Chesterfield Special Cylinders — Green shoots from a refocused business

Following the disposal of its Precision Machined Components (PMC) division, Chesterfield Special Cylinders (CSC) is moving forward as a focused, specialist high-pressure cylinder business, as reflected in the recent change of name (formerly Pressure Technologies). As part of this strategy, management has set out ambitious targets for 30% sales growth and EBITDA margins of >12% by 2028. H125 results are unexciting but the strong order book supports management confidence for positive EBITDA in FY25, putting CSC firmly on the right trajectory. Key will be the speed at which the defence (75% of FY24 sales) and hydrogen (11%) activities, both expected to be supported by positive fundamentals, can grow.