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PRES Pressure Technologies Plc

0.00 (0.0%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pressure Technologies Plc LSE:PRES London Ordinary Share GB00B1XFKR57 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 31.50 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
31.00 32.00 31.50 31.50 31.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Fluid Powr Cylindrs,actuatrs 24.94M -4.04M -0.1299 -2.42 9.79M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 31.50 GBX

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Pressure Technologies (PRES) Discussions and Chat

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Date Time Title Posts
23/11/202322:58PRESSURE TECHNOLOGIES:::Sheffield Steel2,470
10/6/201814:04Pressure (PRES) One to Watch on Monday -
24/2/201616:19Next US President 2016-
23/2/201223:13'Next US President' betting thread.3
10/2/200916:53Pressure Technologies - big opportunity in biogas-

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Posted at 08/12/2023 08:20 by Pressure Technologies Daily Update
Pressure Technologies Plc is listed in the Fluid Powr Cylindrs,actuatrs sector of the London Stock Exchange with ticker PRES. The last closing price for Pressure Technologies was 31.50p.
Pressure Technologies currently has 31,067,163 shares in issue. The market capitalisation of Pressure Technologies is £9,786,156.
Pressure Technologies has a price to earnings ratio (PE ratio) of -2.42.
This morning PRES shares opened at 31.50p
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 08:41 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 24/10/2023 06:26 by 40 fathoms
A lot to digest in todays RNS

- PMC will be sold and process is expected to result in settlement before FY end
- Shareholder will provide a loan to bridge loan retirement & working capital.
- Loan is for 5 years
- Interest @14.25% (self amortising no prepayment penalty)
- Upfront of 3%
- Warrants of 5% of capital @32p

On balance I am happy with this .... to the extent there is any dilution it is small and at a decent premium to the in place share price. Proceeds from PMC should be @5 million. So path is now open to being significantly net cash with a singular focus during this financial year but with a facility that provides some flexibility in the event that does not happen.
Posted at 20/10/2023 23:20 by 40 fathoms
@£2.1m they are now essentially in line with management guidance for this year.

In terms of the time to add or not I think it is worth thinking about headlines that could possibly occur in the coming months and assigning a probability to them and their potential price impact.

- Resolve or don't resolve banking situation. In terms of share price I think resolving would give a few % bump and not resolving it will be a large negative. My view here is that given the strategic importance of what they do to the MOD that one way or another a solution will be found. I point you towards the MOD buying Sheffield Forgemasters 2 years ago as an example of the MODs desire to ensure the Naval/Submarine supply chain. Our situation is much less critical we just need access essentially to working capital and in the worst case can also probably do without it.

- Large Naval or Hydrogen contract. Would obviously depend on size but I think both would give shares a decent bump with traction with hydrogen deals offering a sustained rerate and military orders probably proving less durable for the share price.

- Sale of PMC division. Given they have said this is something they wish to do it is likley a high probability event in the coming months. If they get anywhere close to a "market price" for the division this will have a very significant share-price impact in my view. Overnight you could be looking at a business that has @80 to 90% of its current market cap in net cash and freehold property. The reaming CSC business in this scenario would be profitable to the tune of @£1.5m to @£2m pa (depending how much of the unallocated costs they can takeout)and with a path to £4m to @£5m from order growth and margin improvement over 3 years.
Posted at 19/10/2023 21:08 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 05/10/2023 15:29 by darrin1471
Share price appears well "managed" since the update.

"The Board is in constructive discussions to raise new finance and will update further in due course."

Pure speculation but if PRES wanted to raise £5m through a rights issue then large shareholders would be consulted and Schroders may have wanted to reduce before committing to the rights issue.
Posted at 04/10/2023 15:08 by cerrito
For me two reasons it is too bad that Schroders was the seller yesterday afternoon.
The first is that they have the most to sell and this will be a shadow over the share price.
The second is rightly or wrongly-probably wrongly-I have got it into my head that in the corporate restructuring there will inevitably be that of all the major shareholders their interests are most aligned to mine, especially in any votes which require a 75pc majority.
Posted at 03/10/2023 06:22 by 40 fathoms
Despite a small EBITDA miss vs forecast I am pretty happy with the TU, especially when viewed against the context of the last couple of years, it certainly could have been a lot worse.

For the year just closed and at 30p is on 5.8x P/EBITDA, For this FY management are suggesting something close to 5.2x P/EBITDA. Also there are plenty of orders in the book and plenty to pick up in the months ahead.

They seem on course to transition from the old OD facility and seem confident to put a new one in place. It would appear they are going to try again and sell the PMC division. In the context of the share price the potential sale price of the PMC can have a very material impact. The difference between a sale at GBP 3 million of GBP 6 million is consequential.

Worth noting they are predicting a stronger 1st half than 2nd half this year as they hit the peak on the large, recently won MOD order.
Posted at 30/9/2023 17:08 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.
Posted at 14/6/2023 14:21 by cerrito
This has been out of sight out of mind for me over recent weeks but the news of the GM prompted me to look at the AR and will shortly post some comments on that.
In the meantime we should brace ourselves for some activity here.
We will presumably and hopefully have the interims by month end and hopefully an IMC session.
We may or may not have news on what is happening to PMC. I do ask myself if there is one buyer who will buy all 3 divisions but my understanding, which may be wrong, is that it can be sold off division by division. Finally we are promised by month end the results of the protracted EY study on replacing the Lloyds facility.
In the AR they are very gung-ho on current prospects but even after the share price retreat since they are back on AIM having difficulty pressing the buy button.
Pressure Technologies share price data is direct from the London Stock Exchange

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