Pressure Technologies Share Discussion Threads

[cerrito] 23/5/2023 10:47

FWIW, Singers have increased tp from 50 to 60 and will reevaluate after the interims.

[darrin1471] 23/5/2023 07:35

Birmingham has 20 hydrogen double decker busses and funding for another 124 including 20 bendy busses to service the West Midlands.

[lookagain] 23/5/2023 07:06

Of Interest: A 20-strong fleet of zero-emission hydrogen buses launched in the Liverpool City Region on Monday 15 May following a period of driver testing and training on the roads. The hydrogen-powered buses start their first passenger journeys on the 10A route from St Helens bus station to Liverpool city centre.

[cerrito] 23/5/2023 06:28

Note that they plan to get the interims out by end June so not another suspension.
Await news of the financial restructuring this quarter and sale of PMC.
Note delays in hydrogen business and good PMC.
Price may drift down and there may be people who want the liquidity but I will not do anything.

[davemac3] 22/5/2023 14:18

a week after mid May, they should either put out the results or update us

[zingaro] 18/5/2023 15:36

Well, mid May is over tomorrow. Will there be another delay RNS tomorrow? Better to have committed to end of May and over performed.

[darrin1471] 28/4/2023 11:14

Alphawave IP and Heiq both suspended after today due to late accounts.

KPMG were fined this week for The Works 2020 accounts.

[40 fathoms] 27/4/2023 23:41

Once upon a time an audit and the commitment of an auditor actually meant something. I can remember on many occasions when we were being audited leaving the office at 8pm and then bringing in coffee, early the next morning, for the junior audit staff who had been there all night just to make sure deadlines were met and this is back in the day when you had to reconcile everything by hand.

Given that everything is now digital it is almost impossible for me to understand how GT can give a comittment that they are unable to meet. I want to see GT replaced, they are an absolute shower. Hopefully, AI will, in the not to distant future, do away with the whole lot of them.

[darrin1471] 27/4/2023 20:20

Its happening to a lot of companies. CARD announced a weeks delay to their FY results only a day before the scheduled release, after KPMG were unable to complete on time.

[cerrito] 27/4/2023 19:53

I would have preferred it if Grant Thornton had issued a statement that we shareholders can go back to sleep and nothing to worry about.

[cerrito] 02/4/2023 21:17

I see that voter turnout at the AGM was 60pc, which is high for an AIM company but does reflect the company's share register of engaged shareholders.

[pugugly] 27/3/2023 07:19

Carrot - New contract. Acounts still delayed. Interesting announcement in respect of timing!!!!!!!!!!!!

[darrin1471] 26/3/2023 15:45

Richard Staveley on PRES "significant recovery potential over 2-3 years"



from 31 minutes +
Does not say much on PRES but gives further information on Rockwood investment strategy

[cerrito] 23/3/2023 21:24

Interesting that I have shares in 3 AIM companies with AGM's Friday next week-PRES, INL and TGP.
The audited reports of the first two companies are not yet ready which reduces the benefit of attending and means their shares will be suspended.
Does not say much for my share selection skills but I cannot remember this happening before

[zipstuck] 23/3/2023 07:24

Most encouraging is the OEM order intake for March at at least £2m. Will be interesting to see what it actually is at the end of April.

[40 fathoms] 21/3/2023 10:47

For what it is worth I also pointed out to them that they were late filing their Confirmation Statement with Companies House. I am glad to say this has now been taken care off but this is so incredibly basic that the company secretary should resign in shame for that alone.

In terms of getting to grips with the nuts and bolts of running a listco they have some wood to chop. I am sure Richard Staverley will get this sorted out quickly.

[cerrito] 21/3/2023 10:19

Thanks 40 Fathoms for shaking the trees on this.
I see that in their last 2 audit letters Grant Thornton have made a big issue of IFRS 15 revenue recognition and obviously there was a straw that broke the camel's back on this for the current year.
I noted the PMC order book of £4m and checked that over the last three six month periods for which we have details Oil and Gas sales have been £3m. I cannot remember how quickly as a general rule it takes for PMC to turn an order into a firm sale and indeed we dot not know the delivery schedule of these orders.
Did think about buying more but decided I have enough.
Need to decide if I make the AGM, especially as there will no FD.

[baner] 21/3/2023 09:34

Agree - this is in essence good news and the shares should move north again. However never positive with accounting issues and delays……so this needs to settle a bit before the shares start moving again. The appointment of Staveley is clearly positive - he is highly competent and part of the successful Mills team.

[zingaro] 21/3/2023 09:21

Yes, I thought the numbers look good, and had expected a move up not down - perhaps after publication of the accounts assuming they confirm what has been released today.

[40 fathoms] 21/3/2023 09:11

So if we focus on the positive and put aside the board seems to have been asleep at the wheel.

Richard Staveley becoming a director is a big positive.

and then there is this

"Trading Update

The Board remains confident in underlying market opportunities and continues to foresee a return to profitability and positive cash generation in FY23. The positive outlook for the Group in the medium and longer term is underpinned by a strong defence order book and pipeline, as most recently evidenced by the £18.2 million contract to supply air pressure vessels for a major UK naval new construction programme, announced on 6 February 2023. Also as noted above, compared to previous expectations, the results for FY23 and FY24 will benefit from a majority of the £2.3 million accounting treatment correction in respect of the long-term defence contracts within CSC.

In addition, the current order book for the Precision Machined Components division is £4.3 million, its highest level since May 2020, with order intake from established international OEM customers expected to reach at least £2 million for the month of March 2023."

[40 fathoms] 21/3/2023 08:26

Sorry …. I may have had a small part in prompting todays RNS. Teach me to leave well alone.

[40 fathoms] 19/3/2023 02:44

I have now read the M&A and it is quiet on when the accounts need to be dispatched, it does say that any amendments to resolutions can me made up to 48 hours before the meeting. So I am assuming that would also the latest date by which information can be validly disseminated to shareholders. The AIM rules only seem to say that accounts must be published within 6 months of the end of the financial year.

So it seems to me that they have until a week on Wednesday (before open on Thursday) to release the accounts and still be compliant.

From my own perspective, I already consider the situation unacceptable. I have written to the company and asked them when we should expect the accounts and depending on the reply I will remind them that the board has an obligation of continuous disclosure.

[cerrito] 17/3/2023 22:16

40 Fathoms
I have no idea with how much notice the accounts have to be presented before the AGM and do not have time to check the men and arts.I cannot remember this coming up before.
I did check the AGM agenda to see if there was a resolution for the accounts and saw there was one and then saw in a footnote of the AGM Notice wording saying that the accounts has been despatched.
As you say does not look good.

[40 fathoms] 17/3/2023 11:17

The lack of year end accounts is now starting to get annoying. I have my proxy forms but how can I vote as resolution 1 is to accept the accounts.

I can only assume there is a delay created by the switch of CFOs. While there may have been extenuating circumstances having a switch of CFOs coinciding with the closure of the year end accounts does not reflect well on the foresight of the board.

[cerrito] 11/3/2023 21:09

Thanks for pointing me in the direction of the Vox markets interview.
Stavely mentioned the big freehold site with good motorway connections and perhaps it would be a good home for thr new site that ITM are looking for near their Bessemer Park.
That said while there is plenty of spare space which could be rationalised it would be very complicated to move the factory that is currently there to another site.
I assume that not even PRES can delay publication of the results much longer. .