The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.
Pressure Technologies plc
("Pressure Technologies" or the "Company")
Contract Placement
Pressure Technologies (AIM: PRES), the specialist engineering group, is pleased to announce that its wholly owned subsidiary, Chesterfield Special Cylinders (CSC), has been awarded a major contract to supply air pressure vessels for a major UK naval new construction programme.
Contract placement for pressure vessel manufacturing for the final phase of the programme is worth £18.2 million for CSC, underpinning current market expectations. Progress has commenced against early contract milestones and pressure vessels will be delivered to the programme over the next three years.
Pressure vessels manufactured by CSC form an integral part of safety-critical onboard systems, including breathing air and ballasting.
Chris Walters, Chief Executive of Pressure Technologies commented:
"I am delighted to confirm this major contract award for Chesterfield Special Cylinders to deliver pressure vessels for a major UK naval new construction programme.
Underpinning the strong defence order book and outlook for the Group in FY23, the contract award demonstrates the continued close collaboration with our major defence customers and recognises the specialised engineering and manufacturing capabilities of Chesterfield Special Cylinders."
The person responsible for arranging the release of this announcement on behalf of Company is Chris Walters, Chief Executive.
Enquiries:
| Pressure Technologies plc Chris Walters, Chief Executive | Tel: 0330 015 0710 PressureTechnologies@houston.co.uk |
| Singer Capital Markets (Nomad and Broker) Rick Thompson / Asha Chotai | Tel: 0207 496 3000 |
| Houston (Financial PR and Investor Relations) Kay Larsen / Ben Robinson
| Tel: 0204 529 0549 |
Company Description:
With its head office in Sheffield, the Pressure Technologies Group was founded on its leading market position as a designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial and hydrogen energy markets.
The Group has two divisions, Chesterfield Special Cylinders and Precision Machined Components.
Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com
● Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland GmbH
Precision Machined Components (PMC) - www.pt-pmc.com
● Precision Machined Components includes the Al-Met, Roota Engineering and Martract sites
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