Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Pressure Technologies secures two 'major' contract wins
(Sharecast News) - Engineering group Pressure Technologies said on Thursday that it has been awarded two major contracts, in the defence and green energy sectors. Pressure Technologies' Chesterfield Special Cylinders was awarded a major contract to supply air pressure vessels to the Royal Australian Navy's Hunter class frigate program. The contract award by BAE Systems Maritime Australia covers the first batch of three frigates in the program and underpins its expected global defence order book development in the second half of FY24.
Initial manufacturing milestones will commence later this year, while pressure vessels were expected to be delivered to the program over the next three years.
The AIM-listed firm also revealed CSC scored a major contract to supply high-pressure steel cylinder packages to Cheesecake Energy Limited, a UK developer of sustainable thermal and compressed air energy storage systems, for a pilot project funded by the Department for Energy Security & Net Zero. The "significant contract award" was for a total of 48 cylinders, with initial manufacturing milestones commencing later this year.
Chief executive Chris Walters said: "I am delighted to confirm the major contract award for Chesterfield Special Cylinders to deliver pressure vessels for the Royal Australian Navy's Hunter class frigate program. Underpinning the global defence order book, the contract award demonstrates the continued close collaboration with BAE Systems globally and recognises the specialised engineering and manufacturing capabilities of Chesterfield Special Cylinders.
"We are also looking forward to collaborating with Cheesecake Energy on their pilot UK project, contributing our knowledge and experience in the design and manufacture of safety-critical pressure vessels to the delivery of a scalable, cost-effective green energy storage solution."
Pressure Technologies added that the launch of a sale process for its PMC division in December 2023 had led to it receiving a number of non-binding indicative offers for the division. During the next phase of the process, Pressure Technologies' board intends to provide selected potential acquirers with additional access to PMC and will invite final offers for the unit.
As of 1045 GMT, Pressure Technologies shares had surged 15.08% to 38.55p.
Reporting by Iain Gilbert at Sharecast.com
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
