portable fire extinguishers. Given the contract is heavily redacted it might suggest these are not typical and for a specific purpose.
40 fathoms
16/12/2023
20:12
Are they bust yet or still getting away with it?
my retirement fund
23/11/2023
22:58
He also revealed that they had suppled cylinders in to Taiwan's Hai Kun-class subs which is the first time I can recall that being mentioned. They have just completed the first of 8 planned boats.
40 fathoms
23/11/2023
18:40
Thanks 40 Fathoms for pointing me in the direction of the vox markets interview. I would be pleasantly surprised if we got firm orders from AUKUS in the immediate future.
Perhaps they are rushing it through so Trump cannot can it.
I see there were 3 if not more companies that Stavely mentioned in today's leader board..not sure if a coincidence.

cerrito
23/11/2023
11:34
I guess 3 things have happened

1. Confirmation Shareholder Loan Executed
2. Richard Staveley did a bit of a dive in to PRES as part of his VOX markets interview. (key for me was possibility of an AUKUS Announcement soon. Loan should only be seen as a bridge until such time as PMC sold and value of between GBP3 & 10 million is the possible sale range.)
3. Autumn statement adds more money for Hydrogen and we should benefit from that.

40 fathoms
23/11/2023
10:32
180k share volume yesterday-a busy day by PRES standards.Well done to those with more guts thanh me who bought in the mid 20s
cerrito
24/10/2023
13:47
@darrin1471 - You are spot on in my view. I think the only aspects of the loan you could really argue would be different if we brought on a new traditional lender, is the warrants and maybe an extra 2% or 3% on the interest rate.

So in essence the 5% dilution (at 32p) is the real cost and as dilution goes it is pretty small in the grand scheme of things. Given how the warrant has been priced it is possible for those that wish to offset this dilution by adding a few more shares below 32p per share.

I actually think this announcement will be seen as transformational in review. If it goes to plan we will be in a substantial net cash position, with a large unencumbered freehold property, a business doing that in FY 2025 will do in excess of GBP 23 million in revenue and @ GBP 2.5 million in net profit. With further growth ahead of it if the hydrogen business kicks on. In a good market that has be worth at least 15x plus the net cash on the balance sheet in my view. I reckon business gets sold at some point in 2025.

40 fathoms
24/10/2023
10:47
Rockwood Strategic have a history of loans to investments.
Percentages look big but numbers in pounds are small if PRES receive PMC proceeds by June 30th 2024 (Q3/24)
Arrangement fee of 3% on £1.5m is £45k
6 months interest at 14.25% would be about £110k.
5% dilution via warrants appears more expensive long term.

A 6-12 month extended loan from Lloyds would of probably cost more in pounds
The loan appears cheaper than an equity raise.

darrin1471
24/10/2023
09:57
bank unwilling to take the risk of renewing the loan, so had to go cap in hand to Harworth, etc, who've extracted huge interest rate for a high-risk short-term bridging finance to protect their investment and have to sell off PMC to keep afloat: not the best time to try to sell a business and have to hope they realise a reasonable figure from buyers who know the imperative.
1c3479z
24/10/2023
08:41
Yes this financing deal is v good business for Harwood and PG but the brutal reality is that it reflects current realities in UK banking. Hopefully it is a short term loan so who wants to hassle of doing the DD for a short term loan? I am going on the basis that it is unsecured. They must have had a big fallout with Lloyds who have security and who could have forced a fire sale of PMC if need be and who presumably are doing nicely thank you providing full banking services including international work to PRES. Need to check the AR when I have the energy to see if Lloyds provide bonding and L/C facilities and if these are affected.






I note the following which suggests that the current trading conditions are as good as it will get but no surprise given the run off of defence work.
Quote
reflected materially improved trading on the prior year, as updated in the Company announcement of 3 October 2023, it is expected to remain at this level in the next 12 months. As a result, and alongside
Unquote
In terms of the PMC sale, I note the following in the May 23rd Full Year results They were actively pursuing this then and not sure what has changed. Be interesting to see who will buy it and if they sell in one job lot or piece by piece. CSC by itself is not big enough to justify a listing and then the fun and games start. Hopefully Schroders hang around.
Quote
Improved trading and a stronger market outlook have presented the Group with the potential opportunity to divest Precision Machined Components activities in order to raise funds and support strategic priorities within Chesterfield Special Cylinders. This opportunity is being actively pursued and all options under consideration will seek to deliver optimum shareholder value.
Unquote

cerrito
Chat Pages: 101  100  99  98  97  96  95  94  93  92  91  90  Older

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