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Pressure Technologies
- BY: Andrew Hore |
- POSTED: 18/01/2012 |
- COMMENTS: Add yours
Pressure Technologies has won a £1m contract to supply and install upgrading equipment for the UK’s latest project injecting gas from renewable waste resources into the national gas grid.
Subsidiary Chesterfield BioGas’ contract includes ancillaries and remote monitoring services. Chesterfield BioGas worked on the first project of this kind in the UK in Didcot but last year it generated total revenues of £900,000 so this is a significant contract.
Pressure Technologies’ core business is the manufacture of high-pressure, seamless steel gas cylinders but it has diversified into other engineering products. Chesterfield BioGas was formed in November 2008 and it supplies equipment produced by Greenlane Biogas.
Pressure Technologies generated revenues of £23.1m in the year to 1 October 2011, while its profit was £578,000.
At 142.5p a share, Pressure Technologies is valued at £16.2m. In December, non-executive chairman Richard Shacklady acquired 2,000 shares at 124p each.
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