Another acquisition near as PTSG increases rate of growth
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PREMIER Technical Services Group (PTSG) expects to complete another acquisition before Christmas as it looks to maintain its strong long-term growth.
The Castleford-based group was Yorkshire’s first float of 2015 and has reported a 40% increase in revenue to £11.74m in the first half of the year.
The growth was driven by framework agreements which have helped PTSG to cross-sell to its existing customer base, while also continuing to increase that base.
PTSG’s average growth “has been around the 27% mark over the last 7-8 years,” said chief executive Paul Teasdale, which he expects to be “a good indicator for the future”.
The group’s first-half results did not include the benefit of its purchase of Pendrich Height Services and NATHS – in a deal worth up to £1.94m – as that only completed two weeks before the end of June.
PTSG has made 12 acquisitions in eight years and chief executive Paul Teasdale expects to announce another acquisition before the end of the year.
“Our in-house acquisitions team considers a strong pipeline of opportunities, including bolt-ons to existing divisions and businesses with activities in new and adjacent sectors,” he said.
“We have a pipeline of acquisition opportunities which will carry us through 2015, 2016 and 2017. 2015/16 will see further acquisitions in the Access and Safety and Electrical Services divisions.”
The group, which employs more than 100 people across Yorkshire, also increased its adjusted pre-tax profit by 20%, to £2.35m. However costs of £1.65m related to the IPO, share-based payments and deferred consideration for previous acquisitions pulled the unadjusted figure down sharply.
Its February float at 52p per share valued the group at £45m, which had risen to £63m at last night’s close, very close to its all-time high.