Board members sell Pressure shares

FIVE members of Pressure Technologies' operational board have sold a total of 525,000 shares for around £1.05m.

The shares have been sold at £1.99p each to “satisfy institutional demand”.

They were originally issued at £1.50p a share when the company floated on the Alternative Investment Market last June. The net proceeds from the float were £5.4m, of which £1.2m has been invested into working capital to support organic growth.

The float gave Pressure a market capitalisation of £17m.

The move by the five directors, which includes chief executive John Hayward, still leaves them owning around 30% of the company's issued share capital.

Pressure is a holding company for Chesterfield Special Cylinders, a Sheffield firm which manufactures gas storage vessels used in the shipping, oil and defence industries.

The company revealed last month that it believes it can grow into a £40m turnover company through a combination of organic expansion and acquisitions.

Pressure reported £15.1m turnover for the year to September 30, almost double the £8.2m posted in the previous year.