Acquisitive PTSG posts healthy results and strong order book

Premier Technical Services Group (PTSG), the niche specialist services provider, is to post results for the year to 31 December 2017 “ahead of current market forecasts.”

The Castleford firm this morning issued a trading update which said the positive results reflected the strength of the Group’s order book and successful integration, and ongoing progress at its recently acquired businesses.

The Board said the integration of the ‘Best’ Lightning Protection business acquired on 4 July 2017 had progressed very well and is nearly complete. The UK Sprinklers business it acquired in September 2017 has now been fully integrated into the Group and is trading 50% ahead of the acquired business, with a very strong order book and pipeline.

PTSG added that any work due to be completed by Carillion, which was placed into liquidation yesterday, would be undertaken by existing PTSG clients.

The firm said: “The annual value of work which the Group undertakes on behalf of Carillion is £800,000 and it is expected that this work will be taken on by existing PTSG clients; therefore the ongoing effect on the Group is expected to be minimal. Given PTSG’s highly diversified customer base, the Board expects that there will be no material impact on 2018 trading.”

The Group has outstanding net debt of £300,000 due from Carillion and this has been fully accounted for in the Group’s 2017 balance sheet.

Michael James Higgins, aged 61, has also been appointed a non-executive director of the company with effect from today.  He will join both the Audit and Remuneration Committees.

Higgins is currently the chairman or non-executive director of three listed companies – Ebiquity plc, Plant Heath Care plc and Progility plc.  He was previously was Chairman of the Quoted Companies Alliance (“QCA”). After reading economics and politics at Cambridge, Michael qualified as an accountant at Price Waterhouse. Following international banking experience with Saudi International Bank he joined Charterhouse, the merchant bank, in 1984. Michael became a KPMG Partner from 1996 to 2006, remaining a senior adviser for a further five years.

John Foley, Chairman of PTSG, said: “Our strong performance reflects the success of our strategy to seek market dominance through organic growth and carefully selected acquisitions. We have a healthy pipeline of potential acquisitions to complement our unique business model, and will continue to appraise opportunities as they arise.

“I am very pleased to welcome Michael onto the Board.  He brings a wealth of experience and his long-standing involvement with AIM and growth companies together with his experience at the QCA will prove invaluable.”

 

Headquartered in Castleford, PTSG employs more than 600 people across 17 UK sites, who service more than 150,000 buildings across the whole of the UK for over 17,000 customers in a wide range of industries.

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