(Alliance News) - Pressure Technologies PLC shares jumped on Monday morning in London, after saying it won a GBP18.2 million contract.

Pressure Technologies is a Sheffield, England-based group of specialist precision engineering businesses. The stock was up 22% to 46.80 pence each in London on Monday morning.

Pressure Technologies said wholly owned subsidiary Chesterfield Special Cylinders will supply air pressure vessels for a major UK naval new construction programme. It added that the contract for the final phase of the programme is worth GBP18.2 million for CSC, underpinning current market expectations.

Pressure Technologies said that pressure vessels will be delivered over the next three years. "Pressure vessels manufactured by CSC form an integral part of safety-critical onboard systems, including breathing air and ballasting," it explained.

Chief Executive Chris Walters said: "Underpinning the strong defence order book and outlook for the group in FY23, 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."

By Sophie Rose; Alliance News reporter

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