Pressure Technologies looks to hydrogen sector

The Sheffield-based firm said recent successes in the hydrogen energy market have positioned it well to secure more significant projects in this "exciting growth sector".

Pressure Tech's chief executive Chris Walters said: "For our Chesterfield Special Cylinders division, it's a very exciting area. We have two projects already confirmed, one for the UK and one in Europe.

"Japan has taken a lead globally in hydrogen energy as part of the G20. We see the International Energy Agency presenting a view on where hydrogen fits in the overall global energy sector. It's definitely an area that is exciting and set to grow."

Pressure Tech wants to play more of a role in the supply of specialist cylinders for hydrogen refuelling stations.

"The projects we have are for mass transport systems, which are effectively getting cars out of cities and providing very green energy in cities through hydrogen propulsion," said Mr Walters."Other projects we've been looking at are long haul freight solutions involving hydrogen energy and more recently our team was on one of the first hydrogen powered trains in the UK.

"We see increasing investment in hydrogen propulsion technologies, but also hydrogen storage from renewable natural gas and renewable energy sources is set to increase the use and reduce the cost of renewable energy in the future."So it's a very exciting area and we are very much focused on taking our share of the market. We are well positioned in our technical capability in having two projects already under our belt."

He was speaking as Pressure Tech announced a return to profit after a period of transition led by Mr Walters and his team. The firm said revenue rose 59 per cent to £14.5m in the six months to March 30 and it made a pre-tax profit of £100,000, up from a loss of £1.5m.

Mr Walters said the period of transition will continue through 2019."We have made very significant steps in the first half. It has been a period of transition," he said.

"We're talking about management change, operational change, organisational, development and culture change. These things do take a while to settle in, but we're very pleased with the progress we've made so far."

Pressure Tech said it making good progress with cultural changes that will help accelerate organic growth and performance improvements in target markets."Culture is a huge word," said Mr Walters.

"We are talking about a performance culture, so a focus on performance within the team - that's very important. We are improving communication and collaboration across the group."We've seen with these changes a very positive response from our staff. We've also had a very positive feedback from our customers."

The group said its results for the first half of the year reflect the delivery of major defence contracts.

The group's chief financial officer Jo Allen said: "The largest revenue contributor this year has been the Dreadnought contract with the UK MoD, which is the first boat set in the Trident replacement programme."

Mr Walters added: "We'll also be supplying cylinders to the Type 26 frigate programme, one of which will be named HMS Sheffield."