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PRES Pressure Technologies Plc

0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Pressure Technologies Plc PRES London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 42.00 07:43:32
Open Price Low Price High Price Close Price Previous Close
42.00 42.00 42.00 42.00 42.00
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Industry Sector

Pressure Technologies PRES Dividends History

No dividends issued between 26 May 2014 and 26 May 2024

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Posted at 23/5/2024 14:15 by aishah
Richard Staveley a keynote speaker at Mello today. Maybe mentioned PRES.

A bit in this podcast from him as well:
Posted at 14/5/2024 19:45 by cerrito
Thanks for those thoughtful comments 40 fathoms.
I need to say that over the last 3 weeks PRES has been out of sight out of mind for me so have just chanced on these comments.
Posted at 05/4/2024 17:32 by cerrito
No surprise that yesterday's fall was accompanied by a high trading volume for PRES, but to put it in context only 150k shares traded.
Posted at 14/3/2024 08:02 by darrin1471
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.
Posted at 31/1/2024 11:34 by cockerhoop
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.
Posted at 30/1/2024 15:16 by cockerhoop
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.
Posted at 23/11/2023 11:34 by 40 fathoms
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.
Posted at 24/10/2023 09:41 by cerrito
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.
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
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.
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.
Posted at 19/10/2023 22:08 by cerrito
I have just gone through the October 5th VSA note on Research Tree. I see VSA have posted previous notes on PRES on Research Tree but I have not read them,  concentrating on the notes from Singers.VSA are of course neither a broker or nomad and I see they classify the note as a Marketing Communication(Connected Research). I feel I should know what that means but confess I do not know.I note that they have lowered their adjusted Ebitda for this current 23/24FY from their previous forecast of £3m to £2.1m.This is due to the forecast peaking of the defence orders. They have a to me gutsy forecast of hydrogen revenues going from an expected 22/23 £2.5m to £4m in this 23/24 current FY.Their forecast for PMC revenue this current FY is a to  me conservative £12.7m  from £11m.I see that share trading levels have gone back to sleep over the last fortnight. Perhaps PG and Schroder are happy with their current holding. I am dithering as to whether to add. I would much prefer clarity on the banking situation. I have no real feel for what hydrogen orders they are getting. The CSC website does not give additional information, nor does the PRES website. 
Posted at 30/9/2023 18:08 by cerrito
Given all the company results I have had to process in the last few weeks, PRES for me has been out of sight out of mind.
I note that September has not been kind to the share price.It seems trading volumes have been on a par with recent months.Friday with 50k shares traded was quite active by PRES standards.
I go on the basis that we will get a TU between Mid October and Mid November.
I do not see myself buying or selling till then unless we get into the mid 20s.
To check the health of their O&G customers I see that the share price of Haliburton is up 28% and Schamberger 18% in the last 6 months but no idea how good a proxy that is for the amount of orders they are giving PRES.

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