Pressure Technologies Share Discussion Threads

[meijiman] 31/8/2017 10:02

With this management team I wouldn't be too sure!

[foxman14] 31/8/2017 09:24

I don't usually buy on profit warnings but surely this is the bottom. Isn't it?!

[my retirement fund] 31/8/2017 08:09

Crash. So what about cashflow? Can they extend their banking facilities further or do a fund raising to advert insolvency?

[pugugly] 31/8/2017 07:55

Not good - Already marked down 17% before open - How much further ? Will it break £1.00 ?

[my retirement fund] 12/7/2017 09:12

Gonna fall to record lows by the way its going

[paleje] 14/6/2017 09:40

Pressure Tech: the clouds are starting to lift...the valuation looks modest
Big opportunity in North America

Interim results from the specialist engineering group suggest the operating climate is improving with the Group well placed to benefit from the restructuring of the past few years and a significant opportunity in North America..

The Group’s PMC Division looks in good shape and one could argue supports the current market valuation of the Group on its own.

A U.S. Dept of Agriculture 'Biogas Opportunities Roadmap' highlighted the massive opportunity in the U.S. for biogas systems......

[cerrito] 13/6/2017 23:22

One noteworthy feature is the great stability of their shareholding base-the last holdings RNS was Oct 5 2015.
Let’s hope that Hargreave Hale with 5.6% remain patient.

[pugugly] 13/6/2017 22:06

Cerrito: Excellent point you have made there re intangibles - Always worries me with ratios that you have just pointed out - Gives very little wriggle room in a downturn. Thanks for posting it so clearly.

[lignum] 13/6/2017 19:55

Cerrito - banking covenants are usually set well below going concern tests and unless there is immediate cause for concern (eg the banks remove facilities following breach of covenants) I believe going concern is only reviewed at year end in the context of current results, and short term plans and forecasts looking out 12 months from the date the audit is signed off. There are companies that seem in worse situation than PRES (eg HAYT) where going concern is not an issue as the banks remain supportive.

[james188] 13/6/2017 19:34

I agree with these comments, Cerrito. I think that it is far too soon to say that PRES is out of the woods, much though I very much hope that is the case, because I hold quite a few shares,which are underwater. The company is conservative and that has undoubtedly helped it to survive, but I suspect that the next year or so will be tricky. In particular, US fracking companies are still a big problem.

[cerrito] 13/6/2017 19:14

Despite the rather unpromising figures I see the Board is positive about the future across all its activities which would explain I guess the share price increase. The price seems about right for me. I see no prospect in the foreseeable future of a dividend.
Just as well that the GE result did not mean the cancellation of Trident.
I see that sales in the UK fell 25% while those in the ROW almost doubled….not sure what that tells us but of course good to be an exporter in 2017 UK. A small pick up in the %age of O&G sales as a %age of total to 38% but compare that with 73% for the full year 13/14.
Were you folks as surprised as I was by the lack of a Going Concern Statement? I do not think there is an issue but was looking to see what they said. I would expect to see one even in the interims from a company like PRES.; I note the comment that banking covenants were complied with and finance costs at £124k in this half year are very manageable-although not clear to me why they were lower than the equivalent half year a year before despite the increase in borrowing. l see from the presentation that they have drawn down the full £15m of the RCF so just as well that they have cash of £7.4m; if the pick up in AE orders comes that might put a strain on working capital….and indeed any pick up in orders.
The Martract acquisition gives us another £3m of Intangibles; at £30m Goodwill and Intangibles are £30m just short of net worth of £33m…not for me a healthy ratio and with the increased intangibles and the reduced net worth going in the wrong direction.
One question I would ask them is realistically can they expect to benefit from an increase in US shale activity.
PS On the website there is a good presentation of the interims; I do not know if they gave a presentation to the City and if they did too bad it was not recorded.

[paleje] 13/6/2017 07:20

Reassuring update today, seems the worst is over and plenty to look forward to.

[zoolook] 03/6/2017 00:39

Bull signal

[my retirement fund] 02/6/2017 23:58

Yes best wait imo think your taking a pragmatic approach cerrito

[cerrito] 02/6/2017 23:48

Lex in the FT today comparing the growth of US shale oil production with shares of US oil service companies being in the doldrums. Apparently the Philadelphia Oil Service Index has lost 24% this year-as indeed has Pres' share price since the end of January

[cerrito] 30/5/2017 23:57

Wondering in rather a lethargic way if I should buy more PRES; went onto the news section of both the PRES and Greenlane website and there was nothing much that caught my eye..remember they said in their last AR but one that Greenlane was a key to PRES future.
Decided to go back to sleep and wait for the Interims which no doubt we will get in 2/3 weeks

[paleje] 15/4/2017 09:06

The global oil market, even allowing for US fracking increases, is stabilising according to Aramco in yesterdays Times (they might admittedly be talking their own book to some extent). But it's a view shared by others and the increasing activity in the North Sea with agile minnows snapping up assets which the majors can't operate economically, IC has an article on it this week. Overall beneficial to PRES in my opinion, in addition to the biogas news.

"The global oil market is “close to rebalancing” despite a lingering surplus of crude and rising US shale production, according to the head of the world’s biggest oil producer.

Amin Nasser, chief executive of Saudi Aramco, Saudi Arabia’s state-controlled oil company, said that “while the short term points to a surplus of oil”, a slump in investment over the past two years will lead to “firmer ground” for prices in future, as they respond to a drop-off in spending on big projects.

“Supplies required in coming years are falling behind,” Mr Nasser told a conference at Columbia University’s centre on global energy policy in New York. Mr Nasser’s remarks come as global oil prices have traded modestly higher in recent weeks....."

[dozey3] 13/4/2017 21:56

In that case a great find - thank you for sharing.

[cockerhoop] 12/4/2017 11:12

No, It was in June in 2015 so no real pattern. I was surprised that there was no Agm statement this year (for the 1st time I can remember) on the basis that the outlook hadn't changed from the full year statement. That may increase the possibility of a half year trading update for the period just ended but don't hold your breath :-)

[dozey3] 11/4/2017 23:01

Last year there was a trading update on 27 April. Does anyone have information on when it is likely this year?
The share price was strong today, and I am inclined to add to my small holding is the expectation of good news from what basically is a very well run company.

[cockerhoop] 30/3/2017 08:11

They had to take decisive action during the downturn, also a lot of the production staff have had working hours culled and obviously overtime opportunities removed. They had to make difficult decisions in 2016. Definitely leaner when things pick up!

[wilmdav] 29/3/2017 23:29

Just noticed the number of employees reduced from 380 at the end of 2015 to 288 a year later. That's vicious!