Chesterfield Special Cylinders Holdings plc (CSC) has released its final results for the 52 weeks ending September 27, 2025, showing significant improvements in financial performance and strategic progress. Here’s a summary of the key points
### **Financial Highlights**
**Revenue Growth** Revenue increased by 12% to £16.6 million (2024: £14.8 million), driven by strong growth in overseas defense contracts, UK hydrogen projects, and lifecycle services.
**Gross Profit** Gross profit rose by 22% to £6.4 million, with a margin of 39% (2024: £4.9 million at 33% margin).
**Adjusted EBITDA** Adjusted EBITDA turned positive at £0.8 million, compared to a loss of £0.9 million in 2024.
**Adjusted Operating Profit** Adjusted operating profit was £43,000, a significant improvement from an adjusted loss of £1.7 million in 2024.
**Reported Loss** Reported loss before tax was £0.8 million, reduced from £2.7 million in 2024.
**Cash Position** Cash balance improved to £2.1 million (2024: £0.1 million), with no borrowings (2024: £1.0 million).
### **Strategic Highlights**
**Defence Sector** Defence revenue grew by 15% to £12.8 million, supported by overseas contracts and UK Integrity Management services. The order book stands at £16.3 million (2024: £9.5 million).
**Hydrogen Sector** Hydrogen revenue reached £2.6 million, the highest on record, driven by lifecycle services and the bp Aberdeen Hydrogen Hub contract.
**Integrity Management Services** Record revenue of £4.8 million (2024: £2.4 million) was achieved, reflecting increased activity in UK naval deployments.
**Strategic Contracts** CSC secured significant contracts in defense and hydrogen markets, positioning itself for long-term growth.
**Balance Sheet Strengthening** Proceeds from the sale of the PMC division in October 2024 enhanced the balance sheet and supported a stronger net cash position.
### **Outlook**
**FY26** Robust defense order book and hydrogen opportunities are expected to drive significant earnings growth, with revenues weighted towards the second half of the year.
**Beyond FY26** Further growth is anticipated from expanding defense programs and the rollout of large-scale UK hydrogen projects.
**Strategic Focus** CSC remains committed to its 2028 targets, focusing on defense, hydrogen, and lifecycle services, with recent investments in operational capabilities driving efficiency and growth.
### **Management Commentary**
Chris Walters, Chief Executive, expressed satisfaction with the strategic progress and financial improvements, highlighting the strong balance sheet and positive outlook for FY26 and beyond.
### **Conclusion**
CSC has demonstrated resilience and growth in FY25, with improved financial metrics, strategic contract wins, and a strengthened balance sheet. The company is well-positioned for future growth in defense, hydrogen, and lifecycle services, with a clear strategic focus on achieving its 2028 targets.
| Metric | 2024 (£ million) | 2025 (£ million) | Change |
|---|---|---|---|
| Revenue | 14.8 | 16.6 | +12% |
| Gross Profit | 4.9 | 6.4 | +31% |
| Adjusted EBITDA | -0.9 | 0.8 | +1.7 million |
| Adjusted Operating Profit | -1.7 | 0.043 | +1.743 million |
| Reported Loss Before Tax | -2.7 | -0.8 | +1.9 million |
| Cash Balance | 0.1 | 2.1 | +2.0 million |
| Borrowings | 1.0 | 0 | -1.0 million |
| Lease Liabilities | 0.5 | 0.3 | -0.2 million |