Pressure Technologies PLC (AIM:PRES), the valve manufacturing engineering group, shot up 22% to 46.9p after announcing its subsidiary has been awarded a major contract.
Its Chesterfield Special Cylinders business will supply air pressure vessels for a major UK naval construction programme in a deal worth £18.2mln, a statement said,
Progress has been made against early contract milestones and pressure vessels will be delivered over the next three years.
“The contract award demonstrates the continued close collaboration with our major defence customers and recognises the specialised engineering and manufacturing capabilities of Chesterfield Special Cylinders," said Pressure chief executive Chris Walters.