Pressure's £2m contract for naval vessels

The Sheffield-based firm's Chesterfield Special Cylinders subsidiary won an order from BAE Systems for the submarine being built at Barrow-in-Furness.

It will also supply cylinders for two new aircraft carriers, the Queen Elizabeth and Prince Charles, the first of which is now being built at Rosyth on the River Forth, in Scotland.

The contract wins lifted AIM-listed Pressure's shares by nine per cent to 150p.

Chief executive John Hayward said: "Winning these orders confirms Chesterfield Special Cylinders' position as the market leader in terms of cylinder innovation, design and manufacture for the European naval market and, importantly, provides a firm platform from which to gain more business globally."

The contracts are for forged steel high-pressure cylinders and will be used to store ballast air, breathing systems and emergency back-up systems in the submarine, as well as bulk storage of breathing air on the aircraft carriers. The cylinders will be supplied during 2011.

Chesterfield has a 90-year history of supplying the Royal Navy with its marine air storage requirements and more recently also won major contracts for the French and Spanish navies.

The 97-metre Astute submarine class is described as the "largest, most advanced and most formidable vessel of its kind ever operated by the Royal Navy".

She incorporates the latest stealth technology combined with a sonar system. She is armed with Spearfish torpedoes and Tomahawk land attack missiles, and will progressively replace the Swiftsure and Trafalgar classes from 2011.

Astute can manufacture her own oxygen from seawater and purify the onboard atmosphere even underwater. She is designed not to require refuelling throughout her full service life.