Pressure Technologies Share Discussion Threads

[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. .

[sspurt] 09/3/2023 14:28

...or maybe just a push from the Vox markets Rockwood interview 😒

hxxps://www.voxmarkets.co.uk/media/64072e05f9ceb85db408d9d7/?context=/?mediaAssetId=

circa 53.30 mins

[sspurt] 09/3/2023 09:30

Looks like news must be inbound imminently as you say 40F, more than 2x daily vol traded already.

[40 fathoms] 09/3/2023 06:20

In this VOX interview, he confirms that their is an ongoing process for all or some of the PMC division. The fact he will not discuss valuation to my mind suggest that there is imminent news and he maybe on the inside.

[40 fathoms] 07/3/2023 23:51

It is not just PRES, the whole AGM process is now so anachronistic. All AGMs should have a live Webcast, with an ability to ask questions over the internet to the board.

As to the AGM notice, it is a strange it would be a very brave board to call the AGM without certainty they can deliver the financial results, after all accepting the accounts is the first resolution on the agenda. Also today was not the last day for giving notice of the AGM, so it is a little odd. Also if there were some negative surprise in the accounts it is not clear to me what advantage would be gained by splitting the AGM notice and the release of the accounts.

A sale of PMC at a decent price would be very welcome and could have a very meaningful impact on the share price. I guess we cannot rule out a takeover either, given the Harwood shareholding, an all share offer from Avingtrans has always seemed possible to me.

[cerrito] 07/3/2023 09:18

I assume the reason that they are announcing the AGM before the figures are released is that the AGM has to be held 6 months from fiscal year end and x days of notification have to be given.
I hope the delay in giving us figures is not because there is a skeleton in the cupboard :I would be surprised if that was the case.It could be that they want to tie in a sale announcement of PMC with the release of figures

To me a 930 start is a message that you are not welcome.

[darrin1471] 03/3/2023 15:39

Steve Hammell joins "second quarter of this calendar year."

Calendar year rather than financial year. So April to June.

Steve Hammell still shown as working for Sheffield Forgemasters on Linkedin

Independent Non-Executive Director Mike Butterworth has been a Chief Financial Officer of FTSE 250 company.

If Pres sell PMC Chris Walters looks surplus to requirements as his experience was in oil and gas.

Tried a dummy buy and was able to buy at 37.7 but was not able to get a sell price for even 500 shares.

[cerrito] 27/2/2023 11:46

I am going on basis that finals out tomorrow

[darrin1471] 27/2/2023 11:00

200k of sells at 40p this morning.

[darrin1471] 27/2/2023 10:56

Singer said full year results are expected on 28th February.

James Locking will be stepping down as Chief Financial Officer at the end of February 2023.
Steve Hammell will join the Company and Board in the second quarter of this calendar year.

Anybody heard of any different dates?

[cerrito] 22/2/2023 15:03

I note that in their interims this morning AVG commented on pick up in their North Sea business in recent months and be interesting to see if PMC has the same experience.

[darrin1471] 06/2/2023 21:51

Thanks Cerrito, I was being a bit lazy as I should know what I am invested in.
Looking back they were bought a long time ago and any current valuation is irrelevant to what PRES paid.
My main interest is the long term hydrogen play. PMC's oil and gas recovery play was secondary.
Hydrogen market looks massive but it is still a few years away.

I watched ITM's capital market update webcast on the weekend to get an update on hydrogen. The impression I got was that hydrogen projects have been pushed back 9-12 months. PRES were saying hydrogen would be weighted to H2 23. This could be filling stations or projects ITM are working on. Having listened to ITM there has to be a risk that H2 23 becomes H1 24 or worse.
I bought a few PRES 15 months ago and trebled on the fall in September. After the rise this morning I have sold the shares I bought in September and kept the few I bought in 2021. They were not easy to sell. Every sale knocked the price down and there was another seller. Sorry.
Contract win announced today should already of been in the numbers of the big shareholders so the 20% jump today was caused by private investors IMO.

[cerrito] 06/2/2023 16:13

Cannot remember off the top of my head.
They have had the Welsh facility-Almet- for 10 years plus and they had a rush of blood to the head in about 2015 when they bought Roota and Quadscott and then the market collapsed.
I listened back to question 4 of the July IMC presentation and they emphasised their commitment yo get PMC into profit but stopped short of saying they would remain within PRES.
I know they have looked at synergies between PMC and CSC.
The impression I get is that they are subacale and consume alot of management time and hopefully they can find someone who can make them work.
I go on the basis that the institutions who went into the November equity raise had given the company the benefit of their views.
Fun and games for the new Chairman
Having topped up in the last fortnight, I have not bought today and will watch the market.
A lingering fear of PMC sold, they decide CSC too small to be quoted taken private and people like me shafted, although I take comfort from there being several big beasts on the register.

[darrin1471] 06/2/2023 14:30

Cerrito. I see you have held PRES for a number of years.
Do you know what they paid for PMC or parts of PMC?

PMC was forecast to turn profitable this quarter. Would PRES be selling at the start of a recovery cycle.

I would assume substantial shareholders would have agreed on this at the time of the placing. Did other major shareholders take part in the placing. They could be looking to sell their positions if the nature of the business changes from an oil and gas recovery stock.

Personally I would be happy to hold just CSC as the hydrogen potential is the big prize for me.

[cerrito] 06/2/2023 13:45

We are waiting for the full year 21/22 results for the FY ending end of September.
To answer my own question about the delay perhaps they hope to have sold PMC by then and do not want to be in a situation where they have to comment on it.
Probably I am putting 2 and 2 and making 5.