Pressure Tech Share Chat (PRES)

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Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Pressure Tech	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
	+0.00p	+0.00%	86.00p	82.00p	90.00p	86.00p	86.00p	86.00p	2,520	08:00:00

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Industrial Engineering	32.2	-3.1	-28.0	-	15.99

Pressure Tech Share Discussion Threads

Showing 1901 to 1924 of 1925 messages

Chat Pages: 77 76 75 74 73 72 71 70 69 68 67 66 Older

Date	Subject	Author	Discuss
20/2/2019 19:18	Looks like the private placement at Creative is being finalised.	jeevsje	Read Full Thread Reply
18/2/2019 12:09	I can understand Rhomboid why you are saying what you are saying but I have no way of knowing if your concerns are well founded.	cerrito	Read Full Thread Reply
18/2/2019 10:47	Thx cerrito...excellent summary I’ve held here before & potentially will hold again with HSE & Greenlane issues resolved. One thing that you highlighted was that the new CEO was v people focussed...praiseworthy in itself but it raises a small alarm bell in my cynical brain that he maybe one of those CEO’s that seeks approval rather than has a total & clear grasp on the essentials of the business. Am I way off with that concern?	rhomboid	Read Full Thread Reply
18/2/2019 10:25	The key of course is the thinness in the market, PUGUGLY; that said it will be IMO fragile till Greenlane is put to bed and that should give it a base.	cerrito	Read Full Thread Reply
18/2/2019 06:45	Cerrito- Many thanks for your most excellent notes - Gut feel take is that while business has steadied no real direction likely until the interims but probability more downside for share price than upside - or is this too negative?	pugugly	Read Full Thread Reply
17/2/2019 22:07	A delayed AGM report. Only about six shareholders at the AGM- a significant reduction from years gone by when it was standing room only; everyone was welcoming and the whole thing took two hours . Given the investment being made in the Chesterfield plant, no factory tour. I did not get much hard insight into what was going on which begs the question of why I made the for me long trip; that said the meeting was literally on the factory floor and there was a chance to meet middle and senior management so one could get a better feel than if it had been in some City Board/ conference room. Routine business of the AGM processed very quickly. 8.2 m shares voted out of the 18.6m dates voted- a turnout rate of 44% rather low given the amount of institutions; hopefully reflects that they have no major issues rather than that they have given up on it as an investment. All 99pc+ in favour except the premption rights one where it was 93pc. We then had a presentation by the new CEO. He seems very people focused; in the q&a, clear that as can be expected the CFO had a much better command of the nuts and bolts of the business. He has spent his early months getting to know the business. Clearly feels room for organic growth and I was pleased that this was his focus rather than acquisitions. Would not be drawn on what he has concluded and said that would be disclosed when he makes the presentation on the interims.Made suitable noises about increased order intake but once again proof of the pudding will be in the Interims. No questions in the open session on the biggest elephant in the room- the HSE investigation. Directors not giving away much off air and I am not much the wiser on timing and indeed how PRES will play this. No discussion in open meeting on the status of the Greenlane sale, although of course there was a pretty clear RNS on Feb 1. Interesting that more than one Director ascribed the share price weakness to uncertainty on the deal. I understand that there are no obvious trip wires but it would be good when it is put to bed. No discussion either in the meeting on BREXIT ; the AR says it will have limited impact on the Group and this is my understanding from when the subject has come up in previous years. I had no discussion on the banking arrangements. Even if the Greenlane sale does not go through, the situation seems just about comfortable; that said I did goof as did not raise the following. They have a £15m line at LIBOR plus 2. Their average all in cost in the last FY would have been around 2.77pc: their total interest cost was £377k which suggests that their average utilisation was £13.6 m- uncomfortably high. Of course on the balance sheet days they did have large cash balances but we do not know how typical this is. Certainly interest income of only £6k on the year would suggest that average cash balances are not very high. I note the Going Concern statement was robust. Off air I understood that the previous CEO had been eased out given differences about future direction. As per page21 of the AR, there were some severance payments. This move-on balance- seems sensible as I thought he showed some ennui at the last AGM and good to have a new energy. He still has 5 pc+ of the shares. Of course we need to see how the new one turns out. As ever with PRES, the value of goodwill is key. Following the Hydraton write offs Goodwill/ intangibles continue to dominate the balance sheet even if less than in previous years but is still 40% of total assets and 75% of net worth. I take some comfort from the fact that the Auditors focus on this in their Audit letter and the discount rate at 12.5 pc is appropriately high. Good that the Greenlane sale will not generate a further write off. We had a good discussion on the defence market and their relationship with the French group Naval (and see following article in Tuesday’s FT https://www.ft.com/content/a649821e-2da2-11e9-8744-e7016697f225) and their German equivalent as well of course the Dreadnought programme and also over the longer term hydrogen storage. Sales by Chesterfield to the O&G sector are likely to continue at reduced rates in the coming years; were told that 21 drill ships have been built and never used. Last year#’s sales were £1.5m which while double that of the previous year was down from £6.3m in 2015. The share price has softened since the AGM. I assume there is not much liquidity given the concentrated shareholder base and the company is rather out of sight and out of mind. Closing the Greenlane sale will help; a not too unsatisfactory resolution of the HSE case is required to lift the cloud and that can drag on perhaps till next year. What to me will be important are the Interims, which have come out in mid June in the last two years.Three things; we will be able to quantify how the improved order book of today and the last months has translated into cash generation and profits. We will get clarity on where the new CEO wants to take the company; and we should get some insights into how much if any the Hydration pay out will be. With 18.6 m shares the marcap is currently £15 or FWIW to put it another way twice the Tangible Net Worth of the Company. It makes one wonder about it being acquired. I have never thought of this before but once Greenlane had gone, the business will be much cleaner. That said given the shareholder base I would say possible but unlikely; even though private equity has plenty of firepower I do not see the logic. Perhaps there could be another industrial group who could make better use of its assets. From my understanding, I do not see closing the various plants as a goer given both the specialized machinery and more important the skilled work force and thus the great disruption it would cause. Any discussion of share price movements has to be on the basis that if any large holder wants to divest all bets are off.	cerrito	Read Full Thread Reply
16/2/2019 11:49	I've taken some at the present lowly sp, in anticipation of in twelve months time the overall position of the business being much improved from the currently depressed level. f	fillipe	Read Full Thread Reply
10/2/2019 12:52	This is what the AR said about the HSE situation and I am unsure of what further guidance they can give us quote Following the fatal accident at Chesterfield Special Cylinders Limited (“CSC”) in June 2015, other than the submission by CSC of written responses to questions from the Health and Safety Executive (“HSE”), there have been no further developments since the preliminary statement on 12 June 2018 and the HSE investigation into this accident remains ongoing. On 1 February 2016 the Sentencing Council’s new “Health and Safety Offences, Corporate Manslaughter and Food Safety and Hygiene Offences Definitive Guideline” (2016) came into force. The guidelines set a range of fines dependent on the levels of harm and culpability. These levels are assessed by the Judge when sentencing and not at the time of charges being brought. We continue to cooperate fully with the HSE. Until the HSE investigation is complete CSC’s management and legal adviser are not in a position to assess what charges may be brought. As a result of this and the nature of the sentencing guidelines it is not possible to determine with any degree of certainty what, if any, financial penalties may be levied on CSC or any other Group company as a result of this investigation. At such time as the quantum and likelihood of any penalty is able to be reliably determined further disclosure or provision will be made in accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”. 32. Related party transactions Key management personnel are considered to be the Executive and Non-executi unquote	cerrito	Read Full Thread Reply
08/2/2019 16:05	Moral of the story is do not hold shares that begin with P;as a holder of PFC I am well aware of the litigation risks and so was the market. The poor man at PRES died so long ago that I and I suspect the market did not factor it in and given the general illiquidity of the share I am pleasantly surprised it did not fall more. Am suspending judgement till after Tuesday.	cerrito	Read Full Thread Reply
08/2/2019 14:18	Well I suppose they'll kind of base it on the size of the company as well as the extent of the failings. I can't imagine they'd actually want to bankrupt them.	arthur_lame_stocks	Read Full Thread Reply
08/2/2019 14:06	Will there ever be a reason to be optimistic about this company? I thought they got a good price for Greenlane given that it never made any money and it fixed the balance sheet. But how much could a HSE fine come to? https://www.investegate.co.uk/CompData.aspx?code=PRES&tab=announcements	arthur_lame_stocks	Read Full Thread Reply
16/1/2019 07:20	Creative meeting to be held next week. Should get a good rally once the sale goes through. Improving business with a significant reduction in debt after Greenlane sale.	jeevsje	Read Full Thread Reply
10/1/2019 09:14	The last time I listened to a Questor tip was L Gardner and that one worked out bloody well, not.	arthur_lame_stocks	Read Full Thread Reply
09/1/2019 20:13	Note that this appeared in yesterday's Telegraph Questor quote Update: Pressure Technologies Our highly risky turnaround call in August on micro-cap stock Pressure Technologies is off to a shaky start but the precision engineering firm is making some progress. The proposed sale of its biogas operation for £11.1m is a big step forward as it will simplify the business and help reduce its £6.7m net debt to further cut risk. Note also how the transaction price compares with the group’s £17.2m market value. Full-year results last month did show the expected £3.1m loss but with orders at the core manufacturing operations up by between 36pc and 54pc year on year it may be that the worst is behind the firm. The oil and gas industry is leading the way here, as hoped, although the latest slide in crude prices must be watched. This turnaround story is taking longer than expected but if earnings do hit bottom this year the shares could start to roll. Questor says: hold Ticker: PRES Share price at close: 95p	cerrito	Read Full Thread Reply
12/12/2018 16:12	Pressure Tech (AIM:PRES) - slimmed down group looks in much better shape. Our latest commentary covers the results, outlook and broker forecasts.	investorschampion	Read Full Thread Reply
12/12/2018 11:37	Please see edit to my post 1875 above.	wilmdav	Read Full Thread Reply
11/12/2018 15:32	Hard to know regards cylinders because of the long term nature (to 2023) of the orderbook. I think Dreadnought was delayed so a larger proportion than anticipated of that work will drop into 2019. The Type 26 Frigate should also make 2019 revenue.	cockerhoop	Read Full Thread Reply
11/12/2018 13:11	Thanks Pat, yes you are right - missed that it was a subtotal in the segmental reporting not a separate division. I think that does mean my 10% is a bit low for the Cylinders growth given order book growth of 36-54% for manufacturing. Given we know PMC has 54% order book growth then I think Cylinders must have 36% order book growth. Do you think 20% would be reasonable for Cylinders revenue growth given a 36% increase in order book? This would give 10p EPS (at normalised tax) - maybe 11-12p actual reported with tax losses and lower interest charges due to debt repayment. Still interesting but maybe not the no-brainer it looked with my faulty segmental analysis!	dangersimpson2	Read Full Thread Reply
11/12/2018 12:11	Many thanks for those analytics, Wilmdav	cerrito	Read Full Thread Reply
11/12/2018 12:02	Here is my usual exercise, showing results in graphic form. Click on sheet tabs at bottom of screen to see bar charts. Look especially at H2 results which are so much better than H1. Http://www.david-wilmshurst.co.uk/pres/pres_data.htm Edit 12/12/18: H1-18 figures for adjusted profit and eps include those from Hydratron which was disposed of on 07/06/18. Full year 2018 figures exclude Hydratron figures which complicates calculations for figures for H2-18. Entries for H2-18 have been temporarily removed. It might be a few days before I have another go at it.	wilmdav	Read Full Thread Reply
11/12/2018 10:55	Mark, You've created a separate division for manufacturing when it actually comprises the Cylinder & PMC divisions combined. Cylinder Division was highly profitable in H2 after breakeven H1 on higher turnover. Increased orderbook in PMC not really apparent in H2 revenues so would expect a steller H1 19.	cockerhoop	Read Full Thread Reply
11/12/2018 10:24	If the order book growth turns into revenue growth in 2019 this, combined with the sales of AE division could be transformational for the group: Rev 2018 £m GM % GP £m OpP £m SG&A £m Finance £m Net Profit £mCylinders 9.942 35% 3.511 1.099 2.412 0.015 1.084PMC 11.225 33% 3.694 1.501 2.193 0.008 1.493Manufacturing 21.167 34% 7.205 2.600 4.605 0.023 2.577Alternative Energy 11.078 22% 2.405 -0.502 2.907 -0.006 -0.496Central 0.030 -1.551 1.581 0.377 -1.928Total 53.412 16.845 3.147 13.698 0.417 2.730 Growth Rev 2019 £m GM % GP £m OpP £m SG&A £m Finance £m Net Profit £mCylinders 10% 10.936 35% 3.862 1.450 2.412 0.015 1.435PMC 24% 13.919 33% 4.581 2.388 2.193 0.008 2.380Manufacturing 36% 28.787 34% 9.799 5.194 4.605 0.023 5.171Central 0.030 -1.551 1.581 0.377 -1.928Total 53.642 18.271 7.480 10.791 0.423 7.057 After Tax 5.717 Shares 18,196,351 EPS pence 31.4 24% OB book for PMC is the rolling figure from the results, 36% for manufacturing is the bottom end of the range mentioned, 10% is just a guess for cylinders. These figures are pre-exceptional which we could see more of due to corporate activities, but probably not significant. Other exceptionals tend to be non-cash like goodwill write down. Think the MM's made a mistake marking this down on open. Not helped by then not making any volume available through the RSP. Thoughts on these figures from those who know the company better?	dangersimpson2	Read Full Thread Reply
11/12/2018 09:14	I opened up the results with a certain amount of dread, fearing the worst and kitchen sinking by the new CEO. These fears are unfounded. I too am more confident but am hesitating to buy more as I feel I have enough exposure to oil and gas suppliers. I was interested in the emphasis of the CEO on personnel matters, which would suggest this he saw as a problem area- there was of course the tragic death some years back; also their capex requirements ; as a TPG shareholder in their comments on the Dreadnought programme and the overseas defence market generally; as an ITM shareholder on the hydrogen market and refuelling stations. Good to see comments on bank covenants; that said I will be more comfortable when they get the AE sale proceeds on and can reduce the RCF. The sober reality is there is a long way to go before we can think of dividends. Ps As and when I have the time need to understand why they sold Hydraton if they are thinking of doing more acquisitions.	cerrito	Read Full Thread Reply
11/12/2018 08:12	Mainly due to amortisation and exceptionals, the operating profit from the 3 remaining divisions actually totalled about £5m, the balance sheet will soon be fixed if the disposal goes as planned and the outlook is promising. I'm more confident now about these than I have been for some time.	arthur_lame_stocks	Read Full Thread Reply

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