The newly formed Pressure Technologies group, with its main operating company Chesterfield Special Cylinders Ltd, is planning to list on the successful Alternative Investment Market (AIM).
The managing director of the new Group, Mr John Hayward is excited about the prospect saying, $quot;We look forward to being quoted on AIM as we believe it will enable us to maximise the exciting growth opportunities which the management team quite clearly sees before us.$quot;
Chesterfield is a UK-based maker of high-pressure seamless steel gas cylinders with a manufacturing history going back to 1897. Business is good and the management team has considerably re-shaped the business in recent years following a successful management buy out in 2004.
Results for the year ending 30 September 2006 show a turnover of £8m ($16m), generating profits of £1m ($2m). Chesterfield says, $quot;the current order book for ultra-large cylinders is at an all-time high, with more than a year’s production booked for oil industry operations in Europe, the Far East and West Africa. Since 2004, the overall order book has nearly trebled and the export proportion of the business has more than doubled.$quot;
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