Climate Change Data

Pressure Technologies plc

Climate Impact & Sustainability Data (2018, 2020)

Reporting Period: 2018

Environmental Metrics

ESG Focus Areas

  • Health and Safety
  • Environment
  • Employee Well-being

Environmental Achievements

  • Rolled out waste management companies to all businesses in the Group, aiming for zero waste to landfill.
  • Reduced accident rate (minor non-reportable accidents) by 10%.

Social Achievements

  • Launched Health and Wellbeing steering group to support commitment to being a safe, healthy and caring employer.
  • Launched flexible working policy to support wellbeing and equal opportunities.
  • Commenced roll out of management development programme to all managers within the Group.
  • 70% response rate to Group-wide employee engagement survey with positive results.

Governance Achievements

  • Adopted the revised 2018 QCA Code for Small and Mid-sized Quoted Companies.
  • Strengthened HSE management across the Group with new roles in operational sites.

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Develop a comprehensive set of Group-wide environmental KPIs.

Environmental Challenges

  • Sustained low oil price environment impacted revenue.
  • Delays to several key defence projects.
  • Delays in the UK’s Renewable Heat Incentive (RHI) amendments.
  • Complexity and client funding arrangement delays on contract awards in the Americas.
  • Disruption to commercial activity experienced through divisional restructuring.
Mitigation Strategies
  • Divestment of non-core businesses (Hydratron and Greenlane Biogas).
  • Focus on core manufacturing activities in defence and oil and gas markets.
  • Investment in people, new equipment, and supporting processes.
  • Increased sales focus to expand customer base and product lines.
  • Robust sales governance and project management procedures.
  • Moving towards a global procurement structure.

Supply Chain Management

Responsible Procurement
  • Encouraging the use of more environmentally friendly cutting oils and chemicals.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Code for Small and Mid-sized Quoted Companies

Certifications: OHSAS 18001 (most businesses)

Reporting Period: 2020

Environmental Metrics

ESG Focus Areas

  • Health and safety
  • Environment
  • Employee wellbeing
  • Sustainable business practices
  • Stakeholder engagement

Environmental Achievements

  • The Group had no notifiable environmental incidents in 2020 (2019: nil).

Social Achievements

  • Implemented the Group’s first Employee Engagement Survey in January 2018.
  • The second survey was carried out in October 2019 with an improved response rate and engagement scores across the Group.
  • The survey was repeated in October 2020 and a further mid-term survey is planned for April 2021.
  • Zero reportable accidents over the last five years.
  • Made MIND its featured charity.

Governance Achievements

  • Adopted the revised QCA Code, released in April 2018.
  • Strengthened Board with new Chairman and NEDs.
  • Strategy Roadmap updated.

Climate Goals & Targets

Long-term Goals:
  • Accelerate Growth and Build Scale (from late-2021).
  • Growth from new sectors
  • Growth from new regions
  • Scale from acquisitions
Medium-term Goals:
  • Accelerate Phase 2 – Deliver Organic Growth through opportunities for CSC in the fast-developing hydrogen energy market.
  • Plans to be completed by July 2021.
Short-term Goals:
  • Extend Phase 1 – Refocus to the end of 2021.
  • Complete foundations for new growth, people, structure, processes – ongoing through 2021.

Environmental Challenges

  • Covid-19 pandemic significantly impacted the business environment, including working conditions, operational performance, end markets and the global economy.
  • Slower than expected improvement in operational performance.
  • Depressed oil and gas market conditions impacting PMC division.
  • Covid-19 enforced travel restrictions causing disruption and delays in Integrity Management services.
  • Lower than expected gross margins in both divisions.
  • Deferral of revenue relating to a major defence contract into FY21 in CSC and poor operational performance in PMC.
Mitigation Strategies
  • Took decisive action to protect the health, safety and wellbeing of its teams.
  • Implemented specific precautions, policies and guidelines to adapt working practices to meet UK government guidelines on workforce protection.
  • Maintained regular, open communications with colleagues.
  • Took prudent measures to manage cost and conserve cash and core capability.
  • Secured amendments and an extension to its revolving credit facility.
  • Successfully completed a fundraising from new and existing shareholders.
  • Restructuring and new leadership of the Precision Machined Components division.
  • Similar programme of significant management changes within the Cylinders division.
  • Closure of the persistently loss-making Quadscot operation.
  • Management restructuring and the implementation of other cost saving and cash preservation measures.

Supply Chain Management

Responsible Procurement
  • Strong and forward-looking relationships with our suppliers allow us to deliver our products and services on time and in accordance with high standards.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Code