PTSG reports double-digit growth in year it completed acquisitions worth more than £17m
Premier Technical Services Group (PTSG), the niche specialist services provider, has reported a 36% boost to pre-tax profits for 2017 – a year in which it completed three acquisitions for more than £17m.
The Castleford-headquartered firm announced its annual results to 31 December 2017 this morning, which showed pre-tax profits rose from £7.9m in 2016 to £10.6m last year. Its group revenue was up 35% at £52.9m, a rise from £39.2m in 2016.
Three acquisitions were completed in the year, which the firm said all continued to perform well. Nimbus, a lighting specialist that the firm bought in a £1m deal in January, is now fully integrated.
PTSG said its integration of Manchester lightning specialist, Brooke Edgeley (BEST) was 90% complete. This was a £14m deal completed in July.
UK Sprinklers, which PTSG acquired for £2.5m in December, is now fully integrated and trading 50% ahead of the acquired business with a strong order book and pipeline.
During 2017, PTSG completed lightning protection projects at numerous locations, including at Doha International Airport and St Bernard’s Hospital in Gibraltar.
Chief executive Paul Teasdale said: “2018 takes PTSG into its second decade of business. The company is now in a stronger position than at any other time in its history.
“Our combination of value for money and uncompromising adherence to quality and safety standards and procedures, coupled with our rapid response to any location in the UK, has secured a contract retention rate of more than 88%.
“Something else that gives us a genuine edge on our competitors is the ability to cross-sell our niche specialist services, maximising value for our customers and profit for ourselves. As our business and reputation continue to grow, we are starting to see more opportunities overseas.”
The firm added: “The acquisitions of Nimbus and BEST have confirmed our position as market leader in the UK Lightning Protection sector. BEST’s Steeplejack activities have strengthened the activities within our new Building Access Specialists division and the addition of UK Sprinklers has expanded our service offering in our new Fire Solutions division.
“These acquisitions were made to achieve our objective of sector dominance in our chosen areas of operation, which are those niche specialist service areas where our established operating model can deliver both high margins and industry leading contract renewal rates to a satisfied customer base.”
John Foley, chairman of Premier Technical Services Group, said: “PTSG delivered a record performance in 2017, driven by strong organic growth and a number of highly successful acquisitions, including the largest acquisition made since the Group’s IPO in February 2015.
“During the year the Group took steps to diversify and reorganise the business, to further strengthen its foundation for future growth. Trading in 2018 has started well. We continue to review a number of acquisition opportunities and the Board is confident that the Group’s positive organic revenue and profit momentum will continue throughout the year.”
AIM-listed 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.
