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Acquisition of Quadscot Holdings Limited

RNS


RNS Number : 1120T

Pressure Technologies PLC

01 October 2014






1 October 2014



Pressure Technologies plc

("Pressure Technologies", the "Company" or the "Group")



Acquisition of Quadscot Holdings Limited



Pressure Technologies announces that it has acquired the entire issued share capital of Quadscot Holdings Limited ("Quadscot") (the "Acquisition"), a provider of high quality computer controlled and conventional precision engineering and machining services primarily to the oil, gas and petrochemical industries.



Highlights



· The Acquisition is complementary to the Group's existing subsidiaries Al-Met Limited ("Al-Met") and Roota Engineering Limited ("Roota") and Quadscot will become part of the Engineered Products division

· Quadscot is a profitable and cash generative business that also benefits from good near term order book visibility

· The Board expects that the Acquisition will be immediately earnings enhancing

· Quadscot has significant opportunities to expand and extend its customer base following a recent large scale expansion of its manufacturing facilities

· The Acquisition is further evidence of the Board delivering on the Group's stated strategy to expand both organically and by acquisition and adhering to its strict acquisition criteria



The maximum total consideration for the Acquisition is £10.3 million (plus cash balances), comprising an initial cash consideration of £7.3 million (plus cash balances) ("Initial Consideration") with additional deferred payments, split over two years, of up to a maximum of £3.0 million, based on the future financial performance of Quadscot ("Additional Consideration"). The Initial Consideration will be met from the Group's new bank facilities and existing cash resources.



Alan Wilson, Chairman of Pressure Technologies, said: "The acquisition of Quadscot is further evidence of the Group's ability to identify well run, profitable businesses that will benefit from being part of Pressure Technologies, whilst also making a significant contribution to the future performance of the Group.



Quadscot has an excellent reputation in its market and we are delighted to welcome all of the employees to the Group."

Final Results

RNS


RNS Number : 1829Z

Pressure Technologies PLC

09 December 2014










Embargoed for release at 07.00 hours 9 December 2014



PRELIMINARY RESULTS 2014



Pressure Technologies plc ("Pressure Technologies" or the "Group") announces its preliminary results for the year ended 27 September 2014.



Financials:

· Record revenue of £54.0 million (2013: £34.4 million) - up 57%

· Underlying operating profit* of £7.8 million (2013: £3.3 million) - up 138%

· Operating profit of £5.6 million (2013: £2.9 million) - up 93%

· Basic earnings per share increased to 28.5p (2013: 19.4p) - up 47%

· Progressive dividend policy: final dividend up 8% to 5.6p per share giving total dividend for the year of 8.4p per share (2013: 7.8p)

· Balance sheet strengthened further with net funds of £5.8 million (2013: £4.0 million)

* before acquisition costs, amortisation on acquired businesses and exceptional costs



Highlights:

· Record revenues and profits with all divisions growing in the year

· Successful share placing in March, raising £16.1 million net

· Strategy of product and market diversification to reduce impact of cyclicality in the oil and gas industry continues apace:
- Acquisition of Roota Engineering, March
- Acquisition of Greenlane Biogas and Quadscot, post year-end

· Engineered Products division is now the largest contributor to revenue and profit

· New organisational structure with four divisions and divisional MDs to be introduced in 2015

· Strong management teams and market positions across all the Group's businesses driving growth

· New financial year began with order book 14% higher than the prior year





Alan Wilson, Chairman of Pressure Technologies, said:



"The Group will continue its growth strategy of combining acquisitions and organic growth. The priority with recent acquisitions is to complete their successful integration, but we may pursue further acquisitions if the right opportunities present themselves.



Continued organic growth must be viewed against a background of low global economic growth, geopolitical tensions and oil price uncertainty. Whilst it is pleasing to report that the Group ended the year with a like for like order book 14% higher than last year, we expect a reduction in sales into the deepwater oil and gas market in Cylinders, but continued growth through our other divisions as a result of our market position and the full year contribution of recent acquisitions. The Board views current market conditions with caution, but we start 2015 in a much stronger and more balanced position overall, so I am optimistic about the year ahead."



-Ends-

Profit warning.

Pressure Technologies has issued an update on recent trading and set out its current expectations for the financial year ending 3 October 2015 ahead of its AGM next week. - See more at: http://www.investorschampion.com/blog/ or http://tinyurl.com/nsnb7xq