PRESSURE TECHNOLOGIES PLC 
ANNUAL REPORT 2012
A LEADING DESIGNER AND MANUFACTURER OF 
ENGINEERING SOLUTIONS FOR HIGH PRESSURE MARKETS
PRESSURE TECHNOLOGIES PLC ANNUAL REPORT 2012  DEVELOPING PROFITABLE  
 ACQUISITION OPPORTUNITIES
Clear Group acquisition criteria
	 Minimise risk by focusing on closely related 
technologies and markets with overlapping 
customer base
	 Profitable businesses with significant growth 
prospects
	 Stable management teams capable of 
delivering growth
Rapid integration of management and  
financial control
ACHIEVING OUR GOALS THROUGH  
A CLEAR BUSINESS STRATEGY
DELIVERY
 DEVELOPING PROFITABLE ORGANIC  
 GROWTH OPPORTUNITIES
Structured development programmes with 
project champions subject to regular Group 
review
Minimise risk through evolutionary 
development
“Lean” business specialists at all operating  
companies to focus on total quality and profit 
maximisation
GOAL
To build a highly profitable 
group of companies, 
specialising in technology  
for the containment and 
control of liquids and gases  
in pressure systems.
STRATEGY
To identify and develop, 
profitable niche opportunities 
in growth sectors for pressure 
products and services through 
a combination of organic 
growth and acquisitions.
 IDENTIFYING OPPORTUNITIES  
 (ORGANIC AND ACQUISITION)
Internal focus, draw from Group knowledge, 
market research and attending trade events
External focus, capitalise on feedback from 
customers, agents, distributors and suppliers
OUR STRATEGY
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Pressure Technologies plc  Annual Report 2012 A LEADING DESIGNER AND MANUFACTURER 
OF HIGH PRESSURE ENGINEERING SYSTEMS, 
SERVING THE GLOBAL ENERGY, DEFENCE AND 
INDUSTRIAL GASES MARKETS.
DELIVERED
	 Record revenue of £30.4 million (2011: £23.1 million)
	 Operating profit post acquisiton costs and related 
amortisation at £1.8 million (2011: £0.7 million)
	 Pre-tax profit of £1.8 million (2011: £0.6 million)
	 Basic earnings per share 11.2p (2011: 3.5p)
	 Adjusted earnings per share of 12.5p (2011: 6.2p)
	 Operating cash flow of £1.9 million (2011: £0.9 million) 
	 Year end net funds of £2.7 million (2011: £2.9 million)
	 Proposed final dividend of 5.0p per share (2011: 4.8p), 
giving a total dividend of 7.5p per share (2011: 7.2p)
BALANCED
	 Engineered Products - poised to become largest part  
of the Group
	 Cylinders - significant increase in rig and drillship activity 
and strong growth in service offerings
	 Alternative Energy - ready for rapid expansion with 2013 
being the crucial year
GROWING
	 Strong order books and pipeline for Cylinders and 
Engineered Products
	 Alternative Energy pipeline strong with number and size  
of projects increasing
	 Focus on growing higher margin services in Cylinders
	 New products planned for Engineered Products
	 Engineered Products focus on “On Time In Full” delivery  
to take market share
	 Seeking selective acquisition opportunities
Company Overview
Highlights 01
Group Structure 02
Chairman’s Statement 04
Business Review
Chief Executive’s Statement 08
Finance Director’s Report 14
Key Performance Indicators 17
Principal Risks and Uncertainties 18
Governance
Directors and Advisers 20
Directors’ Report 22
Report of the Independent Auditor to
the Members of Pressure Technologies plc 26
 
Financial Statements
Consolidated Statement 
of Comprehensive Income 27
Consolidated Balance Sheet 28
Consolidated Statement of Changes in Equity 29
Consolidated Statement of Cash Flows 30
Accounting Policies 31
Notes to the Consolidated Financial Statements 37
Company Balance Sheet 54
Notes to the Company Financial Statements 55
01  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 GROUP STRUCTURE
THE GROUP IS ORGANISED INTO THREE DIVISIONS: 
CYLINDERS (CHESTERFIELD SPECIAL CYLINDERS), 
ENGINEERED PRODUCTS (HYDRATRON AND AL-MET) 
AND ALTERNATIVE ENERGY (CHESTERFIELD BIOGAS).   
These divisions serve four markets: Oil and Gas, 
Defence, Industrial Gases and Alternative Energy.
OIL AND GAS DEFENCE
Chesterfield Special Cylinders / Engineered Products Chesterfield Special Cylinders / Engineered Products
£24.0m £2.2m 79% 7%
(2011: £15.4m) (2011: £4.5m) (2011: 67%) (2011: 19%)
The largest market sector for the Group, Oil and Gas is, and will
remain, the focus for development and acquisitions. The market  
for hydrocarbons is such that even if there is an unlikely reduction
in their use as a fuel, the myriad of industrial uses means that this 
will be an important market for decades to come.
Sales into this market grew by 52% in 2012. This was due to a combination 
of  the resurgence of deep-water oil rig and drillship building where the 
Cylinder Division supplies air pressure vessels and an increase in oil well 
test and control panels sales in the Engineered Products Division.
The Engineered Products division has experienced a significant upturn in
orders into 2013 as investment in oil well production equipment has led
to an increasing requirement for the division’s products, particularly wear
parts for subsea trees. 
The Cylinder Division, as well as serving the new equipment market,  
is also able to offer a range of in-situ inspection services that give
reductions in cost and time for statutory pressure vessel retesting.
The Group supplies the UK and international naval and aerospace
markets. Our largest market in this sector is in the supply of ultra 
large cylinders into the naval market where we have a world-wide 
reputation for our expertise. We also supply small steel cylinders 
into the military aerospace sector and our Engineered Products 
division supplies test equipment into the UK defence sector. 
2012 saw a reduction of sales into this market due to delivery phasing on
naval projects. Orders were won for cylinders for the Astute 6 submarine
and in-situ inspection services have been extended into this market.
In the defence aerospace market the Cylinder Division won a prestigious 
order to supply oxygen cylinders for the F-22 Raptor in the US.
% of Group Revenue % of Group Revenue Sales Sales
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Copyright
©
 2010 BAE Systems. 
02  Pressure Technologies plc  Annual Report 2012 KEY
   Agents and distributers
   Manufacturing and sales
MANUFACTURING, SALES AND DISTRIBUTION
ALTERNATIVE ENERGY INDUSTRIAL GASES
The Group provides a range of equipment for the upgrade of  
biogas to biomethane for injection into the gas grid licensed  
to our Chesterfield BioGas subsidiary by world market leading
Greenlane
®
 Biogas.
In September 2010, we installed the UK’s first biogas upgrader supplying
biomethane to the national gas grid at a Thames Water site at Didcot.  
An order for a second upgrader was won in 2012 and delivery of this was 
completed shortly after the financial year end.
The slow development of this market was due to the late confirmation 
of the level of the Renewable Heat Incentive  by Government which 
allows the technology to compete on a level playing field with subsidised 
combined heat and power plants. Confirmation of  the level of this 
incentive has led to an increase in interest in upgrade projects by large 
utlity companies.
Chesterfield BioGas Chesterfield Special Cylinders / Engineered Products
£3.9m £0.3m 13% 1%
(2011: 4%) (2011: £0.9m) (2011: £2.3m) (2011: 10%)
The industrial gases market has been an important market for the
Cylinder division for over 100 years. A diverse range of products  
and services are supplied, ranging from bulk gas storage for large 
industrial applications to the reconditioning and retest of cylinders 
and trailers.
The key to winning business in this market is having a comprehensive
network of sales staff and agents to identify projects as they arise and two
major bulk storage projects were delivered in 2012.
Trailers for the transportation of bulk gases are also an important part of
this market. The Group manufactures a range of high pressure gas trailers
for this market sector and also provides a “one stop shop” management of
reconditioning and retest of cylinders. Further opportunities will arise as
Hydrogen and Compressed Natural Gas demand increases.
As with the Oil and Gas and Defence markets, continued growth was 
maintained in our in-situ testing service offering to this market.
% of Group Revenue % of Group Revenue Sales Sales
1. Head Office
 Chesterfield Special Cylinders
1.  Chesterfield BioGas
2.  Hydratron Ltd
3.  Al-Met
4.  Hydratron Inc
5.  CSC German Sales Office
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5
03  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 Richard L. Shacklady
Chairman
I am pleased to report that the Group has delivered a much 
improved performance for the year ended 29 September 2012, 
with a continuation of the recovery previously reported in the 
first half interim statement.
We begin the new financial year with solid order books in our 
two main divisions, Engineered Products and Cylinders, and a 
number of contracts stretching beyond the current financial year, 
underpinning our confidence in the medium term prospects 
for the Group. Whilst the oil and gas market remains the largest 
sector for the Group, the businesses are now better balanced 
both by product sector and customer geographic location.
The strength of the Group’s balance sheet underpins the Board’s 
strategy for the growth of the Group. Our prime objective is to 
penetrate select growth market sectors which offer synergies to 
our core businesses and provide niche, design and technology 
driven, high margin products for critical applications, through 
organic development programmes or by acquisition.
Results
Group revenues for the year ended 29 September 2012 
increased almost 32% to a record £30.4 million from  
£23.1 million in 2011. Profit before taxation saw a threefold 
increase to £1.8 million from £0.6 million in 2011, giving basic 
earnings per share of 11.2p compared to 3.5p.
We continue to maintain a strong balance sheet through 
focussing on operating cash and working capital controls  
across the Group’s Divisions and net cash at the year end  
was £2.7 million, after outflows of £0.8 million on deferred 
acquisition costs, compared to £2.9 million in 2011.
CHAIRMAN’S STATEMENT
04  Pressure Technologies plc  Annual Report 2012 Given our strong balance sheet and confidence in the medium 
term prospects for the Group, the Board is proposing a final 
dividend of 5.0 pence per share, giving a total of 7.5 pence per 
share for the year. This represents an increase of 4% over 2011. 
If approved, the final dividend will be paid on 8 March 2013 to 
shareholders on the register at the close of business on  
15 February 2013.
The Board is committed to maintaining a progressive  
dividend policy.
Trading
Demand from the global offshore oil and gas drilling operators 
has continued to firm-up, reflecting a return to higher levels of 
exploration and production by the major oil and gas producers, 
in particular, and activity levels generally across the wider 
industry.
The Group has significant interests in two sectors of this market; 
deepwater oil and gas drilling equipment and oilfield well head 
equipment and controls, including the rapidly developing subsea 
well head equipment sector. 
Our Engineered Products Division, which supplies the oilfield 
well head controls and equipment sectors has continued to 
benefit from sustained high levels of oil and gas production both 
onshore and offshore. The subsea well head equipment sector 
experienced a period of flat demand for some six months and is 
now moving ahead strongly with new offshore fields moving into 
the production phase.
As a niche engineering business it is vital that  
we continue to invest in our employees at all 
levels to ensure business continuity and growth.  
In the UK we operate an extensive apprentice 
scheme and structured training programmes 
covering the whole spectrum from school  
leavers through to post graduate qualifications. 
All senior engineering and operations managers 
in our UK based companies started their  
working life as apprentices.
EMPLOYEE DEVELOPMENT IS  
ESSENTIAL FOR OUR CONTINUED 
SUCCESS
We begin the new financial year with solid order books in our two main divisions, 
Engineered Products and Cylinders, and a number of contracts stretching 
beyond the current financial year, underpinning our confidence in the medium 
term prospects for the Group. Whilst the oil and gas market remains the largest 
sector for the Group, the businesses are now better balanced both by product 
sector and customer geographic location.
05  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 The Cylinder Division has seen a significant increase in rig and 
drillship activity and in the defence sector we maintain our 
market leading position at home whilst increasing sales into 
overseas defence programmes. Further business has been 
secured from overseas navies and, in the UK, we have taken 
orders for BAE’s Astute boat 6 submarine. As the UK MoD source 
for in-service and after market cylinder maintenance and support 
for the Royal Navy, we have responsibility for the management 
of through-life capability for all high pressure cylinders including 
in-situ inspection. 
Our facilities in the industrial gases storage and transportation 
market have been further developed, resulting in record levels of 
activity in this sector and growing  penetration of new accounts. 
This in turn provides the platform for further growth on the back 
of compressed natural gas (CNG) and hydrogen being recognised 
across Europe as alternatives to traditional fuels.
We continue to believe that the best long term prospects for 
the Group lie in the global energy markets and particularly 
in the equipment required for exploration and production of 
hydrocarbons. 
In our Alternative Energy Division, Chesterfield BioGas has been 
very active throughout the year promoting and tendering for 
biogas upgrade plant and enjoys a high profile in this market.  
Demand for UK biogas upgrade plant is still in early phase 
development with, so far, limited conversion from the project 
stage, which is very active, into firm orders.  
Our second biogas upgrading installation, however, will be 
completed in the 1st Quarter of the coming financial year and 
we are expecting to see a number of the outstanding major 
quotations converted into firm orders for delivery in mid 2013 
and beyond.
CHAIRMAN’S STATEMENT
CONTINUED
EVOLUTIONARY PRODUCT 
DEVELOPMENT GIVES LOW COST, LOW 
RISK ORGANIC GROWTH OPPORTUNITIES
Across the Group, an evolutionary approach to 
product development is encouraged. This not 
only minimises the costs of development but  
also reduces the risks inherent in launching  
new products. Pictured above is a helium leak 
test gas booster system launched by Hydratron 
at the ADIPEC 2012 trade show in Abu Dhabi.  
An evolutionary development from the standard 
gas booster, it allows precise concentrations of 
helium to be injected into pressure systems as 
part of leak testing.
06  Pressure Technologies plc  Annual Report 2012 The Board believes that there is major UK potential for this 
technology in the longer term. However regular reviews on the 
division’s progress are being undertaken and we recognise that 
2013 is a crucial year for Chesterfield BioGas.
Prospects
The Engineered Products Division is ready to deliver further 
growth; the facility in North America has been re-structured and 
is very well positioned to take advantage of a buoyant US market 
for its well control products. Additionally, the seabed well control 
equipment market has rebounded after a period of stagnation 
and orders from this sector are particularly buoyant. 
Having recovered strongly in 2012, we expect growth in the 
Cylinder Division to moderate this year, not least due to 
increased competition from the Far East in the oil and gas 
market. However, the business does benefit from having a large 
forward order book, market leadership in the defence sector  
and growth positions into diversified markets. 
We will continue to seek acquisitions that suit our profile and will 
fit into and enhance the Engineered Products Division. It is now 
positioned both geographically and in product range to become 
a significant player in the oilfield control and equipment sector 
and we believe it is proving to be a platform for growth.
Richard L. Shacklady
Chairman
4 December 2012 
We continue to believe that the best long term prospects for  
the Group lie in the global energy markets and particularly in  
the equipment required for exploration and production  
of hydrocarbons. 
07  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 Pressure Technologies (“PT” or “Group”) has made considerable 
progress in the last 12 months. We have delivered better results 
and have made improvements across the Group to create a 
more balanced business portfolio. This is highlighted by the 
expansion of sales in the Engineered Products Division and the 
development of new service offerings in the Cylinder Division. 
PT is growing and that growth is now better balanced across the 
Group’s divisions and markets.
Chesterfield Special Cylinders (“CSC”) grew strongly, as a  
direct result of the resurgence in the building of deepwater 
semi-submersible oil rigs and drill ships, following a prolonged 
downturn, caused, initially, by the global financial crisis and 
exacerbated by the crisis of confidence following the sinking of 
Deepwater Horizon in the Gulf of Mexico in 2010. 
Air Pressure Vessels (“APVs”) for motion compensation systems 
on 10 drillship projects were delivered in the year, compared 
to three in 2011. We currently have orders for seven projects 
in 2013, compared to six at the same stage last year. However, 
market dynamics have changed considerably and margins are 
under acute pressure from Asian competition, particularly South 
Korea, and we expect to see a declining market share for projects 
built in South Korean shipyards. This is compounded by a weaker 
Euro, as sales into this market are Euro denominated. 
We are, however, actively pursuing opportunities with a number 
of new entrants into the motion compensation system market 
who need the design expertise of CSC. Opportunities will also 
open up away from South Korea as Brazil expands shipyard 
capacity to build oil rigs and drillships.
CHIEF EXECUTIVE’S STATEMENT
John Hayward
Chief Executive
CYLINDER DIVISION
Sales: £16.3 million (2011: £11.0 million)
Operating profit: £2.3 million (2011: £1.5 million)
Net Assets: £6.8 million (2011: £6.9million)
08  Pressure Technologies plc  Annual Report 2012 As expected, sales into the naval defence market were materially 
lower than in 2011, as a result of the phasing of projects rather 
than a downturn in the market. In August, CSC won the contract 
to supply the high pressure cylinders for the sixth Astute class 
submarine, HMS Agamemnon, which will be delivered over 2013 
and 2014. The order for cylinders for the seventh and final Astute 
class submarine is expected in 2013 for delivery over 2014 
and 2015 and we have begun preliminary design work on the 
cylinders for the Trident replacement. 
We have continued focus on expanding our customer base in 
the naval defence market and have strengthened our design 
team with an experienced naval cylinder designer. Building on 
our expertise on cleanliness standards developed for the oil and 
gas industry, we won a contract from BAE to supply a service 
cleaning cylinders for oxygen containment. This demonstrated 
CSC’s technical capabilities and its flexibility. The process was 
developed and capital equipment was procured and installed 
in a six week period to meet an urgent customer requirement. 
CSC is now planning to market this service to other potential 
customers, building oxygen systems. The contract to maintain 
the Royal Navy’s stores of high pressure cylinders, won last year, 
has expanded rapidly with a number of planned submarine refit 
projects increasing the value of this contract, as well as giving 
more opportunity to sell in-situ inspection services.
The Small Cylinder market stabilised in the year with an increase 
in military aerospace spending, which improved margins in this 
market. The military market has been more resilient than we 
forecast and in August we were awarded the contract to supply 
steel high pressure cylinders on the initial build programme of 
the F22 Raptor. The development of the type IV composite has 
been successfully completed but, as yet, we have not identified 
a new commercial platform into which this can be built and 
consequently we have amortised the £224,000 development 
costs incurred to date. 
Typical of this approach was an urgent new 
requirement from the U.S. Air Force (USAF) 
for high pressure cylinders for its fleet of F-22 
Raptors. The first delivery of CSC’s cylinders 
to the USAF was accomplished in record time, 
with CSC receiving the order on a Monday 
and the initial batch being delivered to Seattle, 
Washington in time for test flights the following 
Friday.
FLEXIBILITY AND SPEED OF RESPONSE 
ARE CRITICAL ORDER WINNING CRITERIA 
FOR CHESTERFIELD SPECIAL CYLINDERS
2012 was a turning point for the Group, as we returned  
to growth and delivered market expectations.
09  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 The balance was investment in a number of process 
improvements, particularly in the forging and washing processes.  
Capital expenditure in 2013 is expected to be at a similar level  
to 2012 with the major focus being on process efficiency. 
The key issue for CSC is to develop high added value service 
offerings quickly, to offset the effects of margin erosion from 
low cost competitors and the weak Euro. The business has the 
energy, the expertise and the people to achieve this effectively. 
The division is comprised of Hydratron Ltd in Altrincham, 
Hydratron Inc in Houston, Texas and Al-Met Ltd in Pontyclun, 
South Wales. The Hydratron businesses manufacture a range of 
air operated high pressure hydraulic pumps, gas boosters, power 
packs, hydraulic control panels and test rigs mainly for use in the 
oil and gas sector. Al-Met produces wear resistant components  
in a range of high alloy steels and tungsten carbides for use in 
high-pressure choke and flow control valves, designed to regulate 
flow volumes in extremely demanding applications in the subsea 
and surface oil and gas industries. 
Hydratron Ltd
Hydratron Ltd had an excellent year with sales growing by one 
third and operating profits doubling. The sales, design and 
development teams were strengthened during the year.  
New products launched in the year included a 30,000 psi pump 
for very high pressure testing applications, a helium leak test gas 
booster system capable of injecting precise concentrations  
of helium and a pulse test system for testing aerospace  
pressure transducers. 
This was always viewed as a long term development and we 
are well placed to move into the composite market as new 
opportunities arise.
The high pressure trailer market saw a reduction in reconditioning 
and refurbishment due to the phasing of statutory inspection 
within the BOC trailer fleet but we supplied two new trailers to  
Air Liquide and Linde France. Overall sales were slightly higher 
and margins slightly lower, as a result of the material content in 
the new trailers. CSC’s new sales manager in Germany has 
made significant inroads with the large industrial gases 
companies in Europe. This, coupled with the financial instability 
of a major European competitor, puts CSC in a strong position 
in this market. With the forecast growth of the market for the 
transportation and bulk storage of hydrogen and CNG, the 
medium and long term prospects for this market are very 
promising. 
Our in-situ inspection service grew fourfold in the year and we 
have a team solely dedicated to the development of this offering. 
Immediate opportunities for growth exist in the defence and 
oil and gas markets. In the medium term, the increase of high 
pressure bulk storage of hydrogen and compressed natural 
gas for alternative fuels will be a source for further growth. 
In-situ inspection creates a new revenue stream from the 
knowledge base of CSC. It is a high margin service offering, which 
is not subject to the pricing pressures created by our low cost 
competitors in the ultra large cylinder manufacturing market.
Manufacturing continued to focus on “lean” initiatives. A major 
review of trailer build was carried out, creating significant 
improvements in strip down and build times. A similar initiative 
is underway on the ultra-large finishing line. These initiatives are 
team based, owned and run by the shopfloor employees  
working on the product. Further investment was made in CSC’s 
IT systems with the introduction of a more sophisticated finite 
capacity scheduling system and shop floor data capture.  
This allows efficient real time planning of resources to further 
improve efficiency. The major items of capital spend in the year 
were the oxygen cleaning facility and replacement overhead 
cranes. Together, these accounted for 50% of the total capital 
spend of £446,000. 
ENGINEERED PRODUCTS
Sales: £13.9 million (2011: £11.2 million)
Operating profit: £1.0 million (2011: £1.0 million)
Net Assets: £7.7 million (2011: £6.5 million)
CHIEF EXECUTIVE’S STATEMENT 
CONTINUED
10  Pressure Technologies plc  Annual Report 2012 The latter project involved the recruitment of an electronics 
engineer, giving the business self-sufficiency in the design and 
development of automated plc controlled systems. Several new 
product opportunities have been identified and an additional 
full time development engineer is being sought to speed up the 
development cycle. 
The assembly section of the business was reorganised to  
split standard product assembly from the bespoke systems. 
This has improved the efficiency of both areas. Due to the pace 
of growth in the business, the Operations Manager role is to 
be split in January with the incumbent becoming Technical 
Manager responsible for design, engineering and logistics and 
a new, experienced lean manufacturing engineer joining as 
Manufacturing Manager responsible for the machining and 
assembly areas. 
Due to the nature of the business, little capital expenditure is 
required. IT systems will be upgraded in 2013 but beyond that  
no other major spend is planned.
Hydratron has an excellent reputation for its design and build 
ability. This, allied to a strong sales team, augmented by a 
distributor network in key market locations and the general  
level of market activity, gives grounds for optimism of further 
progress in 2013.
Hydratron Inc
Hydratron Inc, after a good first half, failed to deliver its second 
half order book profitably, despite a 50% increase in sales.  
We did not have sufficient management resources of the  
right calibre in the business which has now been remedied.  
An experienced general manager was appointed in October 2012 
with the remit to grow the business profitably. Being located in 
Houston, the business is situated close to all the major oilfield 
wellhead equipment and control system manufacturers and is, 
therefore, in a prime location from which to grow. It has already 
established a reputation for the same design and build capability 
as its UK sister company and is expected to make significant 
progress in 2013.
Hydratron’s range of test equipment for valves 
and hoses are not just used in the oil and 
gas market. Sales are regularly made into the 
industrial gases, power and defence markets  
for component testing. The product range  
was extended during the year to include  
pulse testing systems for life cycle testing  
of pressure transducers which gives exciting  
new opportunities in the aerospace and 
automotive markets. 
HIGH PRESSURE COMPONENT  
TESTING EQUIPMENT OPENS NEW 
MARKETS TO HYDRATRON
With immediate organic growth prospects the Engineered 
Products Division is expected to become the largest part  
of the Group within 18 months.
11  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 Al-Met
Al-Met had a challenging year. Sales were at the same level as 
2011 but the phasing of these was very heavily skewed with 
low sales in the first half and a strong third quarter which tailed 
off into the fourth quarter. Concurrently, market forecasts and 
customer orders for 2013 were showing a significant increase. 
The decision was taken to hold the level of the shopfloor 
workforce and strengthen the management and engineering 
team with lean manufacturing specialists ahead of this increase. 
As a result of these factors, operating profits were down two 
thirds on 2011. The expected growth has materialised, following 
these changes, and the year end order book was 73% higher 
than at September 2011 and production schedules are full 
through to the end of February 2013. An additional afternoon 
shift has subsequently been recruited to meet the increased 
loading and reduce overtime. 
There are two major reasons for this growth. A significant 
proportion of Al-Met’s turnover is wear parts for subsea tree 
valves. This market is growing rapidly as more deepwater oil 
wells come on stream. Market forecasts and customer feedback 
suggest a 40% increase in this market in 2013 and continued 
growth into 2014. Also, a UK competitor ceased production in 
October which has compounded the increase. 
As a division, it was disappointing that operating profits did not 
grow year on year. Increased profits at Hydratron Ltd were offset 
by the reduction in profitability at Al-Met and losses at Hydratron 
Inc. The outlook for 2013 is good and I expect the benefits of 
the changes made in 2012 to feed through into improved profits 
in 2013. The organic growth opportunities for this division are 
immediate and we expect Engineered Products to become the 
largest division of the Group, in terms of sales revenues, within 
the next eighteen months. 
Additionally, we are pursuing a number of acquisition 
opportunities to add further breadth to the product range of  
the division. 
In the medium to long term, on time in full delivery (“OTIF”) 
remains the key to success for the division. 
Specific targeting of customers has proved that where delivery 
OTIF is met, order intake improves. In the current buoyant 
environment, this advantage is masked by general growth but, as 
our companies are significantly smaller than their competitors, 
we expect to take market share, even when markets are 
declining, if we can consistently deliver OTIF.
This was an important year for Chesterfield BioGas (“CBG”), our 
start-up alternative energy equipment business. An order was 
secured for an upgrader, our second into the biogas to grid 
(“BtG”) market. This was due for installation in September 2012 
but a road accident, which occurred during delivery, damaged 
the equipment and delayed installation to October. But for this, 
operating losses would have been halved in the year. More 
importantly, confirmation by Government of the structure of 
the Renewable Heat Incentive (“RHI”) for BtG has increased the 
number and size of potential projects.
In previous years, CBG has been quoting a handful of small, 
“pilot” projects with larger projects only at the feasibility 
stage. Now, quotations are more numerous and the project 
size has increased to fully commercial sized plants as large 
utility companies look to enter the market. This matches the 
pattern experienced in other countries, where adoption of this 
technology is more advanced. 
ALTERNATIVE ENERGY
Sales: £0.2 million (2011: £0.9 million)
Operating Profits: £(0.5) million (2011: £(0.5) million)
Net Assets: £1.6 million (2011: £1.7million)
CHIEF EXECUTIVE’S STATEMENT 
CONTINUED
12  Pressure Technologies plc  Annual Report 2012 Summary and outlook
2012 was a turning point for PT, as we returned to growth and 
delivered market expectations. The result was underpinned by 
recovery in the Cylinder Division’s main market and the Group’s 
other two divisions making significant progress. This progress, 
which has created a better balanced Group, is yet to be reflected 
in bottom line performance.
Looking to 2013, the Cylinder Division will face stiffer competition 
in its core oil and gas market and the challenge is to speed 
up the development of high added value services and new 
customers. There is significant potential for revenue growth in 
the Engineered Products Division, which this year must lead to 
bottom line growth. The Alternative Energy Division, Chesterfield 
BioGas, appears set for major growth and 2013 will be the crucial 
year for this business. 
The clear message is that Pressure Technologies delivered 
in 2012; it is a better balanced Group, growing strongly in 
market sectors where its expertise is recognised and valued, 
seeking opportunities for further expansion through selective 
acquisitions.  
John Hayward
Chief Executive
4 December 2012 The Group has wide areas of expertise in 
pressure containment and control. This not only 
leads to the development of new products but 
also to the development of value added services 
for our customers. For example, at CSC, a service 
launched to support the management of retest 
and refurbishment of high pressure gas trailers 
has led to the launch of a service for the in-situ 
inspection of cylinders to save our customers 
time and the expense of returning cylinders for 
statutory retest.
DEVELOPMENT OF ADDED VALUE 
SERVICES MAKING KNOWLEDGE PAY
We have delivered better results and have made 
improvements across the Group to create a more 
balanced business portfolio.
13  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 FINANCE DIRECTOR’S REPORT
James Lister
Group Finance Director
Overview
The Group’s revenue grew to £30.4m (2011: £23.1m). The growth 
was driven principally by a recovery in CSC’s oil and gas business, 
where sales increased from £4.3m to £10.9m, and growth in the 
Engineered Products division.
Operating profit increased from £0.7m to £1.8m mainly as a 
result of the benefits to CSC from operational gearing following 
the recovery in the level of their business with the oil & gas 
sector. Historically, the Group has benefitted from a high market 
share for cylinders used in deep water motion compensation 
systems but, with increasing competition, pricing and volume 
pressures are expected to be a feature going forward.
The Group seeks to target niche markets with good growth 
prospects and uses return on revenue as a key performance 
indicator. Our aim is a target return of 15% before taking  
account of the cost of acquiring subsidiaries and the  
subsequent amortisation of the intangible assets so acquired. 
The Alternative Energy Division is also excluded from this target 
as it is still considered to be in start-up mode. Using this measure 
we achieved an 8.1% return in 2012 (2011: 6.7%) with the 
expectation that this can be raised further with the benefits of 
lean manufacturing and operational gearing.
Foreign exchange
PT operates in international markets and accordingly accepts 
contracts denominated in currencies other than Sterling.
Whilst the level of exposure at any point in time is dependent on 
the nature of individual contracts, the Group usually has a partial 
hedge in place as both purchases and sales are made in Euro 
and also to a lesser extent in US dollars. 
14  Pressure Technologies plc  Annual Report 2012 With the Group’s manufacturing activities being based mainly in 
the UK, management estimates that a 5% weakening of the Euro 
against Sterling would cost the Group circa £0.2m in profit before 
tax in any one year. The effect on the Group of movements in the 
US dollar to Sterling exchange rate, as long as it is within normal 
parameters, is not significant.
At the end of September 2012, the Group had contracts in  
place to sell Euros 3.5m at an average exchange rate of 1.26  
to Sterling (2011: nil).
Treatment of acquisition related costs in the engineered 
products division
The Board intends to grow the Group both organically and by 
acquisition and consequently both goodwill and intangible assets 
are expected to be a recurring theme within the annual financial 
statements.
In the interest of clarity, acquisition costs and the amortisation of 
intangible assets resulting from acquisitions is shown separately 
in the Income statement. The relevant costs for the last two 
years, all of which relate to the engineering products division,  
are as follows:
 2012 2011
 £m £m
Cost of acquiring Hydratron — 0.1 
Amortisation of intangible assets  
acquired with Al-Met and Hydratron 0.2 0.3
Total 0.2 0.4
The remaining carrying value of these intangible assets totalling 
£0.5m will be amortised over the next three years.
The effect on earnings per share of these adjustments is: 
 2012 2011
Earnings per share as reported 11.2p  3.5p
Adjustment for acquisition costs  
and related amortisation 1.3p 2.7p
Adjusted earnings per share 12.5p 6.2p
Amortisation of other intangible assets
The cost of the Chesterfield BioGas licence and distribution 
agreement with Greenlane Biogas is being amortised over a  
period of 15 years; this being the period over which significant 
revenues are expected to be generated.
Development costs incurred in the Cylinder Division in 2011, 
totalling £0.2m, have been expensed in 2012, as these costs no 
longer meet the recognition requirements of IAS 38.
Taxation
The effective tax rate for the group in 2012 was 28.5%  
(2011: 30.6%), which is higher than the UK standard rate of  
25% due to the effect of unrelieved losses in the US. 
The Group seeks to target niche markets with good 
growth prospects with a target return on revenue 
of 15%.
15  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 FINANCE DIRECTOR’S REPORT
CONTINUED
Cash flow
The Group has a strong balance sheet with net funds of £2.7m 
(2011: £2.9m) and an unused overdraft facility of £2m. 
The movement in cash flow can be summarised as follows:
 
 2012 2011
 £m £m
Earnings before interest, tax, depreciation
and amortisation (EBITDA) 2.9 1.5
Movement in working capital (0.4) 1.6
Capital expenditure (net of disposals) (0.6) (1.2)
Development costs capitalised — (0.2)
Extension of biogas licence — (0.8)
Operating cash flow 1.9 0.9
 
Acquisition of Hydratron 
(2012: deferred consideration paid) (0.8) (2.8)
UK Corporation tax paid (0.5)  (0.9)
Dividends paid (0.8) (0.8)
Net movement (0.2) (3.6)
Cash flow in 2012 was strongly positive at the operational level.
The build up of working capital reflects the recovery in activity  
in CSC and growth in the engineering products division.
Net capital expenditure at £0.6m was in-line with the  
depreciation charge.
The deferred consideration of £0.8m re the acquisition of 
Hydratron was paid during 2012. There are no further deferred 
consideration payments to be made for either Al-Met or 
Hydratron.
The acquisition of Hydratron cost a total of £3.6m, comprising 
purchase consideration of £3.3m and £0.3m of borrowings 
assumed on takeover. In addition £0.1m of acquisition costs were 
expensed through the Income Statement in 2011.
It is pleasing to note that in both of the last two years our 
acquisitions have generated profits of over £1 million on an initial 
outlay of £5.8 million (including net borrowings assumed).
James Lister
Group Finance Director
4 December 2012
16  Pressure Technologies plc  Annual Report 2012 KEY PERFORMANCE INDICATORS (“KPIS”)
The Board uses key performance indicators when assessing the 
performance of the Group. These KPIs are divided into three sections:
Earnings Per Share - Pence
31.6
2008 2009 2010 2011 2012
32.1
11.2
22.3
3.5
Revenue - £ million
23.7
2008 2009 2010 2011 2012
26.2
30.4
21.7
23.1
Reportable Accidents
2
2008 2009 2010 2011 2012
3
1
0 0
Return on Revenue - %
20.8
2008 2009 2010 2011 2012
20.1
8.1
19.0
6.7
Financial Performance
Growth is measured in terms of sales revenue. The Group  
has a medium term target of achieving sales revenues of  
£40 million and each division has growth targets. The Group 
aims to progress towards the target of £40 million revenue 
through a combination of internal growth and acquisitions.  
The efficiency of converting sales into profits is measured in 
terms of return on revenue. Return on revenue is calculated  
as operating profit pre acquisition costs and related 
amortisation divided by revenue. It is also stated after  
excluding Chesterfield BioGas which is still considered to  
be in start-up mode (see note 1 for the detailed segmental 
analysis). The Group target return on revenue is 15%.
Shareholders
Earnings per share is used as a measure of shareholder return. 
Earnings per share are calculated as profit for the period 
divided by the weighted average number of shares in issue.
Corporate Social Responsibility (CSR)
This is sub-divided into two areas:
Health & safety
The measure used is reportable accidents where the target  
is zero across the Group.
Environment
The measure used is number of reportable environmental 
incidents. Again, the target is zero across the Group.
A full-time health, safety and environmental manager is 
employed by Chesterfield BioGas but has responsibility for 
these matters across the Group and reports directly to the 
Group Chief Executive on these matters.
Environmental incidents are not graphed as there has been  
no reportable incident for the five year period.
17  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 Risk and Impact Management Strategy
Market and customer concentration
The Group’s largest subsidiary, CSC, has its revenue 
concentrated in the deep water oil and gas sector. Changes in 
activity in this market, therefore, have a significant impact on 
Group results. Additionally, the number of customers in this 
market is low and loss of market share would have a significant 
impact on Group results.
Competitive pricing pressures
CSC operates in certain markets where its major competitors 
are based in low cost countries which have considerable cost 
advantages and they are able to undercut on pricing.
Contract delay
CSC earns a significant amount of its revenues from large 
contracts in the deepwater oil and gas and defence markets 
and CBG is a start-up business in the Biogas to Grid market. 
In most cases, individual contracts in these two divisions are 
material to Group revenues and the timing of such contracts  
is influenced by a number of factors outside the control of  
the Group.
Development of markets, products and services
The Group has a three-fold strategy to reduce its exposure to 
this market. First, significant management resource is allocated 
to service the requirements of customers in this market to 
maintain customer loyalty. Second, CSC has development 
programmes for new products and services to dilute the 
proportion of total revenues into this market. Third, 
growing the other divisions of the Group both organically 
and by acquisition. 
Reduced dependence on price sensitive business
The Group has set minimum gross margin levels and does not 
reduce prices to unacceptable levels as experience indicates 
that these pressures reduce in the medium term. Product 
development is pursued in order to maintain a technical lead 
and a range of high value added service offerings is under 
development to reduce dependence on markets where 
this pricing pressure exists. Cost reduction through lean 
manufacturing and supplier development reduces the impact  
of pricing pressures.
Focused project management
Major contracts are managed through project teams to ensure 
all elements in the contract quotation and negotiation process 
that are under our control or influence are managed efficiently 
and effectively. However, the impact of the timing of contracts 
on half-year and full-year revenue remains a significant risk to 
the Group.
PRINCIPAL RISKS AND UNCERTANCIES
Specific principal risks identified by 
management are described below 
together with management actions to 
minimise these risks:
18  Pressure Technologies plc  Annual Report 2012 Risk and Impact Management Strategy
Supplier concentration
The Group derives a high proportion of its raw material supplies 
from a small number of key suppliers, some of whom are 
competitors.
Production concentration
Each product group operates from a single manufacturing site. 
In the event of a prolonged interruption to operations, the 
Group may not have the ability to transfer its manufacturing 
activities to other facilities.
Equipment concentration 
The Group has a number of large pieces of equipment at 
CSC for which it would be uneconomical to duplicate that 
equipment to guarantee continuity of supply in the case of 
major equipment failure. A failure in one of these key pieces 
of equipment could lead to a prolonged interruption to 
operations.
Staff concentration
The Group is small and relies on a small number of key 
Directors, senior managers and specialists. A loss of a small 
number of such staff could have a major impact on Group 
revenues and development.
Foreign Currency
The Group purchases some of its raw materials in both 
US Dollars and Euros and receives payment for some of 
its products in Euros. Movements in exchange rates could 
potentially impact Group revenues.
Managing and developing the suppliers
To reduce the inherent risk of supply from competitors, 
requirements are split across the available supplier base.  
A constant review is maintained to identify alternative  
suppliers subject to constraints on pricing and quality.
Active site management
Health, safety and environmental risks which could result  
in site closure are managed on a day to day basis by a 
designated manager at each site. 
Active equipment management
Key pieces of equipment are subject to on-going maintenance 
programmes and strategic spares for critical components  
are held. There remains a risk that, if a major component  
for which spares cannot be held failed, operations could still  
see a prolonged interruption.
Succession planning
As the business grows, increases in staff numbers make 
succession planning easier and recruitment is already carried 
out to ensure that skills and expertise can be duplicated.
Key man insurance is in place for the Group’s Chief Executive 
and Group Finance Director.
Hedging of Exchange Rate Exposures
The Group has natural hedges for much of its foreign currency 
exposure. Regular reviews of the net exposure are maintained 
and where it is deemed necessary the exposure is reduced by 
the use of forward exchange contracts subject to limits in the 
Group’s banking facility.
19  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 RL Shacklady
Non-executive Chairman
JTS Hayward
Chief Executive
TJ Lister
Finance Director
PS Cammerman
Non-executive Director
NF Luckett
Non-executive Director 
DIRECTORS AND ADVISERS
20  Pressure Technologies plc  Annual Report 2012 Company information
RL Shacklady
Non-executive Chairman (64)
Richard is a partner with RLS Associates where he works as a 
management consultant. He joined the Pressure Technologies 
business at the time of the MBO in 2004. He has extensive 
experience of working in several roles in the engineering sector, 
latterly as Managing Director of Doncasters UK Holdings plc. 
Richard is also the Non-executive Chairman of Langley Alloys 
Limited.
JTS Hayward
Chief Executive (51)
John has worked for the Company for 15 years, initially as Finance 
Director of Chesterfield Cylinders Limited before assuming 
additional directorial responsibility for the then Special Products 
division in 2000. He led the MBO in 2004 and then assumed the 
role of Chief Executive. John is a qualified accountant and has 
previously worked for Boots, Courtaulds, United Engineering 
Steels and T&N. He holds a degree in Physics from Oxford 
University.
TJ Lister
Finance Director (57)
James joined the Company in 2008. His previous engineering 
industry experience includes seven years with The 600 Group 
Plc in roles both as Group Financial Controller and as Finance 
Director of 600 Lathes. Prior experience included 15 years 
with Bridon in a variety of roles including Group Development 
Manager where he acted as the in house mergers and 
acquisitions manager. James is a qualified chartered accountant.
PS Cammerman
Non-executive Director (70)
Philip has over 20 years industrial experience in engineering  
and hi-tech industries and has worked in both the UK and USA. 
He spent 23 years in the venture capital industry, playing a major 
part in the development of the YFM Group into one of the most 
active investors in UK SME’s. He retired from all YFM Group 
businesses in April 2008. Philip is Chairman of the remuneration 
committee.
NF Luckett
Non-executive Director (70)
A qualified chartered accountant, Nigel is a former partner of 
Thomson McLintock & Co and latterly KPMG and has over 40 
years of extensive corporate finance, insolvency and auditing 
experience. Since his retirement from KPMG in 1995 he has had 
a number of Non-executive Director and Chairman positions 
in the broad engineering sector. Nigel is Chairman of the audit 
committee.
Directors
RL Shacklady – Non-executive 
Chairman 
JTS Hayward – Chief Executive 
PS Cammerman – Non-executive 
Director
TJ Lister – Finance Director
NF Luckett – Non-executive 
Director
Secretary
TJ Lister 
Registered office
Meadowhall Road 
Sheffield 
S9 1BT
Registered number  
06135104
Website 
www.pressuretechnologies.co.uk
Nominated advisor
Charles Stanley Securities
131 Finsbury Pavement
London, EC2A 1NT
Auditors
Grant Thornton UK LLP
No 1 Whitehall Riverside
Leeds, LS1 4BN
Solicitors
hlw Keeble Hawson LLP 
Commercial House
Commercial Street
Sheffield, S1 2AT
Bankers  
Lloyds Bank 
14 Church Street 
Sheffield, S1 1HP
Registrars
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield, HD8 0LA
21  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57 22  Pressure Technologies plc  Annual Report 2012
DIRECTORS’ REPORT
The Directors present their report and the audited financial statements for the period from 2 October 2011 to 29 September 2012.
Principal activities 
Pressure Technologies plc (“PT”) is the holding Company for the following Group operations:
Cylinders
Chesterfield Special Cylinders Limited (“CSC”) whose principal activities are the design, manufacture, testing and reconditioning of seamless 
steel high pressure gas cylinders. 
Engineered Products
Al-Met Limited (‘Al-Met’) whose principal activity is the manufacture of precision engineered valve components for use in the oil and gas 
industry. 
The Hydratron Group of Companies’, (‘Hydratron Ltd’ and ‘Hydratron Inc’) whose principal activity is the design, manufacture and sale of a 
range of air operated high pressure hydraulic pumps, gas boosters, power packs, hydraulic control panels and test rigs. 
 
Alternative Energy
Chesterfield BioGas Limited (“CBG”) which was formed to market, sell and manufacture biogas upgrading equipment to produce high purity 
biomethane for use as a vehicle fuel or injection into the natural gas grid using technology licensed in perpetuity from Greenlane
®
 Biogas of 
New Zealand.
Results and dividends
The consolidated statement of comprehensive income is set out on page 27. The profit on ordinary activities before taxation of the Group for 
the period ended 29 September 2012 amounted to £1.778 million (2011: £0.578 million). 
An interim dividend of 2.5p per share was paid during the period (2011: 2.4p). The Directors recommend the payment of a final dividend of 
5.0p per share (2011: 4.8p).
Business review
The Chairman and Chief Executive’s Statements on pages 4 to 13 gives a detailed review of the current year’s performance.
The operational overview is contained in the Chief Executive’s statement on pages 8 to 13.
The financial review is contained in the Finance Director’s report on pages 14 to 16.
Environment
Pressure Technologies recognises that its activities have an impact on the environment. Managing this impact is an integral part of responsible 
corporate governance and good management practice. The Group has developed environmental policies and the main points are listed below:
• Overall responsibility for the implementation of these policies is the responsibility of the main Board and the senior management at each 
Group company. The Group will comply with both the letter and the spirit of relevant environmental regulations. Additionally, the Group will 
actively participate in industry and Governmental environmental consultative processes.
• The Group is committed to the continuous improvement of its environmental management system. Specifically the Group seeks to reduce 
waste and energy use and prevent pollution. 
• As part of continuous improvement, it is the policy of the Group to establish measurable environmental objectives and communicate these 
to all employees. These documented objectives will be periodically reviewed as part of the management review process. The necessary 
personnel and financial resources will be provided to meet these objectives.
• Employees are given such information, training and equipment as is necessary to enable them to undertake their work with the minimum 
impact on the environment.
The Group had no notifiable environment incidents in 2012 (2011: nil). 23  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
Substantial shareholdings
As at 25 November 2012, the following held or were beneficially interested in 3% or more of the Company’s issued ordinary share capital: 
     Percentage of 
    Number of issued share
    shares capital owned
D & A Income    1,045,000 9.2%
JTS Hayward    1,002,221 8.8%
Artemis    921,667 8.1%
Hargreave Hale    770,767 6.8%
JW Brown    625,454 5.5%
A Harding    588,333 5.2%
Unicorn    486,767 4.3%
YFM Private Equity    483,633 4.3%
Investec    455,710 4.0%
The Liontrust Intellectual Capital Trust    381,025 3.4%
PL Redfern    345,000 3.0%
South Yorkshire Investment Capital Fund     342,224 3.0%
Directors and their interests
The present Directors of the Company are set out on pages 20 and 21. 
    29 September 1 October
    2012 2011
Ordinary shares    No. No.
RL Shacklady (including 22,500 shares held by his wife)    64,500 60,500
JTS Hayward    1,002,221 1,002,221
PS Cammerman     33,395 26,395
TJ Lister    9,800 3,750
NF Luckett (including 7,667 shares held by his wife)    52,000 52,000
Share options
On 23 February 2012, options were granted over 53,156 ordinary shares under the rules of the Pressure Technologies plc Performance Share 
Plan – Enterprise Management Plan and 73,089 ordinary shares under the rules of the Pressure Technologies plc Performance Share Plan – 
Share Options Plan. Both sets of options have an exercise price of 150.5p. These options are exercisable between 3 and 5 years following the 
date of grant. 
On 6 August 2012, options were granted over 52,440 ordinary shares under the rules of the Pressure Technologies plc Save-As-You-Earn 
scheme at an exercise price of 150p. These options are exercisable after 3 years and lapse 6 months after this date if they are not exercised. 
On 29 September 2012, there were 128,537 (2011: 106,815) outstanding and exercisable options under the Save-As-You-Earn scheme, 
104,768 (2011: 73,117) outstanding and exercisable options under the Enterprise Management Plan and a further 73,089 (2011: nil) 
outstanding and exercisable options under the Share Options Plan.
The Directors’ interests in share options are as follows: 
   Date granted Number Option price
TJ Lister    7 October 2009 51,612 232.5p
TJ Lister    23 February 2012 73,089 150.5p
TJ Lister   6 August 2012 6,000 150.0p
Financial instruments
The Group’s operations expose it to a variety of financial risks including the effects of changes in interest rates, foreign currency exchange 
rates, credit risk and liquidity risk. 
The Group’s principal financial instruments comprise cash and bank deposits together with trade receivables and trade payables that arise 
directly from its operations. The Group has entered into derivative transactions in the normal course of trade. It does not trade in financial 
instruments as a matter of policy.
Information about the use of financial instruments by the Company and its subsidiaries is given in note 20 to the consolidated financial statements. 24  Pressure Technologies plc  Annual Report 2012
Donations
Donations made by the Group during the period for charitable purposes in the United Kingdom amounted to £3,000 (2011: £3,120).
Supplier payment policy
The Group’s policy is to comply wherever practical with the terms of payment agreed with its suppliers. The average creditor days were 34 
(2011: 43) for the Group. The Company has no significant trade payables.
Directors’ indemnities
The Company maintains director and officer insurance cover for the benefit of its Directors which remained in force at the date of this report.
Employee involvement
It is the policy of the Group to communicate with employees by regular briefing meetings conducted by senior management. Career 
development is encouraged through suitable training and annual appraisals. The Group takes the approach of maximising performance 
through the heightening of awareness of corporate objectives and policies. 
Disabled persons
The Group gives full and fair consideration to applications for employment from disabled persons, where they have the necessary abilities 
and skills for that position, and, wherever possible, will retrain employees who become disabled so that they can continue their employment 
in another position. The Group engages, promotes, and trains staff on the basis of their capabilities, qualifications and experience, without 
discrimination, giving all employees an equal opportunity to progress.
Going concern
Management has produced forecasts for all business units which have been reviewed by the Directors. These demonstrate the Group is 
forecast to generate profits and cash in 2012/2013 and beyond and that the Group has sufficient cash reserves to enable the Group to  
meet its obligations as they fall due for a period of at least 12 months from when these financial statements have been signed.
As such, the Directors are satisfied that the Company and Group have adequate resources to continue to operate for the foreseeable future. 
For this reason they continue to adopt the going concern basis for preparing the financial statements.
Post balance sheet events
There are no post balance sheet events to note.
Statement of Directors’ responsibilities for the financial statements
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare Group financial statements for each financial year. Under that law the Directors have elected 
to prepare the Group’s financial statements in accordance with International Financial Reporting Standards as adopted by the European 
Union (IFRSs). Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and 
fair view of the state of affairs and profit or loss of the Group and parent Company for that period. The Directors have elected to prepare the 
parent Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP). In preparing 
these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• for the Group financial statements, state whether applicable IFRSs have been followed, subject to any material departures disclosed and 
explained in the financial statements;
• for the parent Company financial statements, state whether applicable UK Accounting Standards have been followed, subject to any 
material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in 
business. 
DIRECTORS’ REPORT CONTINUED 25  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions 
and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial 
statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking 
reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors confirm that: 
• so far as each Director is aware, there is no relevant audit information of which the company’s auditor is unaware; and
• the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to 
establish that the auditor is aware of that information.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s 
website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in 
other jurisdictions. 
 
Auditor
Grant Thornton UK LLP are willing to continue in office and a resolution to reappoint them will be proposed at the Annual General Meeting.
Cautionary statement on forward-looking statements and related information
The annual report contains a number of forward-looking statements relating to the Group. The Group considers any statements that are  
not historical facts as “forward-looking statements”. They relate to events and trends that are subject to risks and uncertainties that could 
cause the actual results and financial position of the Group to differ materially from the information presented. Readers are cautioned not  
to place undue reliance on these forward-looking statements which are relevant only as at the date of this document.
By order of the Board
TJ Lister
Secretary
4 December 2012 26  Pressure Technologies plc  Annual Report 2012
We have audited the financial statements of Pressure Technologies plc for the period ended 29 September 2012 which comprise the 
consolidated statement of comprehensive income, the consolidated and parent company balance sheets, the consolidated statement of 
changes in equity, the consolidated statement of cash flows and notes 1 to 25 to the Group consolidated financial statements and notes 1 
to 10 to the parent Company financial statements. The financial reporting framework that has been applied in the preparation of the Group 
financial statements is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union. The financial 
reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United 
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 Part 16 of the Companies Act 2006. Our audit 
work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s 
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 
Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
As explained more fully in the Directors’ Responsibilities Statement set out on pages 24 and 25, the Directors are responsible for the 
preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express 
an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those 
standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the parent Company’s affairs as at 29 September 
2012 and of the Group’s profit for the period then ended; 
• the Group financial statements have been properly prepared in accordance with IFRS as adopted by the European Union;
• the parent Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted 
Accounting Practice; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent 
with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received 
from branches not visited by us; or
• the parent Company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Andrew Wood
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Leeds
4 December 2012
REPORT OF THE INDEPENDENT AUDITOR 
TO THE MEMBERS OF PRESSURE TECHNOLOGIES PLC 27  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
For the period ended 29 September 2012
    52 weeks  52 weeks
    ended ended
    29 September 1 October
    2012 2011
   Notes  £’000 £’000
Revenue    1 30,442 23,129
Cost of sales    (22,704) (16,835)
Gross profit    7,738 6,294
Administration expenses    (5,978) (5,645)
Operating profit pre acquisition costs and related amortisation   1 1,950 1,031
Acquisition costs and related amortisation   4 (190) (382)
Operating profit post acquisition costs and related amortisation     1,760 649
Finance income   2 27 8
Finance costs   3 (9) (79)
Profit before taxation   4 1,778 578
Taxation    8 (507) (177)
Profit for the period     1,271 401
Exchange differences on translating foreign operations    9 (3)
Total comprehensive income for the period attributable to the owners of the parent   1,280 398
Earnings per share  – basic   9 11.2p 3.5p 
– diluted   9 11.2p 3.5p
All the above results are from continuing operations.
The accounting policies and notes on pages 31 to 53 form part of these financial statements. 28  Pressure Technologies plc  Annual Report 2012
    29 September 1 October
    2012 2011
   Notes £’000 £’000
Non-current assets
Goodwill   11 1,964 1,964
Intangible assets   12 1,478 1,962
Property, plant and equipment   13 4,654 4,649
Deferred tax asset   21 110 245
Trade and other receivables   16 152 324
    8,358 9,144
Current assets
Inventories   15 6,922 5,012
Trade and other receivables   16 7,257 6,471
Cash and cash equivalents    2,693 2,939
    16,872 14,422
Total assets   1 25,230 23,566
Current liabilities
Trade and other payables   18 (7,651) (6,260)
Derivative financial instruments   17 (23) —
Borrowings   19 (6) (33)
Current tax liabilities    (252) (190)
    (7,932) (6,483)
Non-current liabilities
Other payables   18 (655) (744)
Borrowings   19 — (9)
Deferred tax liabilities   21 (588) (792)
    (1,243) (1,545)
Total liabilities    (9,175) (8,028)
Net assets   1 16,055 15,538
Equity
Share capital   22 568 567
Share premium account    5,378 5,369
Translation reserve    6 (3)
Retained earnings    10,103 9,605
Total equity    16,055 15,538
The accounting policies and notes on pages 31 to 53 form part of these financial statements.
The financial statements were approved by the Board on 4 December 2012 and signed on its behalf by:
JTS Hayward
Director
Company number: 06135104
CONSOLIDATED BALANCE SHEET
As at 29 September 2012 29  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 29 September 2012
  Share Profit
 Share premium and loss Translation Total
 capital account account reserve equity
 £’000 £’000 £’000 £’000 £’000
Balance at 2 October 2010 567 5,341 9,999 — 15,907
Dividends — — (816) — (816)
Share based payments — — 21 — 21
Shares issued — 28 — — 28
Transactions with owners — 28 (795) — (767)
Profit for the period — — 401 — 401
Exchange differences on translating foreign operations — — — (3) (3)
Total comprehensive income — — 401 (3) 398
Balance at 1 October 2011 567 5,369 9,605 (3) 15,538
Dividends — — (829) — (829)
Share based payments — — 56 — 56
Shares issued 1 9 — — 10
Transactions with owners 1 9 (773) — (763)
Profit for the period — — 1,271 — 1,271
Exchange differences on translating foreign operations — — — 9 9
Total comprehensive income — — 1,271 9 1,280
Balance at 29 September 2012 568 5,378 10,103 6 16,055
          
The accounting policies and notes on pages 31 to 53 form part of these financial statements. 30  Pressure Technologies plc  Annual Report 2012
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 29 September 2012
    52 weeks  52 weeks
    ended ended
    29 September 1 October
    2012 2011
   Notes £’000 £’000
Operating activities
Cash flows from operating activities   24 2,573 3,095
Finance costs paid    (9) (23)
Income tax paid    (514) (896)
Net cash inflow from operating activities    2,050 2,176
Investing activities
Interest received    2 8
Proceeds from sale of fixed assets    84 —
Purchase of property, plant and equipment    (727) (1,147)
Purchase of licence and distribution agreement    — (800)
Development costs incurred    — (234)
Purchase of subsidiary net of cash and cash equivalents    — (2,164)
Deferred purchase consideration    (800) —
Net cash used in investing activities    (1,441) (4,337)
Financing activities
Repayment of borrowings    (36) (725)
Dividends paid    (829) (816)
Shares issued    10 28
Net cash outflow from financing activities    (855) (1,513)
Net decrease in cash and cash equivalents    (246) (3,674)
Cash and cash equivalents at beginning of period    2,939 6,613
Cash and cash equivalents at end of period    2,693 2,939
The accounting policies and notes on pages 31 to 53 form part of these financial statements. 31  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
ACCOUNTING POLICIES
Basis of preparation
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted for 
use in the European Union and IFRIC interpretations issued by the International Accounting Standards Board and the Companies Act 2006. 
The Company has elected to prepare its parent Company financial statements in accordance with UK Generally Accepted Accounting Practice 
(UK GAAP). These are presented on pages 54 to 57. 
The Group has applied all accounting standards and interpretations issued relevant to its operations for the period ended 29 September 2012. 
The consolidated financial statements have been prepared on a going concern basis.
Management has produced forecasts for all business units which have been reviewed by the Directors. These demonstrate the Group is 
forecast to generate profits and cash in 2012/2013 and beyond and that the Group has sufficient cash reserves to enable the Group to meet 
its obligations as they fall due for a period of at least 12 months from when these financial statements have been signed.
As such, the Directors are satisfied that the Company and Group have adequate resources to continue to operate for the foreseeable future. 
For this reason they continue to adopt the going concern basis for preparing the financial statements.
The financial statements have been prepared under the historical cost convention, except for derivative financial instruments which are 
carried at fair value. 
Standards and interpretations not yet applied by the Group
There are a number of standards and interpretations issued by the International Accounting Standards Board that are effective for financial 
statements beginning on or after the dates given below. These standards will be effective in future periods:
• IFRS 9 Financial Instruments (effective 1 January 2015)
• IFRS 10 Consolidated Financial Statements (effective 1 January 2013)
• IFRS 11 Joint Arrangements (effective 1 January 2013)
• IFRS 12 Disclosure of Interests in Other Entities (effective 1 January 2013)
• IFRS 13 Fair Value Measurement (effective 1 January 2013)
• IAS 27 (Revised), Separate Financial Statements (effective 1 January 2013)
• IAS 28 (Revised), Investments in Associates and Joint Ventures (effective 1 January 2013)
• Disclosures – Transfers of Financial Assets – Amendments to IFRS 7 (effective 1 July 2011)
• Presentation of Items of Other Comprehensive Income – Amendments to IAS 1 (effective 1 July 2012)
• Mandatory Effective Date and Transition Disclosures – Amendments to IFRS 9 and IFRS 7 (effective 1 January 2015)
• Annual Improvements 2009-2011 Cycle (effective 1 January 2013)
The application of these standards and interpretations is not expected to have a material impact on the Group’s reported financial 
performance or position. However, they may give rise to additional disclosures being made in the financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described below, the Directors are required to make judgements, estimates 
and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and 
associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from 
these estimates.
The estimates and assumptions that have a material risk to the carrying value of assets and liabilities within the next financial year are 
discussed below:
Critical accounting judgements
Revenue recognition – Cylinders
The Group recognises revenue when the goods in question have finished production and passed any applicable factory and customer 
acceptance tests. Where goods remain on the Group’s premises at the year end at the request of the customer, management consider the 
detailed criteria for the recognition of revenue from the sale of the goods as set out in IAS 18 ‘Revenue’. In particular, consideration is given as 
to whether the significant risks and rewards of ownership are considered to have transferred to the buyer.
 
Capitalisation of development costs
The Group capitalises costs in relation to development projects where the specific recognition criteria are met. This key judgement required to 
capitalise the costs is whether future revenues will exceed total forecast capitalised costs. Management make this judgement based on their 
knowledge of the project, the size of the market to which it can be sold and the expected demand for the project. Once capitalised, the assets 
are reviewed for impairment at each reporting date as explained below. 32  Pressure Technologies plc  Annual Report 2012
Critical accounting judgements continued
Impairment reviews – intangible assets
The Group has acquired, through business combinations and through other acquisitions, intangible assets and capitalised certain assets, 
such as licence agreements and development costs, which are expected to generate revenue in the future but at a reporting period end may 
not have generated significant income at that time. At each reporting period date, the Directors review the likelihood of the assets generating 
income, the period over which this is likely to be achieved and the potential income that can be generated. Where it is probable the future 
fair value of income will be in excess of capitalised costs the assets are held within the balance sheet at cost. Where this is not the case, an 
impairment charge will be recorded to adjust the assets to fair value.
Key sources of estimation uncertainty 
Inventory provisions
The Directors have reviewed the level of inventory provisions carried against inventory in the light of outstanding current and anticipated 
customer orders. The future realisation of carrying amounts is affected by whether the anticipated level of orders is achieved.
Basis of consolidation
The Group financial statements consolidate those of the Company and all of its subsidiary undertakings drawn up to 29 September 2012 
(2011: to 1 October 2011). Subsidiaries are all entities over which the Group has the power to control the financial and operating policies. 
The Group obtains and exercises control through voting rights. The consolidated financial statements of the Group incorporate the financial 
statements of the parent Company as well as those entities controlled by the Group by full consolidation.
Intra-group balances and transactions, and any unrealised gains or losses arising from intra-group transactions, are eliminated in preparing 
the consolidated financial statements.
Business combinations and goodwill
The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of 
assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising 
from a contingent consideration arrangement. Acquisition costs are expensed as incurred.
The Group recognises identifiable assets acquired and liabilities assumed, including contingent liabilities, in a business combination regardless 
of whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets acquired and liabilities 
assumed are generally measured at their acquisition-date fair values, which are also used as the bases for subsequent measurement in 
accordance with the Group accounting policies.
Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of:
• fair value of consideration transferred;
• the recognised amount of any non-controlling interest in the acquiree; and
• acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. 
 
If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (ie gain on a bargain purchase) is recognised  
in profit or loss immediately.
Contingent consideration is recognised at its acquisition date fair value. Subsequent changes to this fair value resulting from events after the 
acquisition date are recognised through profit or loss.
Revenue
Revenue is measured by reference to the fair value of consideration received or receivable and arises from the sales of goods and services 
provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes. Revenue from the sale of goods is 
recognised when the significant risks and rewards of ownership have been transferred to the buyer, which may be the date the goods are 
despatched to the customer, completion of the product or the product being ready for delivery based on specific contract terms; when the 
amount of revenue can be measured reliably; and when it is probable that the economic benefits associated with the transaction will flow to 
the Group.
ACCOUNTING POLICIES CONTINUED 33  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
Revenue continued
Cylinders
In respect of revenue recognition within the Cylinders segment, revenue is recognised when the goods in question have finished production 
and passed any applicable factory and customer acceptance tests. Goods may not always have been despatched for revenue to be recognised 
provided the above criteria have been met.
Revenue from services provided by the Group, which does not represent a significant portion of the total revenue, is recognised when the 
outcome of the transaction can be estimated reliably and the Group has performed its obligations and, in exchange, obtained the right to 
consideration.
Engineered Products
In applying the above policy, revenue is recognised in the Engineered Products segment when production is complete, the goods are ready 
to be despatched and substantially all the risks and rewards associated with the product have passed to the customer. In the vast majority of 
cases, despatch takes place as soon as production has been completed.
Alternative Energy
Revenue is recognised in the Alternative Energy segment when the equipment has been installed and all tests of the equipment installed by 
the Group have been passed.
Share-based employee remuneration 
The Group operates equity-settled share-based remuneration plans for some of its employees. The Group’s plan does not feature any options 
for a cash settlement. 
All services received in exchange for the grant of any share-based payment are measured at their fair values. Where employees are rewarded 
using share-based payments, the fair values of employees’ services are determined indirectly by reference to the fair value of the instrument 
granted to the employee. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions (for example, 
profitability and sales growth targets). 
All share-based remuneration is ultimately recognised as an expense in profit or loss with a corresponding credit to the profit and loss 
reserve. 
 
If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of 
the number of share options expected to vest. Non-market vesting conditions are included in assumptions about the number of options that 
are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected 
to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made 
to any expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting. Upon exercise 
of share options, the proceeds received net of any directly attributable transaction costs up to the nominal value of the shares issued are 
allocated to share capital with any excess being recorded as additional paid-in capital.
The cancellation of equity-settled share based payments is accounted for as an acceleration of vesting.
Dividends
Interim dividends are charged in the period in which they are paid. Final dividends are only provided when approved by the shareholders.
 
Property, plant and equipment 
Plant and equipment is stated at cost, net of depreciation and any provision for impairment. Depreciation is applied on a straight-line basis so 
as to reduce the assets to their residual values over their estimated useful lives. The rates of depreciation used are:
Plant and machinery 4 – 15 years
The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying amount of 
the asset and is recognised in the consolidated statement of comprehensive income. 34  Pressure Technologies plc  Annual Report 2012
ACCOUNTING POLICIES CONTINUED
Intangible assets
Licence and distribution agreement
Intangible assets are recorded at cost, net of amortisation and any provision for impairment. The Group’s licence and distribution agreement 
is being amortised over 15 years, being the period over which the Directors have assessed that significant revenues will be generated. 
Development costs
Development costs are recognised at cost, net of amortisation or provision for impairment, where the recognition requirements under IAS38 
Intangible assets are met. These are:
• it is probable that the future economic benefits that are attributable to the asset will flow to the enterprise;
• the project is technically and commercially feasible;
• the Group intends to and has sufficient resources to complete the projects;
• the Group has the ability to use or sell the asset; and
• the cost of the asset can be measured reliably.
These costs are capitalised up to the point development is complete and the asset is then amortised over the period which the asset is 
expected to generate income. If at any point the development costs fail to meet the recognition requirements of IAS 38, the costs are 
expensed through the statement of comprehensive income.
Intangible assets acquired as part of a business combination
In accordance with IFRS 3 ‘Business Combinations’, an intangible asset acquired in a business combination is deemed to have a cost to the 
Group of its fair value at the acquisition date. The fair value of an intangible asset reflects market expectations about the probability that the 
future economic benefits embodied in the asset will flow to the Group.
Such intangible assets are amortised on a straight-line basis over their estimated useful lives as follows:
Customer order book  Over life of the order book – typically 1 year
Non-contractual customer relationships  5 years
Impairment testing of non-current assets
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows  
(cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level.  
An impairment loss is recognised for the amount by which the assets or cash-generating unit’s carrying amount exceeds its recoverable 
amount. The recoverable amount is the higher of fair value, reflecting market conditions less costs to sell, and value in use based on an 
internal discounted cash flow evaluation.
Leased assets
In accordance with IAS 17 ‘Leases’, the economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially all 
the risks and rewards related to the ownership of the asset. The related asset is recognised at the inception of the lease at its fair value or, 
if lower, the present value of the lease payments. A corresponding liability is recognised where the interest element of the lease payments 
represents a constant proportion of the capital balance outstanding and is charged to profit or loss over the period of the lease. 
All other leases are treated as operating leases. Payments under operating leases are charged to the consolidated statement of 
comprehensive income on a straight-line basis over the term of the lease. Lease incentives are spread over the term of the lease. Benefits 
received as an incentive to enter into an operating lease are spread over the lease term on a straight line basis.
 
Inventories
Inventories are stated at the lower of cost and net realisable value, on a first in first out basis. Cost includes materials, direct labour and an 
attributable proportion of manufacturing overheads based on normal levels of activity. Net realisable value is based on the estimated sales price 
after allowing for all further costs of completion and disposal. Provision is made for obsolete, slow-moving or defective items where appropriate.
Income taxes
The tax expense represents the sum of the tax currently payable and deferred tax. Current tax is the tax currently payable based on taxable 
profit for the year.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference 
between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition 
of goodwill nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or 
accounting profit. Deferred tax on temporary differences associated with shares in subsidiaries is not provided if reversal of these temporary 
differences can be controlled by the Group and it is probable that reversal will not occur in the foreseeable future. In addition, tax losses 
available to be carried forward as well as other income tax credits to the Group are assessed for recognition as deferred tax assets. 35  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
Income taxes continued
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that 
the underlying deductible temporary differences will be able to be offset against future taxable income. Current and deferred tax assets 
and liabilities are calculated at tax rates that are expected to apply to their respective periods of realisation, provided they are enacted or 
substantively enacted at the balance sheet date.
Changes in deferred tax assets and liabilities are recognised as a component of tax expense in the consolidated statement of comprehensive 
income, except where they relate to items that are charged or credited directly to equity in which case the related deferred tax is also charged 
or credited directly to equity.
Accounting for financial assets 
The Group has financial assets in the following categories: 
• loans and receivables (trade and other receivables, cash and cash equivalents);
• financial assets at fair value through profit or loss (derivative financial instruments).
Financial assets are assigned to the different categories on initial recognition, depending on the characteristics of the instrument and 
its purpose. A financial instrument’s category is relevant for the way it is measured and whether any resulting income and expenses are 
recognised in profit or loss or directly in equity.
All financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets other 
than those categorised as at ‘fair value through profit or loss’ are recognised at fair value plus transaction costs. Financial assets categorised  
as at fair value through profit or loss are recognised initially at fair value with transaction costs expensed through the consolidated statement 
of comprehensive income. Changes in fair value due to subsequent measurement are recognised in profit or loss.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After 
initial recognition, these are measured at amortised cost using the effective interest method, less provision for impairment. Impairment is 
considered where the balances are past due or where there is other evidence that a counterparty may default. Any gains or losses arising as 
a result of the impairment review are recognised in profit or loss. Pressure Technologies plc’s trade and most other receivables fall into this 
category of financial instrument. Discounting on loans and receivables is omitted where the effect is immaterial. However, where it is required, 
the asset is held at fair value after discounting and the difference is recognised in the profit and loss account under financing costs. Long term 
retentions due on contracts are the main balances where such treatment is required.
Receivables are considered for impairment on a case-by-case basis. 
Accounting for financial liabilities 
Financial liabilities represent a contractual obligation for the Group to deliver cash or other financial assets. Financial liabilities are initially 
recognised at fair value, net of issue costs, when the Group becomes a party to the contractual agreements of the instrument. All interest-
related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included in the consolidated 
statement of comprehensive income line items “finance costs” or “finance income”. The Group’s financial liabilities include borrowings, trade 
and other payables, and derivative financial instruments. After initial recognition, all but the latter are measured at amortised cost using the 
effective interest rate method.
Derivative financial instruments
The Group has derivative financial instruments that are carried at fair value through profit or loss. The Group does not hedge account for 
these items.
Any gain or loss arising from derivative financial instruments is based on changes in fair value, which is determined by direct reference to 
active market transactions or using a valuation technique where no active market exists. The Group has foreign currency forward contracts 
that fall into this category.
Cash and cash equivalents 
Cash and cash equivalents comprise cash in hand and demand deposits, together with other short-term, highly liquid investments that are 
readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts, where 
they form an integral part of the Group’s cash management. 36  Pressure Technologies plc  Annual Report 2012
ACCOUNTING POLICIES CONTINUED
Equity and reserves
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity 
instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Share premium represents premiums 
received on issuing of share capital. Retained earnings include all current and prior year results as disclosed in the consolidated statement of 
comprehensive income and reserves note.
The translation reserve is used to record foreign exchange translation differences that occur as a result of the translation of overseas 
subsidiary undertakings’ financial statements into the presentation currency of the consolidated financial statements.
Retained earnings include all current and prior period results as disclosed in the consolidated statement of comprehensive income.
Foreign currency translation 
Foreign currency transactions are translated into the functional currency (being the currency of the primary economic environment in which 
the entity operates) of the respective Group entity, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). 
Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-measurement of monetary balance 
sheet items at year-end exchange rates are recognised in the consolidated statement of comprehensive income. Non-monetary items carried 
at fair value that are denominated in foreign currencies are translated at rates prevailing at the date when the fair value was determined.  
Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. 
Pounds Sterling is the functional currency of the Group and the parent company and the presentational currency of the consolidated  
financial statements.
The results of overseas subsidiary undertakings are translated at the average exchange rate (being an approximation to the rate at the 
date of transactions throughout the year) and the balance sheets of such undertakings are translated at the year-end exchange rates. 
Exchange differences arising on the retranslation of opening net assets of overseas subsidiary undertakings are charged/credited to other 
comprehensive income and recognised in the translation reserve in equity. On disposal of a foreign operation the cumulative translation 
differences are transferred to the consolidated statement of comprehensive income as part of the gain or loss on disposal.
 
Grants
Grants are recognised where there is reasonable assurance that the entity complies with the conditions attached to them. Grants relating to 
property, plant and equipment are treated as deferred income and released to the consolidated statement of comprehensive income over the 
expected useful lives of the assets concerned. Other grants are credited to the consolidated statement of comprehensive income in the same 
period as the related expenditure is incurred.
Pensions
The Group operates defined contribution schemes with costs being charged to the consolidated statement of comprehensive income in the 
period to which they relate.
Segment reporting
IFRS 8 requires operating segments to be identified on the basis of the internal reports about operating units of the Group that are regularly 
reviewed by the Chief Executive to allocate resources and to assess their performance. The Group operates three operating segments which 
represent the main products and services provided by the Group:
• Cylinders: the design, manufacture and reconditioning of seamless high pressure gas cylinders.
• Engineered products: the manufacture of precision engineered valve components, air operated high pressure hydraulic pumps, gas 
boosters, power packs, hydraulic control panels and test rigs.
• Alternative energy: marketing, selling and manufacture of biogas upgrading equipment to produce high purity biomethane.
Each of these operating segments is managed separately as each requires different technologies, resources and marketing approaches.
The measurement policies used by the Group for segment reporting are the same as those used in its financial statements. Amortisation 
of intangible assets arising from business combinations and fair value adjustments arising from business combinations are allocated to the 
operating segment to which they relate.
In addition, corporate overheads and assets not directly related to the business activities of any operating segment are not allocated to  
a segment. 37  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Segment analysis
The financial information by segment detailed below is frequently reviewed by the Chief Executive.
  Engineered Alternative Unallocated
 Cylinders Products Energy amounts** Total
For the period ended 29 September 2012 £’000 £’000 £’000 £’000 £’000
Revenue
– from external customers 16,306 13,912 224 — 30,442
Operating profit/(loss) before acquisition costs  2,303 1,017 (494) (876) 1,950
Acquisition costs* — (190) — — (190)
Operating profit/(loss) 2,303 827 (494) (876) 1,760
Net finance income/(costs) 26 (8) — — 18
Profit/(loss) before tax 2,329 819 (494) (876) 1,778
Segmental net assets*** 6,815 7,703 1,632 (95) 16,055
Other segment information:
Capital expenditure 446 275 6 — 727
Depreciation 275 331 33 — 639
Amortisation 224 190 70 — 484
  Engineered Alternative Unallocated
 Cylinders Products Energy amounts** Total
Period ended 1 October 2011 £’000 £’000 £’000 £’000 £’000
Revenue
– from external customers 11,052 11,161 916 — 23,129
– from other segments 209 — — (209) —
Segment revenues 11,261 11,161 916 (209) 23,129
Operating profit/(loss) before acquisition costs 1,440 1,048 (456) (1,001) 1,031
Acquisition costs* — (382) — — (382)
Operating profit/(loss) 1,440 666 (456) (1,001) 649
Net finance income/(costs) (55) (21) 1 4 (71)
Profit/(loss) before tax 1,385 645 (455) (997) 578
Segmental net assets*** 6,932 6,486 1,719 401 15,538
Other segment information:
Capital expenditure 504 411 232 — 1,147
Depreciation 248 248 22 — 518
Amortisation 10 288 83 — 381
*Acquisition costs include the amortisation of intangible assets acquired through an acquisition and fees associated with acquiring the entity.
**Unallocated amounts include central costs, central assets and unallocated consolidation adjustments. 
***Segmental net assets comprise the net assets of each division adjusted to reflect the elimination of the cost of investment in subsidiaries 
and the provision of financing loans provided by Pressure Technologies plc. 38  Pressure Technologies plc  Annual Report 2012
1. Segment analysis continued
The following table provides an analysis of the Group’s revenue by geographical destination. 
    2012 2011
Revenue    £’000 £’000
United Kingdom    10,307 11,828
Europe    4,275 4,850
Rest of the World    15,860 6,451
    30,442 23,129
The Group’s largest customer contributed 38% to the Group’s revenue (2011: 13%) which is reported within the Cylinders segment. No other 
customer contributed more than 10% in the year to 29 September 2012.
The second largest customer in the year to 1 October 2011 contributed 12% to the Group’s revenue which is reported within the Engineered 
Products segment. No other customer contributed more than 10% in the year to 1 October 2011.
The following table provides an analysis of the Group’s revenue by market. 
    2012 2011
Revenue    £’000 £’000
Oil and gas    24,051 15,402
Defence    2,190 4,472
Industrial gases    3,888 2,339
Alternative energy    313 916
    30,442 23,129
The following table provides an analysis of the carrying amount of segment assets, additions to property, plant and equipment for 2012. 
   United Rest of
   Kingdom the World Total
   £’000 £’000 £’000
Total assets   24,217 1,013 25,230
Additions to property, plant and equipment   706 21 727
There were no additions of intangible assets for 2012.
The following table provides an analysis of the carrying amount of segment assets, additions to property, plant and equipment and intangible 
assets for 2011. 
   United  Rest of
   Kingdom the World Total
   £’000 £’000 £’000
Total assets   22,786 780 23,566
Additions to property, plant and equipment   1,147 — 1,147
Additions to intangible assets   1,800 — 1,800
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 39  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
2. Finance income
    2012 2011
    £’000 £’000
Interest receivable on bank deposits    2 8
Fair value discounting adjustment on loans and receivables (note 16)    25 —
    27 8
3. Finance costs
    2012 2011
    £’000 £’000
Interest payable on bank loans and overdrafts    (3) (18)
Interest payable on finance leases    (6) (5)
Fair value discounting adjustment on loans and receivables (note 16)    — (56)
    (9) (79)
4. Profit before taxation
Profit before taxation is stated after charging/(crediting):
    2012 2011
    £’000 £’000
Depreciation of property, plant and equipment – owned assets    624 481
Depreciation of property, plant and equipment – assets under finance lease and hire purchase agreements  15 37
Profit on disposal of fixed assets    (1) —
Acquisition costs – fees    — 94
Amortisation of intangible assets  – arising on a business combination    190 288 
– licence and distribution agreement     70 83 
– development costs    50 10
Impairment of intangible assets – development costs    174 —
Amortisation of grants receivable    (37) (32)
Staff costs (see note 7)    6,485 5,761
Cost of inventories recognised as an expense    15,019 11,422
Operating lease rentals:
– Land and buildings    624 531
– Machinery and equipment    44 54
Foreign currency loss     134 7
Fair value of derivative financial instruments    23 (21)
5. Auditor’s remuneration
    2012 2011
    £’000 £’000
Fees payable to the Company’s Auditor for the audit of the financial statements    14 11
Fees payable to the Company’s Auditor and its associates for other services:
– Audit of the Company’s subsidiaries pursuant to legislation    39 34
Fees payable to the Group’s Auditor for non-audit services:
– Tax services    13 13
– Review of Interim Financial Statements    10 11
– Other services    5 4 40  Pressure Technologies plc  Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
6. Directors’ emoluments
Particulars of Directors’ emoluments are as follows:
       Employers Employers
       national national
 Salary and    Total Total insurance insurance
 fees Benefits Bonus Pension 2012 2011 2012 2011
 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Non-Executive:
RL Shacklady  30 — — — 30 29 — —
NF Luckett 20 — — — 20 17 2 2
PS Cammerman 20 — — — 20 17 2 2
Executive:
JTS Hayward 122 1 — 13 136 127 16 14
TJ Lister 102 2 — 11 115 103 13 12
Total emoluments 294 3 — 24 321 293 33  30
All the payments shown for RL Shacklady were paid to RLS Associates, a partnership which he controls.
The number of Directors who are accruing benefits under money purchase pension arrangements is two (2011: two). The Directors’ interests 
in share options are given in the Directors’ Report.
The Group believes that the Directors of Pressure Technologies plc are the only key management personnel under the definition of IAS 24 
‘Related party disclosures’.
In addition to the above, Directors have received dividends during the year as follows: 
    Total Total
    2012 2011
    £’000 £’000
Non-Executive:
RL Shacklady     5 4
NF Luckett    4 4
PS Cammerman    2 2
Executive:
JTS Hayward    73 72
TJ Lister    — —
Total dividends paid to Directors    84 82
7. Employee costs
Particulars of employees, including Executive Directors:
    2012 2011
    £’000 £’000
Wages and salaries    5,729 5,110
Social security costs    545 487
Other pension costs    155 143
Share based payments    56 21
    6,485 5,761
The average monthly number of employees (including Executive Directors) during the period was as follows:
    2012 2011
    No. No.
Production    140 128
Selling and distribution    19 19
Administration    18 18
    178 165 41  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
8. Taxation
    2012 2011
    £’000 £’000
Current tax 
Current tax expense     578 227
(Over)/Under provision in prior years    (2) 19
    576 246
Deferred tax
Origination and reversal of temporary differences     (76) (69)
Under provision in prior years    6 —
Total taxation charge    507 177
Corporation tax is calculated at 25% (2011: 27%) of the estimated assessable profit for the period. Deferred tax is calculated at 23% (2011: 26%).
The charge for the period can be reconciled to the profit per the consolidated statement of comprehensive income as follows:
    2012 2011
    £’000 £’000
Profit before taxation     1,778 578
Theoretical tax at UK corporation tax rate 25% (2011: 27%)    444 156
Effects of: 
– non-deductible expenses    (2) 5
– adjustments in respect of prior years     4 19
– effect of unrealised overseas losses     64 —
– change in taxation rates    (3) (3)
Total taxation charge    507 177
9. Earnings per ordinary share
Basic and diluted earnings per share have been calculated based on the net profit or loss attributable to ordinary shareholders and the 
weighted average number of ordinary shares in issue during the period.
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average 
number of shares in issue during the period.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares on the 
assumed conversion of all dilutive options. 
    2012 2011
    £’000 £’000
Profit after tax    1,271 401
    No. No.
Weighted average number of shares – basic    11,350,099 11,342,907
Dilutive effect of share options     — 21,215
Weighted average number of shares – diluted    11,350,099 11,364,122
Basic earnings per share     11.2p  3.5p
Diluted earnings per share     11.2p 3.5p 42  Pressure Technologies plc  Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
10. Dividends
The following dividend payments have been made on the ordinary 5p Shares in issue:
   Shares 2012 2011
 Rate Date in issue £’000 £’000
Final 2009/10 4.8p 11 March 2011 11,349,544 —  544
Interim 2010/11 2.4p 10 August 2011 11,349,544 —  272
Final 2010/11 4.8p 9 March 2012 11,356,199 545 —
Interim 2011/12 2.5p 6 August 2012 11,356,199 284 —
    829 816
At 29 September 2012, the 2011/12 final dividend had not been approved by Shareholders and consequently this has not been included as a 
liability. The proposed dividend of 5.0p per share is expected to be paid on 8 March 2013 at a total cost of £568,000.
11. Goodwill
     Total
     £’000
Cost 
At 2 October 2010     272
Additions     1,692
At 1 October 2011 and 29 September 2012     1,964
     Original
    Date of cost
Engineered Product division    acquisition £’000
Al-Met Limited    February 2010 272
The Hydratron Group    October 2010 1,692
     1,964
Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the identifiable net 
assets acquired. The Group has two separate cash generating units (CGUs) both held within the Engineered Product division, Al Met Limited 
and The Hydratron Group.
The Group tests annually for impairment or more frequently if there are indicators that goodwill might be impaired. 
The recoverable amounts of the cash generating units (CGUs) are determined from value in use calculations, covering a four year forecast and 
applying a discount rate of 7.5% which equates to the Group’s weighted average cost of capital. The same discount rate is used for both CGUs 
due to the similarities of the businesses.
The forecast for year one is the forecast approved by management and used within the Group. The forecasts used for years two to four are 
conservative, with no assumed growth on year one cash flow figures and have been based on the extrapolated year one forecast. No terminal 
value has been assumed in this calculation. 
Management’s key assumptions are based on their past experience and future expectations of the market over the longer term.
The key assumptions for the value in use calculations are those regarding discount rates, growth rates and expected changes to selling prices 
and direct costs.
Apart from the considerations described in determining the value-in-use of the cash generating unit above, the Group management does  
not believe that possible changes on the assumptions underlying the value in use calculation would have an impact on the carrying value  
of goodwill.
After applying sensitivity analysis in respect of the results and future cash flows, in particular for presumed growth rates and discount rates, 
management believe that no impairment is required. Management is not aware of any other changes that would necessitate changes to its  
key estimates.
  43  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
12. Intangible assets
 Licence and   Non contractual
 distribution Development Customer customer
 agreement expenditure order book relationships Total
 £’000 £’000 £’000 £’000 £’000
Cost
At 2 October 2010 400 — 107 261 768
Additions 800 234 90 676 1,800
At 1 October 2011 and 29 September 2012 1,200 234 197 937 2,568
Amortisation
At 2 October 2010 100 — 90 35 225
Charge for the period 83 10 107 181 381
At 1 October 2011 183 10 197 216 606
Charge for the period  70 50 — 190 310
Impairment losses — 174 — — 174
At 29 September 2012 253 234 197 406 1,090
         
Net book value
At 29 September 2012 947 — — 531 1,478
         
At 1 October 2011 1,017 224 — 721 1,962
         
An impairment loss of £174,000 (2011: £nil) was recognised for development expenditure reducing the value to £nil at the year end. All 
amortisation and impairment charges are included in the consolidated statement of comprehensive income. 
 
13. Property, plant and equipment
     Plant and
     machinery
     £’000
Cost
At 2 October 2010     6,216
Additions     1,147
Acquisitions     275
At 1 October 2011     7,638
Additions     727
Disposals     (593)
At 29 September 2012     7,772
Depreciation
At 2 October 2010     2,471
Charge for the period     518
At 1 October 2011     2,989
Charge for the period     639
Disposed of in the period     (510)
At 29 September 2012     3,118
Net book value
At 29 September 2012     4,654
At 1 October 2011     4,649
Included within the net book value of £4,654,000 is £159,000 (2011: £274,000) relating to assets held under finance lease agreements. The 
depreciation charged to the financial statements in the period in respect of such assets amounted to £15,000 (2011: £37,000). 44  Pressure Technologies plc  Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
14. Subsidiaries
A list of the significant investments in subsidiaries, including the name, country of incorporation and proportion of ownership interest, is given 
in note 4 to the Parent Company’s separate financial statements as listed on page 56.
15. Inventories
    2012 2011
    £’000 £’000
Raw materials and consumables    4,002 3,014
Work in progress    2,920 1,998
    6,922 5,012
Included in the total net value above are gross inventories of £751,000 (2011: £835,489) over which provisions have been made of £528,000 
(2011: £519,000).
16. Trade and other receivables
    2012 2011
    £’000 £’000
Current
Trade receivables    6,194 5,826
Other receivables    113 46
Prepayments and accrued income    950 599
    7,257 6,471
    2012 2011
    £’000 £’000
Non-current
Accrued income    152 324
    152 324
Included in non-current accrued income are debts not due for settlement for a number of years. Management has reviewed the book  
value of these assets and applied discounting to reduce the balances by £31,000 (2011: £56,000) to a fair value of £152,000 (2011: £324,000). 
The release during the year was £25,000 (2011: charge of £56,000).
The average credit period taken on the sale of goods and services was 54 days (2011: 83 days) in respect of the Group. Two debtors 
accounted for over 10% of trade receivables and represented 21% and 13% of the total balance. In 2011, three debtors accounted for  
over 10% of trade receivables and represented 11%, 10% and 10% of the total balance respectively. 
Ageing of past due but not impaired receivables:
    2012 2011
    £’000 £’000
Days past due:
0 – 30 days    859 1,002
31 – 60 days    381 218
61 – 90 days    — 31
91 – 120 days     11 —
121+ days    38 520
Total    1,289 1,771 45  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
17. Derivative financial instruments
    2012 2011
    £’000 £’000
Derivatives carried at fair value not recognised for hedge accounting
– Forward foreign currency contracts     23  —
Liability     23 —
18. Trade and other payables
    2012 2011
    £’000 £’000
Amounts due within 12 months
Trade payables    2,977 2,271
Other tax and social security    227 222
Deferred consideration     — 800
Accruals and deferred income    4,447 2,967
Total due within 12 months    7,651 6,260
Amounts due after 12 months
Other payables    348 376
Deferred income    307 368
Total due after 12 months    655 744
Other payables due after 12 months relate to rental lease incentives, the benefits of which are spread over the life of the lease.
Deferred income due after 12 months relates to grant income received. There are no unfulfilled conditions or other contingencies attached to 
these grants.
19. Borrowings
    2012 2011
    £’000 £’000
Secured borrowings
Net obligations under finance leases    6 42
Amounts due for settlement within 12 months    6 33
Amounts due for settlement after 12 months    — 9
The maturity profile of long-term loans is as follows:
    2012 2011
    £’000 £’000
Due within one year    6 33
Due within one to two years    — 9
    6 42
Obligations under finance leases are secured on the assets to which they relate.
The un-drawn committed borrowing facility and principal features of the Group’s borrowings are described in note 20 of these financial 
statements. 46  Pressure Technologies plc  Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
20. Financial instruments
Capital risk management
Pressure Technologies plc’s capital management objectives are to ensure the Group’s ability to continue as a going concern and to provide an 
adequate return to shareholders through the payment of dividends.
The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 19, cash and cash equivalents and 
equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the consolidated 
statement of changes in equity.
    2012 2011
    £’000 £’000
Debt    (6) (42)
Cash and cash equivalents     2,693 2,939
Net cash    2,687 2,897
Equity    16,055 15,538
Debt is defined as long and short-term borrowings, as detailed in note 19. Equity includes all capital and reserves of the Group attributable to 
equity holders of the parent.
The Group is not subject to externally imposed capital requirements, other than the minimum capital requirements and duties regarding a 
serious reduction of capital, as imposed by the Companies Act 2006 on all public limited companies.
The Group held the following categories of financial instruments:
    2012 2011
    £’000 £’000
Financial assets
Loans and receivables:
– Trade receivables    6,194 5,826
– Other receivables    113 46
– Cash and cash equivalents     2,693 2,939
    9,000 8,811
Financial liabilities
Fair value through profit and loss (FVTPL)
– Derivative instrument – forward currency contract not recognised for hedge accounting   23 —
Trade and other payables – held at amortised cost
– Trade payables    2,977 2,271
– Accruals     1,476 998
Borrowings – at amortised cost    6 42
Deferred consideration    — 800
    4,482 4,111
The fair value of the financial instruments set out above is not materially different from their book value. 47  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
20. Financial instruments continued
Financial risk management objectives
Management monitor and manage the financial risks relating to the operations of the Group through regular reports to the Board. These risks 
include currency risk, interest rate risk, credit risk and liquidity risk.
The Group seeks to minimise the effects of currency risk by using derivative financial instruments. The use of financial derivatives is governed 
by the Group’s policies on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial 
instruments and the investment of excess liquidity. The Group does not enter into or trade financial instruments, including derivative financial 
instruments, for speculative purposes. Whilst the Group enters into forward currency contracts during the period to mitigate foreign currency 
risk, it does not apply hedge accounting. 
Market risk
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates, particularly in US Dollars and 
Euros, and interest rates. The Group enters into derivative financial instruments to manage its exposure to foreign currency risk. The level of 
long term borrowings in place at the year end is not significant to the Group.
Foreign currency risk management
The Group purchases its principal raw materials in US Dollars, Euros and Pounds Sterling and receives payment for its products in Euros, 
US Dollars and Pounds Sterling. After netting off foreign currency receipts and payments, there is a net exposure to the risk of currency 
movements both in US Dollars and Euros. Where necessary, the net exposure is hedged using forward contracts.
The carrying amounts of the Group’s foreign currency denominated monetary financial assets and monetary financial liabilities at the reporting 
date are as follows:
  Financial Financial Financial Financial
  assets assets liabilities liabilities
  2012 2011 2012 2011
  £’000 £’000 £’000 £’000
Australian Dollar  — 6 — 73
Euro  2,796 2,303 2,695 1,555
Norwegian Krone  6 4 — —
US Dollar  487 565 290 456
  3,289 2,878 2,985 2,084
Foreign currency sensitivity analysis
The Group’s exposure to a 10% exchange rate movement on its foreign currency denominated financial assets and financial liabilities is as 
follows:
 Australian Australian   Norwegian Norwegian
 Dollar  Dollar Euro Euro Krone Krone US Dollar US Dollar
 currency currency currency currency currency currency currency currency
 impact impact impact impact impact impact impact impact
 2012 2011 2012 2011 2012 2011 2012 2011
 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Profit or loss —  6 9 68 1 — 18 10
The use of a 10% movement in exchange rates is considered appropriate given recent movements in exchange rates.
A substantial amount of the Group’s sales and purchases are made in foreign currencies. The exposure to foreign exchange rates varies 
throughout the year depending on the volume and timing of transactions in foreign currencies. 48  Pressure Technologies plc  Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
20. Financial instruments continued
Fair value hierarchy
Financial instruments carried at fair value are required to be measured by reference to the following levels:
Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or 
indirectly (i.e. derived from prices); and
Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The level within which the financial asset or liability is clarified is determined based on the lowest level of significant input to one fair value 
measurement. The only derivatives entered into by the Group are included in level 2 and consist of foreign currency forward contracts.
Forward foreign exchange contracts
The Group enters into forward foreign exchange contracts to cover specific foreign currency payments and receipts. The Group also 
periodically enters into forward foreign exchange contracts to manage the risk associated with anticipated sales and purchase transactions 
out to between 6-12 months. The Group does not hedge account for the forward currency exchange contracts.
At 29 September 2012, the Group had contracts outstanding to sell €3.525 million for £2,794,000 (2011: no outstanding forward  
exchange contracts).
The fair value of forward foreign exchange contracts at 29 September 2012 gave rise to a loss of £23,000 (2011: profit/loss of £nil).
Interest rate risk management
Surplus cash is placed on short-term deposit.
If interest rates had been 0.5% higher/lower and all other variables were held constant, the impact on the results in the consolidated 
statement of comprehensive income and equity would be an increase/decrease of £14,000 (2011: £11,000).
Price risk management
Where possible the Group enters into contracts incorporating price escalation clauses to mitigate any significant exposure to material  
price risk.
Credit risk management
The Group’s credit risk is primarily attributable to its trade receivables. The two largest customers within trade receivables account for 34% 
(2011: 21%) of debtors. Management continually monitor this dependence on the largest customers and are continuing to seek acquisitions 
and are also developing new products, customers and markets to reduce this dependence. Credit risk is managed by monitoring the 
aggregate amount and duration of exposure to any one customer. The Group’s management estimate the level of allowances required for 
doubtful debts based on prior experience and their assessment of the current economic environment. The Group’s maximum exposure to 
credit risk is limited to the carrying value of financial assets recognised at the period end. The Group’s management considers that all financial 
assets that are not impaired or past due are of good credit quality.
The credit risk on liquid funds is minimized by using counterparty banks with high credit-ratings assigned by international credit-rating 
agencies. 
Liquidity risk management
The Group manages liquidity risk by maintaining adequate reserves and banking facilities, by continuously monitoring forecast and actual cash 
flows and by matching the maturity profiles of financial assets and liabilities.  49  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
20. Financial instruments continued
At 29 September 2012 the Group’s liabilities have contractual maturities summarised below:
 Current 
 within Current Non-current Less future Total net
 6 months 6-12 months 1 to 5 years interest payable
2012 £’000 £’000 £’000 £’000 £’000
Trade and other payables 6,733 — 691 — 7,424
Amounts due under hire purchase agreements 6 — — — 6
 6,739 — 691 — 7,430
 Current
 within Current Non-current Less future Total net
 6 months 6-12 months 1 to 5 years interest payable
2011 £’000 £’000 £’000 £’000 £’000
Trade and other payables 4,698 — 540 — 5,238
Amounts due under hire purchase agreements 21 13 9 (1) 42
Deferred purchase consideration 400 400 — — 800
 5,119 413 549 (1) 6,080
The Group had an un-drawn bank overdraft facility available at 29 September 2012 of £2,000,000 (2011: £2,000,000) which is due for renewal 
on 28 February 2013.
The following amounts have been recognised in the consolidated statement of comprehensive income in respect of derivative financial 
instruments:
    2012 2011
    £’000 £’000
Fair value through profit and loss (FVTPL)
– Derivative instrument – forward currency contract not recognised for hedge accounting   23 (21)
Amounts charged/(credited) to cost of sales within the consolidated statement of comprehensive income  23 (21)
Fair values
The fair values of financial assets and liabilities are determined as follows:
– Outstanding foreign currency exchange contracts are measured using quoted forward exchange rates at the balance sheet date. The Group 
does not hedge account. 
The carrying value and fair value of the financial assets and financial liabilities are considered to be the same except for certain receivables due 
in more than 1 year as explained in note 16. 50  Pressure Technologies plc  Annual Report 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
21. Deferred tax
The following are the major deferred tax assets/(liabilities) recognised by the Group and movements thereon during the current and prior 
reporting period.
   Short term  Operating
 Accelerated tax Intangible temporary Share lease
 depreciation assets differences option costs incentives Total
 £’000 £’000 £’000 £’000 £’000 £’000
At 2 October 2010 (611) (68) 116 9 104 (450)
Hydratron Acquisition (28) (138) — — — (166)
Credit/(charge) to income (51) 104 15 — 1 69
At 1 October 2011 (690) (102) 131 9 105 (547)
Credit/(charge) to income 224 (20) (114) 4 (25) 69
At 29 September 2012 (466) (122) 17 13 80 (478)
The net deferred tax balance has been analysed as follows in the consolidated balance sheet:
    2012 2011
    £’000 £’000
Non-current asset
Deferred tax asset    110 245
Non-current liabilities
Deferred tax liabilities    (588) (792)
    (478) (547)
 
22. Called up share capital
  2012 2011 2012 2011
  No. No. £’000 £’000
Authorised
Authorised ordinary shares of 5p each  15,000,000 15,000,000 750 750
Allotted, issued and fully paid
Ordinary shares of 5p each  11,356,199 11,349,544 568 567
During the year, the Company issued 6,655 ordinary shares at a price of 150p increasing share capital by £332 and share premium £9,650. 
These shares were issued to employees exercising their rights to acquire shares under the company’s SAYE/share option plan. 
23. Share based payments
Save-as-you-earn Scheme
Pressure Technologies plc introduced a share option scheme for all UK based employees of the Group in November 2007. A fourth grant 
of options was made in August 2012. If the options remain unexercised after a period of 3 years and 6 months from the date of the grant, 
the options expire. Options are forfeited if the employee leaves the Group before the options vest. Members of the scheme are required to 
remain employees of the Group and make regular contributions. 
Details of the share options outstanding during the period are as follows:
    2012 2011
    No. No.
Outstanding and exercisable at the beginning of the period     106,815 67,938
Granted during the period    52,440 89,028
Lapsed during the period    (24,063) (2,516)
Exercised during the period    (6,655) (15,920)
Expired during the period    — (31,715)
Outstanding and exercisable at the end of the period    128,537 106,815 51  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
23. Share based payments continued
The exercisable options outstanding at 29 September 2012 had a weighted average exercise price of 150p (2011: 150p) and a weighted 
average remaining contractual life of 2.1 years (2011: 2.5 years). The terms of these options are as follows:
 Options
 outstanding   Market value
 at 29 September Vesting at date of Exercise Exercise
Date of grant 2012 period grant (p) price (p) period
18 August 2009 17,787 3 years 178 150 6 months
28 July 2011 89,028 3 years 160 150 6 months
6 August 2012 50,040 3 years 175 150 6 months
There are no performance conditions that apply to these options other than continued employment.
Pressure Technologies plc Performance Share Plan – Enterprise Management Plan 
On 23 February 2012 options were granted over 53,156 ordinary shares under the rules of the Pressure Technologies plc Performance Share 
Plan – Enterprise Management Plan at an exercise price of 150.5p, being the market value at the date the options were granted. These options 
are exercisable between three and five years following the date of grant. Options are forfeited if the employee leaves the Group before the 
options vest.
Details of the share options outstanding during the period are as follows:
    2012 2011
    No. No.
Outstanding and exercisable at the beginning of the period    73,117 73,117
Granted during the period    53,156 —
Lapsed during the period    (21,505) —
Outstanding and exercisable at the end of the period    104,768 73,117
The exercisable options outstanding at 29 September 2012 had a weighted average exercise price of 190.9p (2011: 232.5p) and a weighted 
average remaining contractual life of 3.2 year (2011: 3 years). The terms of these options are as follows:
Date of grant  Options 
  outstanding  Market value
  at 29 September Vesting at date of Exercise
  2012 period grant (p) price (p)
7 October 2009  73,117 3 – 5 years 232.5 232.5
23 February 2012  53,156 3 – 5 years 150.5 150.5
There are no performance conditions that apply to these options other than continued employment.
Pressure Technologies plc Performance Share Plan – Share Options Plan
On 23 February 2012, options were granted over 73,089 ordinary shares under the rules of the Pressure Technologies plc Performance Share 
Plan – Share Options Plan at an exercise price of 150.5p, being the market value at the date the options were granted. These options are 
exercisable between 3 and 5 years following the date of grant. Options are forfeited if the employee leaves the Group before the options vest.
Details of the share options outstanding during the period are as follows:
    2012 2011
    No. No.
Granted during the period    73,089 —
Outstanding and exercisable at the end of the period    73,089 — 52  Pressure Technologies plc  Annual Report 2012
23. Share based payments continued
The exercisable options outstanding at 29 September 2012 had a weighted average exercise price of 150.5p and a weighted average 
remaining contractual life of 4.4 years. The terms of these options are as follows:
  Options 
  outstanding  Market value
  at 29 September Vesting at date of Exercise
Date of grant  2012 period grant (p) price (p)
23 February 2012  73,089 3 – 5 years 150.5 150.5
There are no performance conditions that apply to these options other than continued employment.
The options granted during the period have been valued using the Black-Scholes model. The inputs into the Black-Scholes model are as 
follows:
   Enterprise  Share 
   Management Options Save-As
Scheme:   Plan  Plan -You-Earn
Date granted:   23/02/12 23/02/12 06/08/12
Weighted average share price   150.5p 150.5p 175p
Weighted average exercise price    150.5p 150.5p 150p
Expected volatility   58% 58% 45%
Expected life   3-5 years 3-5 years 3 years
Risk free rate   4% 4% 3.5%
Expected dividend yield   3.2%  3.2%  3.7%
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the period since the Group was 
admitted to AIM. The expected option value used in the model has been adjusted, based on management’s best estimate, for the effects of 
non-transferability, exercise restrictions and behavioural considerations. The expected dividend yield was based on the Group’s dividend pay 
out pattern at the date of issue of the options.
The total charge to the consolidated statement of comprehensive income in the period in respect of share-based payments was £56,000 
(2011: £21,000). A deferred tax credit of £10,000 (2011: £nil) was recognised in the consolidated statement of comprehensive income during 
the period in respect of share based payments. 
24. Consolidated cash flow statement
    2012 2011
    £’000 £’000
Profit after tax    1,271 401
Adjustments for:
Finance (income)/costs – net    (18) 71
Depreciation of property, plant and equipment    639 518
Amortisation of intangible assets    484 381
Share option costs    56 21
Income tax expense    507 177
Loss/(profit) on derivative financial instruments    23 (21)
Foreign exchange movement    9 (3)
Profit on disposal of fixed assets    (1) —
Changes in working capital:
Increase in inventories    (1,910) (235)
(Increase)/decrease in trade and other receivables    (589) 1,235
Increase in trade and other payables    2,102 550
Cash flows from operating activities    2,573 3,095
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 53  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
25. Financial commitments
(a) Capital commitments
Commitments for capital expenditure entered into were as follows:
    2012 2011
    £’000 £’000
Contracted for, but not provided in the accounts    — 112
(b) Operating lease commitments
The Group has entered into commercial leases on certain properties, motor vehicles and items of plant and equipment. At the balance sheet 
date, the Group had outstanding commitments for minimum lease payments under non-cancellable operating leases, which fall due as 
follows:
    2012 2011
    £’000 £’000
Land and buildings, leases expiring:
Within one year    624 601
In the second to fifth years inclusive    2,624 2,571
After more than five years    2,167 2,844
    5,415 6,016
Other assets, leases expiring:
Within one year    44 43
In the second to fifth years inclusive    35 23
    79 66
The operating lease commitment on land and buildings includes the following significant commitments:
• a 15 year lease commenced on 1 July 2005 with rent reviews every five years on the Group factory and offices at Meadowhall, Sheffield;
• a secondary 15 year lease commenced on the same date with rent reviews every five years for the end bay at Meadowhall, Sheffield;
• a third lease was entered into on 7 February 2010, expiring on the same date as the two leases above, for new offices at the above address;
• a 15 year lease for Al-Met Limited’s property commenced on 10 November 2010 with rent reviews at the end of year 5 and year 10 of the 
term; and
• Hydratron Limited’s 10 year property lease commenced on 28 October 2010 and has a rent review at the end of year 5. 54  Pressure Technologies plc  Annual Report 2012
    2012 2011
   Notes £’000 £’000
Fixed assets
Investments   4 6,344 6,687
    6,344 6,687
Current assets
Debtors   5 5,528 4,097
Cash at bank and in hand    75 640
    5,603 4,737
Creditors: amounts falling due within one year   6 (338) (1,354)
Net current assets    5,265 3,383
 
Net assets    11,609 10,070
Capital and reserves
Called up share capital   7 568 567
Share premium account   8 5,378 5,369
Equity – non distributable   8 85 50
Profit and loss account   8 5,578 4,084
Equity shareholders’ funds   9 11,609 10,070
 
The accounting policies and notes on pages 55 to 57 form part of these financial statements.
Approved by the Board on 4 December 2012 and signed on its behalf by:
JTS Hayward
Director
COMPANY BALANCE SHEET
As at 29 September 2012 55  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
1. Accounting policies
These financial statements have been prepared under the historical cost convention and in accordance with applicable UK accounting 
standards and the Companies Act 2006. Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to 
present its own profit and loss account. The profit for the financial year dealt within the financial statements of the holding Company was 
£2,302,000 (2011: £2,021,000).
Investments
Investments in subsidiary undertakings are stated at cost subject to provision for impairment where the underlying business does not support 
the carrying value of the investment. Where the ownership of investments has been transferred between Group undertakings, this has been 
accounted for at nominal value under the provisions of merger relief.
Pensions
The Company makes contributions to a defined contribution scheme with costs being charged to the profit and loss account in the period to 
which they relate.
Share based payments
The share option programme allows Pressure Technologies plc to grant options to Group employees to acquire shares in Pressure 
Technologies plc. The fair value is measured at the date of granting the options and spread over the period during which the employees 
become unconditionally entitled to the options. The fair value of the options granted is measured using an option valuation model, taking 
into account the terms and conditions upon which the options were granted. The amount recognised as fair value is adjusted to reflect the 
actual number of share options that vest except where forfeiture is due only to share prices not achieving the threshold for vesting. Deferred 
taxation is recognised over the vesting period.
Where the individuals are employed by the parent Company, the fair value of options granted is recognised as an employee expense with a 
corresponding increase in equity. Where the individuals are employed by a subsidiary undertaking, the fair value of options to purchase shares 
in the Company that have been issued to employees of subsidiary companies is recognised as an additional cost of investment by the parent 
Company. An equal amount is credited to other equity reserves. 
2. Employees
Average weekly number of employees, including Executive Directors:
    2012 2011
    Number Number
Administration     5 4
Staff costs, including Directors: 
    2012 2011
    £’000 £’000
Wages and salaries    389 351
Social security costs    46 35
Other pension costs    39 19
Share based payments    21 12
    495 417
Further details of Directors’ remuneration are provided in note 6 to the consolidated financial statements.
3. Operating profit
The Auditors’ remuneration for the audit and other services is disclosed in note 5 to the consolidated financial statements.
 
NOTES TO THE COMPANY FINANCIAL STATEMENTS 56  Pressure Technologies plc  Annual Report 2012
4. Investments
     Investment 
     in subsidiary
     companies
     £’000
Cost 
At 1 October 2011     6,687
Provision for diminution in value     (378)
Share options granted to subsidiary company employees     35
At 29 September 2012     6,344
The assets of the former owner of Chesterfield Special Cylinders Limited, Chesterfield Pressure Systems Group Limited (“CPSG”) were 
distributed as a dividend to Pressure Technologies plc during the year. As a consequence of this, a provision has been made for the 
diminution in value of the cost of investment by Pressure Technologies plc in CPSG.
The principal subsidiaries which are all 100% owned, are:
Name Country of incorporation Principal activity
Al-Met Limited England & Wales Manufacturing
Chesterfield BioGas Limited (“CBG”) England & Wales Manufacturing
Chesterfield Special Cylinders Limited (“CSC”) England & Wales Manufacturing
Hydratron Limited England & Wales Manufacturing
Hydratron Inc USA Manufacturing
5. Debtors
    2012 2011
    £’000 £’000
Amounts: falling due within one year
Prepayments and accrued income    116 49
Amounts owed by Group companies    5,412 4,048
    5,528 4,097
6. Creditors: amounts falling due within one year
    2012 2011
    £’000 £’000
Trade creditors    36 24
Other tax and social security    12 14
Accruals and deferred income    58 53
Deferred purchase consideration    — 800
Amounts owed to Group companies    232 463
    338 1,354
7. Share capital
Details of the Company’s authorised and issued share capital and of movements in the year are given in note 22 to the consolidated financial 
statements.
NOTES TO THE COMPANY FINANCIAL STATEMENTS 57  Pressure Technologies plc  Annual Report 2012
Company Overview  01-07
Business Review  08-19
Governance  20-26
Financial Statements  27-57
8. Reserves
 Share  Profit Share   Profit
 premium  Equity – non and loss premium Equity – non and loss
 account distributable account account distributable account
 2012 2012 2012 2011 2011 2011
 £’000 £’000 £’000 £’000 £’000 £’000
At beginning of period 5,369 50 4,084 5,341 41 2,867
Profit for the financial period — — 2,302 — — 2,021
Share option cost — — 21 — — 12
Share options granted to subsidiary employees — 35 — — 9 —
Shares issued 9 — — 28 — —
Dividends — — (829) — — (816)
At end of period 5,378 85 5,578 5,369 50 4,084
9. Reconciliation of movements in equity shareholders’ funds
    2012 2011
    £’000 £’000
Equity shareholders’ funds at beginning of period    10,070 8,816
Profit for the financial period    2,302 2,021
Dividends paid    (829) (816)
Share option cost    21 12
Share options granted to subsidiary employees    35 9
Share issued    10 28
Equity shareholders’ funds at end of period    11,609 10,070
10. Related party transactions 
The company has taken advantage of the exemption available under FRS 8 not to disclose transactions with fellow members of the Pressure 
Technologies plc Group.
The interests of Directors’ in dividends paid during the year are disclosed in note 6 to the consolidated financial statements.
NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
Design and Production
www.carrkamasa.co.uk Pressure Technologies plc
Meadowhall Road 
Sheffield 
S9 1BT
UK
Telephone +44 (0) 114 242 7500
Fax +44 (0) 114 242 7502
www.pressuretechnologies.co.uk
PRESSURE TECHNOLOGIES PLC ANNUAL REPORT 2012