PTSG features in March edition of PFM magazine

Premier Technical Services Group PLC (PTSG) is featured in the March edition of PFM magazine in an article which details several recent contract wins across multiple industry sectors.

The double page spread leads on the group’s expertise in working at height, undertaking major projects in lightning protection and high level cleaning – two keys areas of PTSG’s service offering alongside access and safety and training solutions.

It also covers the Group’s recent work to install and test lightning protection systems at diverse locations including (but not limited to) London’s Spitalfields Market, Heathrow Airport and apartments at the former site of Swindon Technical College. Additionally, it highlights the Group’s innovative work in high level cleaning, giving mention to projects such as a new residential development on the north banks of the Thames for St George of London.

PTSG also specialises in access and safety projects at high level and the article, by outgoing Editor, David Strydom, details how the Group is gaining a reputation for its problem-solving ability in this area. This is illustrated by the group’s provision of bespoke solutions for its clients, employing specialist techniques such as rope access to gain access to roofs, walls and other hard-to-reach areas.

The article also goes on to mention the Group’s work in the sectors of planned preventative maintenance and fall arrest testing. This gives a fair and true representation of PTSG’s position as a leading multi-disciplinary provider of niche building services spanning the length and breadth of the UK. The magazine can be viewed in full by clicking here: http://edition.pagesuite-professional.co.uk/Launch.aspx?EID=2b2201fb-55e5-4ad6-b8c9-57b738b2718f

PTSG wins new electrical services contract with ENGIE

The electrical services division of Premier Technical Services Group PLC (PTSG) is enjoying a very productive period, having secured a new contract for fixed wire testing and emergency light testing.

The contract is with facilities management company, ENGIE, and covers three sites in Wales: two hospitals and a police station. ENGIE is one of the UK’s leaders in the energy and services sector, employing around 20,000 people.

As with most emergency light testing, the work undertaken by PTSG’s electrical services team will be valid for a 12-month period, while the fixed wire testing is completed every five years to comply with regulations.

Fixed wire testing and emergency light testing are just two of the services performed by PTSG’s electrical services division. The group also provides PAT testing, lightning protection services and steeple jack services to gain access to structure such as church steeples and industrial chimney stacks.

On a wider scale, PTSG is one of the leading providers of multidisciplinary services to the FM industry throughout the UK.

PTSG shortlisted in three ATLAS awards

Premier Technical Services Group PLC (PTSG) has continued its recent award-winning form by being shortlisted no fewer than three times for the ATLAS Awards 2016.

The Association of Technical Lightning & Access Specialists (ATLAS) has been representing the leading players in the lightning protection and steeplejack industry since 1946.

PTSG has been shortlisted twice for Lightning Protection (Commercial and New Build), for its work at Royal Airforce Marham and its project for Synectics Solutions; and once in the Specialist Access category, for remedial repairs to a chimney stack.

The niche specialist services provider was informed that this year’s standard of entries was exceptionally high, which makes its triple shortlisting an even better achievement.

The ATLAS Gala dinner and Awards will take place on 19th May, with a glittering ceremony at London’s prestigious Royal Horseguards Hotel in Whitehall.

2015 saw a number of additions to PTSG’s awards cabinet. CEO Paul Teasdale was crowned Entrepreneur of the Year in the Listed Business category at Ernst and Young’s North of England Entrepreneur of the Year Awards 2015. This came immediately after his being named Customer Service Business Leader of the Year in the European Contact Centre and Customer Service Awards 2015. July brought the fourth consecutive RoSPA Gold Award for PTSG, while in November the group won ‘Partners in SME Organisations’ with UNITE Group, at the annual Premises and Facilities Management (PFM) awards.

2016 already looks set to continue this trend, with the triple ATLAS Awards shortlisting adding to January’s honour for Paul Teasdale, when he was named by the Yorkshire Post as one of Yorkshire’s top achievers of 2015.

Collaborative working gets results for PTSG

The lightning protection division from Premier Technical Services Group PLC (PTSG) is nearing completion on a data storage and link centre for client CenturyLink, in Reading.

As one of the main subcontractors, PTSG has installed replacement earth nests to the main HV plant rooms and has also worked with new lightning protection earthing equipment to the newly installed HV switch rooms.

PTSG built up a successful working relationship with the client during the project and has received praise from the chief electrical engineer, Thomas White, who congratulated the Group’s specialists on a fantastic design and installation job.

One of PTSG’s benchmarks of success in any project is to become part of the main contractor’s team, rather than simply an extension, and this is a prime example of how collaborative working reaps dividends.

PTSG wins major contract at prestigious University of St Andrews

Premier Technical Services Group PLC (PTSG) has secured a contract to undertake a vast array of remedial works on the multitude of fall arrest equipment within the hallowed halls of the University of St Andrews.

In addition to the extensive repairs required within the ancient seat of learning, the Group’s fall arrest testing division will also be required to take the 2016 testing orders to ensure all fall arrest assets at the university are compliant with regulations.

St Andrews is the oldest university in Scotland, founded between 1410 and 1413. It comprises a variety of institutions, including three constituent colleges and 18 academic schools which are organised into four faculties. Its alumni are among the most distinguished in the world, with former students including The Duke and Duchess of Cambridge. Therefore, all work undertaken by PTSG must be sympathetic to the construction and aesthetic of the original construction.

St Andrews is one of a growing number of universities and other education bodies for which PTSG’s operatives provide the full range of facilities management services.

PTSG to install BMU at Aberdeen’s Silver Fin development

Premier Technical Services Group PLC (PTSG) has been commissioned to install a building maintenance unit at the new Silver Fin development in Aberdeen.

Specialists from the Group’s cradle installation division are currently in the design stage of the project, with installation to begin in September 2016.

The Silver Fin is a 70,000ft² Grade ‘A’ Office development located at the centre of Aberdeen’s Business District.

The main objectives of the Silver Fin project are to satisfy the current acute shortage of city centre Grade ‘A’ office space and re-energise Aberdeen City Centre with inward investment and employment opportunities, as well as establishing a new office quarter with close links to the traditional west end office core.

PTSG announces contract to deliver two BMUs at new Marble Arch development

Premier Technical Services Group PLC (PTSG) is delighted to announce that its team from Integral Cradles has successfully come through the tendering process to deliver a bespoke access solution including two new telescopic Building Maintenance Units (BMUs) at Marble Arch Place.

A year ago developer Almacantar was granted full planning for a new development at Marble Arch, which involves the demolition of the existing 24-storey Marble Arch Tower. Brookfield Multiplex was appointed to the task of creating two distinct new buildings of 18 and seven storeys in a 400,000 square-foot mixed-use scheme. The development comprises 76 homes of which 47 will meet the government’s requirement for affordable housing.

PTSG has been selected by Brookfield Multiplex to provide two track-mounted BMUs with diverter systems. The Integral Cradles’ team will commence the design later this year, with delivery set for September 2018.

The new development is expected to be world-class, as befits the location opposite Hyde Park – arguably the finest of London’s royal public parks.

Integral Cradles joined the PTSG group of companies in October 2015.

Final Results

15 March 2016

 

Premier Technical Services Group PLC

(“PTSG” or the “Group”)

 

Final Results

 

Premier Technical Services Group PLC (“PTSG” or the “Group”), the niche specialist services provider, announces its final results for the year ended 31 December 2015.

 

Key highlights

·     Group revenue up 43% to £25.8m (2014: £18.0m)

·     Gross profit up 36% to £14.0m (2014: £10.3m)

·     Adjusted EBITDA increased 31% to £6.2m (2014: 4.7m)

·     Adjusted profit before tax up 35% to £5.0m (2014: £3.7m)

·     Adjusted eps up 29% to 4.87p (2014: 3.77p)

·     Final dividend of 0.54p

·     Six acquisitions completed which complement and extend our existing service offering

·     Renewal rates of 88% (2014: 85%)

 

John Foley, Chairman of Premier Technical Services Group PLC commented

 

“2015 was a very significant year for PTSG during which the Group became a publicly quoted company.   Since then, we completed six acquisitions, strengthened our management structures and broadened our range of service offerings. We achieved record levels of turnover, gross profit, EBITDA and underlying profit before taxation and we continue to face the future with confidence.”

 

Enquiries:

PTSG

Paul Teasdale, Chief Executive Officer

 

N+1 Singer

Sandy Fraser / James White

 

Hudson Sandler

Cat Valentine / Katie Matthews

 

About PTSG – www.ptsg.co.uk

PTSG is the UK’s leading provider of façade access and fall arrest equipment services, lightning protection and electrical testing, high-level cleaning and training solutions.

 

Operating through four divisions, Access & Safety, Electrical Services, High Level Cleaning and Training Solutions, the Group provides highly-engineered industrial products and quality services and has a substantial presence in a number of niche markets.

 

PTSG provides a central information service for its businesses and champions the dissemination of key information and best practice.  PTSG unites its constituent businesses under one clear identity, which supports smarter working and delivers top class service to its customers.

 

Headquartered in Castleford, West Yorkshire, the Group employs more than 350 people across 14 UK sites, who service more than 100,000 buildings across the whole of the UK for over 12,000 customers in a wide range of industries.

 

 

Chairman’s statement

 

2015 – A summary

 

2015 was a very significant year for PTSG. The Group became a publicly quoted company and was formally admitted to AIM on 11 February after a successful IPO process.  Since then, we completed six acquisitions, strengthened our management structures, broadened our range of service offerings, secured numerous notable contract wins, produced strong levels of organic growth, achieved record levels of turnover, gross profit, EBITDA and underlying profit before taxation and declared a maiden dividend as a plc.

 

Overview of results

 

Turnover increased by 43% to £25.8m (2014: £18.0m). Gross profit increased by 36% to £14.0m (2014: £10.3m), adjusted EBITDA increased by 31% to £6.2m (2014: £4.7m) and underlying profit before taxation before adjusting items increased to £5.0m (2014: £3.7m).  Adjusting items of £4.2m were one off or non trading items and included £2.3m relating to share option costs, £0.9m for contingent payments in relation to acquisitions, £0.5m for costs incurred in connection with the IPO, £0.2m for restructuring costs and £0.3m for refinancing and intangible amortisation. Statutory profit before tax was £0.8m (2014: £1.2m).  Adjusted earnings per share increased by 29% to 4.87p (2014: 3.77p).  Basic earnings per share were 0.57p (2014: 0.69p).

 

We paid a maiden interim dividend of 0.46p per share on 30 October 2015 and the Board has recommended a final dividend of 0.54p per share to shareholders on the register on 1 July; the expected payment date is 22 July 2016.

 

Borrowings at 31 December 2015 increased to £7.6m (2014: £5.8m) following payments  of £2.3m paid in relation to acquisitions made in the year coupled with an increase in working capital levels as a result of the substantial increase in the scale of the Group’s operations.  The IPO raised net cash for the business of £3.75m.

 

Operational highlights

 

We have now completed 18 acquisitions since the Group’s formation in 2007 to expand the range of our service offering. The range of niche specialist services that we can offer customers on a national basis assists our organic growth. We delivered 24% organic turnover growth in 2015 if the turnover of acquisitions made in 2015 is excluded. The acquisitions completed in 2015 are settling into PTSG in a satisfactory manner and collectively are contributing to group profits at a higher level than their aggregate run rate at acquisition.

 

Our gross profit margin in 2015 was 54.3% and the reduction from a 57.3% margin in 2014 was because of an increased level of installation sales which carry higher material costs than maintenance and repair sales. Our renewals teams achieved an 88% renewal rate in maintenance contracts, up from 85% in 2014. The performance of our Electrical Services division was particularly pleasing in 2015 and this division has become a major player in its selected areas of operation with new or increased service offerings in the areas of lightning protection, steeple jacking and electrical testing.

 

We continue to invest in and develop our proprietary internal systems in order to efficiently manage the high volume of low value transactions that is a characteristic of our business model. We were proud to win industry awards both for the quality of our service delivery and for innovations in our business model initiated by our CEO. Service delivery, customer satisfaction, efficiency and innovation remain high priority items for all members of our management team.

 

We secured a high number of contract wins including framework agreements with major FM customers. Full details of these wins can be found on the News section on our website www.ptsg.co.uk.

 

Strategy

 

We have a scalable, efficient operating model which is capable of delivering a broad range of niche specialist services on a national basis. Many of those services have technical or legislative barriers to entry and all require a high level of health and safety knowledge and practice. We chose to become a public company so that we could accelerate our growth plans. We have a strong pipeline of carefully selected acquisition targets which can be accessed at sensible prices once acquisitions made in 2015 have been integrated into the group.

 

Our people

 

We now have over 350 employees in the group which is an increase of 45% from the time of our IPO. We expect a great deal from our employees and they continue to provide our customers with a great service because of their hard work and commitment. On behalf of the Board, I thank all our employees for their efforts.

 

Outlook

 

The process of an IPO can seem like an end in itself and can sometimes slow down growth plans; it has had the opposite effect on PTSG. We regard it as the start of another phase in our development and it has made us want to “step up” our energy levels to realise available growth opportunities and deliver further profitable growth.  Sales have been strong in the early part of the financial year and the Group has record levels of orders in hand.  We continue to face the future with confidence.

 

John Foley

Chairman

 

 

 

Chief Executive’s review

 

Overview

 

2015 was an outstanding year for Premier Technical Services Group PLC, with an excellent performance across the Group. High levels of employee engagement and customer satisfaction supported impressive like-for-like and total sales growth, which, together with our continued focus on driving efficiencies and disciplined organic growth, produced an impressive increase in profits and strong returns for our shareholders.

 

Our growth exceeded both the Board’s projections and market expectations, with a revenue increase of 43% and a gross profit growth of 36%. Our turnover was £25.8m, which equates to a pre-tax operating profit (before adjusting items) of £5.3m. On behalf of the Board, I would like to thank each and every one of our team members. It is their hard work, passion and commitment that make PTSG the successful and progressive company it is today.

 

We put our customers at the heart of everything we do and use this powerful model throughout our business. We are passionate about making every day experiences special for our many thousands of customers and invest in high-quality products and services to build market-leading brands, based on strong customer preference and loyalty. By driving sales and managing efficiencies we generate the margins and cash flow to maintain a healthy balance sheet and finance continuing profitable organic growth.

By carrying this momentum into 2016, we can reach even greater heights.

Market environment

 

PTSG was formed to fulfil demand from the Facilities Management market for a provider of multiple expert services, stabled under the same roof. Today we occupy a strong position across the areas of Access and Safety, Electrical Services, High Level Cleaning and Training Solutions, having established an outstanding track record in each.

 

We believe we can build on our position within our chosen markets. This belief is based on our ability to drive strong organic growth from our wide customer base and increasing geographical coverage, as well as through opportunities for cross-selling services – with our proven ability to integrate business acquisitions in complementary market areas.

 

Another reason for our strong market position is the sustainability of our margins: we have a contract renewal rate of 88%, the UK’s largest repair and maintenance contract base in Access & Safety and an efficient business model in all sectors, which has contributed to PTSG winning a number of industry awards.

 

We now see great opportunities to grow our market share within our principal industry sectors, achieving our aim of being the nationwide market leader across the Facilities Management industry.

 

Strategy

 

Our aim is simple: to deliver high-quality investment returns to our shareholders. This will be achieved by increasing our share of each of the niche markets in which we operate. Our strategy for achieving this is to generate organic growth and leverage our customer relationships.

 

We operate in a fast-moving environment and we need to be agile in order to evolve. Investment in technology is key to staying at the forefront of the market and continuing to deliver shareholder value.

 

Our growth strategy can be summarised as follows:

 

Efficiency – This is the key to achieving organic growth, we have positioned ourselves at strategic geographic locations across the UK, enabling us to deliver first-class solutions in all four divisions of our business.

 

Scalability – Our ability to grow is proven through successful acquisitions in all the sectors in which we operate, many of these acquired in 2015, and the fact that we now have staff living and operating in most towns and cities across the UK.

 

Innovation – Clarity, our innovative system comprising unique software, designed in-house, which is set to transform the way we do business.

 

Acquisitions

 

Strategic acquisition and business integration have been key to PTSG’s success since its inception in 2007 and will continue to be going forward, while our vision and intuition have helped us to identify possible expansions into new sectors, allowing real opportunities for margin improvement.

 

In 2015, our service delivery and geographical coverage was substantially boosted by a number of new business acquisitions. In June, Pendrich Height Services and NATHS Ltd. – specialist steeple jacks, rope access experts and working at height professionals – became part of PTSG. October saw the integration into the group of Integral Cradles – a cradle installation business based in London and JW Gray – a lightning protection, design, installation and testing company based in Essex. November was a very busy month, with the acquisition of Langston Jones – a long-established and respected electrical testing company; Access Contracting Ltd and Lightning Protection Testing Ltd (LPT) – specialists in the maintenance, inspection and testing of permanent façade access equipment, fall arrest systems and lightning protection testing and repair.

 

All of which helped to consolidate PTSG’s position at the forefront of its markets, offering a comprehensive range of specialisms throughout the UK. These acquisitions have certainly generated significant interest nationally and we are seeing more enquiries for our services as a consequence.

 

Divisional results

 

Each of our divisions contributed to the outstanding performance of PTSG during 2015, thanks to our highly trained experts.

 

Access and Safety: Safety Testing and Installation, Cradle Maintenance and Installation. As the UK’s leading supplier of fall arrest systems and safety testing services, we achieved a turnover of £12.0m in 2015 (2014: £9.6m) – a 47% contribution to the turnover of the group.  Adjusted operating profits increased to £2.0m from £1.7m in 2014 with growth across all segments.  The acquisition of Integral Cradles Ltd in October brought PTSG closer to its goal of becoming the UK’s leading cradle installation business.

 

Electrical Services: Lightning Protection, Fixed Wire and PAT Testing, Fire Alarms and Extinguishers and Steeplejack Services. Whether it’s testing a portable appliance or a complete lightning and surge protection system, in 2015 we proved we can do it in style. We achieved a turnover of £10.4m in 2015 (2014: £6.6m) – a 40% contribution to the turnover of the group.  Adjusted operating profits increased from £1.9m in 2014 to £2.5m.  We saw good growth across all services and the acquisitions broadened our geographic coverage and provided new service offering for our clients.

 

High Level Cleaning: Window Cleaning, Gutter Cleaning, Building Cleaning and Pressure Cleaning. Our team members are experts at working at height and performing a high-quality service even in the most inaccessible locations. In 2015 we achieved a turnover of £3.4m (2014: £1.8m) – a 13% contribution to the turnover of the group.  Adjusted operating profits rose from £0.4m in 2014 to £0.7m in 2015, reflecting a full year’s contribution from Acescott which was acquired in July 2014.

 

Training Solutions: Training: Consultancy and Insurance Inspections. As well as training our own people – the best in the business – we work closely with our clients to ensure the safety of their staff through our bespoke training programmes.

 

People

 

We are committed to creating a great place to work for our 350+ team members and the development of opportunities which will help them realise their potential. As we pursue our new growth milestones we will create many more jobs at our strategic bases around the UK. Our award-winning apprenticeship programme is built in such a way as to identify talented young people as well as develop the skill sets of more established employees.

 

PTSG creates winning teams and better leaders by investing significantly in training and development programmes to help our people build their skills and careers. Due to the specialist works we undertake, we need to ensure our teams are fully equipped to face an array of challenges. Their safety and ongoing training and development are of huge importance to us.

 

We take an avid interest in the development of PTSG’s workforce, helping to identify ways in which we can improve on delivery and stay up-to-date with the latest policies, procedures and practices. As is the case in any successful business, our people are our principal asset – they are the reason behind our continued success.

 

Outlook for 2016

 

Our vision is for PTSG to be the standard against which all similar companies are measured and we have implemented a business plan which we are steadfastly executing. PTSG will continue to cement its position as the UK’s leading supplier of niche specialist services throughout 2016. By adhering to our business plan, continuing to drive innovation and delivering unbeatable customer service, we will ensure growth is maintained.

 

In the year under review, we moved much closer to realising this vision, through our flotation on AIM and vastly increasing the breadth and depth of services PTSG offers across the UK, as well as overseas with projects in Norway, Iraq and Qatar.

 

PTSG was formed nine years ago with a clear target of becoming number one across all its sectors within a decade. With a superb team of professionals in all divisions, all of whom are committed to the business plan, delivering exceptional customer service, we are confident that 2016 will be another record-breaking year.

 

Paul Teasdale

Chief Executive

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December 2015

 

 

 

 

Year ended 31 December 2015

Year ended 31 December 2014

 

 

Before

adjusting

items
£

Adjusting items
 
£

Total
£

Before adjusting items
£

Adjusting

items
 
£

Total
£

Revenue

 

25,770,503

25,770,503

18,002,687

18,002,687

Cost of sales

 

(11,785,079)

(11,785,079)

(7,683,423)

(7,683,423)

Gross profit

 

13,985,424

13,985,424

10,319,264

10,319,264

Net operating costs

 

(8,709,361)

(4,016,196)

(12,725,557)

(6,311,864)

(2,529,716)

(8,841,580)

Total operating profit

 

5,276,063

(4,016,196)

1,259,867

4,007,400

(2,529,716)

1,477,684

Finance costs

 

(273,437)

(155,446)

(428,883)

(305,030)

(305,030)

Profit before taxation

 

5,002,626

(4,171,642)

830,984

3,702,370

(2,529,716)

1,172,654

Taxation

 

(814,927)

473,046

(341,881)

(794,752)

154,138

(640,614)

Profit attributable to owners of the parent

 

4,187,699

(3,698,596)

489,103

2,907,618

(2,375,578)

532,040

 

Total comprehensive income for the year attributable to owners of the parent

 

4,187,699

(3,698,596)

489,103

2,907,618

(2,375,578)

532,040

 

Earnings per share (pence):

 

 

 

 

 

 

 

Basic and diluted earnings per share

 

 

0.57

 

 

 

0.69

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2015

 

 

 

 

 

Attributable to owners of the parent

 

 

 

 

Share

capital
 £

Capital

Redemption

reserve
£

 

 

Share

premium

account

£

Retained

earnings
£

Total
£

Non-controlling interest
£

Total
equity
£

Balance at 31 December 2013

 

771,437

128,573

 

– 

313,629

1,213,639

179

1,213,818

 

Profit for the year

 

 

– 

532,040

532,040

532,040

Total comprehensive income

 

 

532,040

532,040

532,040

Transactions with owners

 

 

 

 

 

 

 

 

Value of employee services

 

 

165,418

165,418

165,418

Ordinary dividends paid

 

(790,000)

(790,000)

(790,000)

Transactions with owners

 

 

(624,582)

(624,582)

(624,582)

Balance at 31 December 2014

 

771,437

128,573

 

221,087

1,121,097

179

1,121,276

 

Profit for the year

 

 

489,103

489,103

489,103

Total comprehensive income

 

 

489,103

489,103

489,103

Transactions with owners

Issue of share capital

 

105,010

 

 

4,942,818

5,047,828

5,047,828

Share based payments charge

 

 

2,333,915

2,333,915

2,333,915

Tax credit relating to share based payments

 

 

462,592

462,592

462,592

Ordinary dividends paid

 

(533,825)

(533,825)

(533,825)

Reduction of capital

 

(4,942,818)

4,942,818

Transactions with owners

 

105,010

 

7,205,500

7,310,510

7,310,510

Balance at 31 December 2015

 

876,447

128,573

 

7,915,690

8,920,710

179

8,920,889

                   

 

 

 

CONSOLIDATED BALANCE SHEET

As at 31 December 2015

 

 

 

 

2015
£

2014
£

Assets

 

 

 

Non-current assets

 

 

 

Intangible assets

 

10,735,826

3,615,748

Property, plant and equipment

 

2,373,544

1,340,886

Deferred tax asset

 

784,061

Total non-current assets

 

13,893,431

4,956,634

 

Current assets

 

 

 

Inventories

 

381,760

201,560

Trade and other receivables

 

13,108,313

8,060,904

Total current assets

 

13,490,073

8,262,464

 

Liabilities

 

 

 

Current liabilities

 

 

 

Trade and other payables

 

6,429,608

4,408,865

Bank overdraft, net of cash

 

317,466

1,260,845

Finance leases

 

641,001

474,529

Borrowings

 

25,033

1,000,000

Deferred consideration

 

1,125,897

899,440

Current tax liabilities

 

749,642

440,282

Total current liabilities

 

9,288,647

8,483,961

Net current assets/(liabilities)

 

4,201,426

(221,497)

 

Non-current liabilities

 

 

 

Borrowings

 

5,993,808

2,750,000

Loan notes

 

2,527,000

Finance leases

 

653,160

357,715

Deferred tax liability

 

6,146

Deferred consideration

 

500,000

Total non-current liabilities

 

9,173,968

3,613,861

 

Net assets

 

8,920,889

1,121,276

 

Equity attributable to the owners of the parent

 

 

 

Share capital

 

876,447

771,437

Capital redemption reserve

 

128,573

128,573

Retained earnings

 

7,915,690

221,087

 

 

8,920,710

1,121,097

Non-controlling interests

 

179

179

Total equity

 

8,920,889

1,121,276

 

 

 

CONSOLIDATED CASH FLOW STATEMENT

 

For the year ended 31 December 2015

 

 

 

2015
£

2014
£

Cash flows from operating activities

 

 

 

Profit after taxation

 

489,103

532,040

Adjustments for:

 

 

 

Income tax charge

 

341,881

640,614

Depreciation

 

898,889

700,813

Amortisation of intangible assets

 

108,600

Profit on disposal of property, plant and equipment

 

(384,778)

(128,250)

Finance costs

 

273,437

305,030

Share based payments

 

2,333,915

165,418

 

 

4,061,047

2,215,665

Changes in working capital:

 

 

 

Increase in inventories

 

(40,995)

(56,084)

Increase in trade and other receivables

 

(3,673,880)

(1,593,043)

(Decrease) / increase in trade and other payables

 

(876,303)

2,069,034

Cash (used in) / generated from operations

 

(530,131)

2,635,572

 

Interest paid

 

(273,437)

(305,030)

Tax paid

 

(489,732)

(561,245)

Net cash (outflow) / inflow from operating activities

 

(1,293,300)

1,769,297

 

Cash flows from investing activities

 

 

 

 

Acquisition of businesses

 

(2,274,530)

(350,000)

Purchase of property, plant and equipment

 

(521,691)

(346,536)

Payment of deferred consideration

 

(1,057,940)

(327,540)

Net proceeds from sale of property, plant and equipment

 

404,817

128,250

Net cash outflow from investing activities

 

(3,449,344)

(895,826)

 

Cash flows from financing activities

 

 

 

Proceeds from borrowings

 

5,945,727

Repayment of bank borrowings

 

(3,750,000)

(1,250,000)

Capital element of finance lease payments

 

(648,707)

(467,233)

Issue of  shares

 

4,672,828

Dividends paid

 

(533,825)

(790,000)

Net cash inflow / (outflow) from financing activities

 

5,686,023

(2,507,233)

 

Net increase / (decrease) in cash and cash equivalents

 

943,379

(1,633,762)

Cash and cash equivalents at 1 January

 

(1,260,845)

372,917

Cash and cash equivalents at 31 December

 

(317,466)

(1,260,845)

 

 

 

Notes to the Final Results

 

Basis of preparation

 

The preliminary financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006, for the financial years ended 31 December 2015 and 31 December 2014, but has been derived from those accounts.

 

These financial statements have been prepared in accordance with the requirements of the AIM Rules, in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”), the International Financial Reporting Interpretations Committee’s (“IFRSIC”) interpretations and with those parts of the Companies Act 2006 as applicable to companies reporting under IFRS, however, this announcement in itself does not contain sufficient information to comply with IFRS. The accounting policies used in preparation of this preliminary announcement have remained unchanged from those set out statutory accounts for the year ended 31 December 2014. They are also consistent with those in the full financial statements which have yet to be published.

 

Statutory accounts for 2014 have been delivered to the Registrar of Companies and those for the financial year ended 31 December 2015 will be delivered following the Company’s annual general meeting.  The auditors have reported on those accounts and their opinion was unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

 

Segmental information

 

Management has determined the operating segments based on the operating reports reviewed by the Board of Directors that are used to assess both performance and strategic decisions. Management has identified that the Board of Directors is the chief operating decision maker in accordance with the requirements of IFRS 8 “Operating segments”.

 

The Board of Directors considers the business to be split into three main types of business generating revenue; Access and Safety, Electrical Services and High Level Cleaning. There was no trade in the Training Solutions division.

 

 

 

2015

 

Access 
and Safety
£

Electrical
Services
£

High Level
Cleaning
£

Group
£

Total
£

Revenue

 

 

 

 

 

Total revenue

12,035,772

10,402,313

3,332,418

25,770,503

Total revenue from external customers

12,035,772

10,402,313

3,332,418

25,770,503

 

Operating profit before adjusting items

2,030,685

2,518,872

669,957

56,549

5,276,063

Restructuring costs

(114,030)

(115,127)

(13,792)

(242,949)

IPO costs

(520,777)

(520,777)

Head Office rebuild costs

63,891

63,891

Share options granted to directors and employees

(2,259,364)

(2,259,364)

Amortisation of intangible asset acquired

(108,600)

(108,600)

Contingent payments in relation to acquisitions

(123,333)

(335,064)

(490,000)

 

(948,397)

Segment operating profit

(1,031,528)

2,068,681

166,165

56,459

1,259,867

Net finance cost

(428,883)

(428,883)

Profit before taxation

(1,031,528)

2,068,681

166,165

(372,334)

830,984

 

Other segmental items

 

 

 

 

 

Segment assets

7,437,448

2,169,577

1,317,932

16,458,547

27,383,504

Segment liabilities

(4,431,872)

(2,391,487)

(1,655,540)

(9,983,716)

(18,462,615)

Capital expenditure

685,467

761,688

56,449

1,503,604

Depreciation

427,771

422,671

48,447

898,889

 

 

 

Segmental operating profit

The reconciliation of Adjusted EBITDA to statutory operating profit is shown below.

 

 

Access 
and Safety
£

Electrical Services
£

High Level
 Cleaning
£

Group
£

Total
£

Adjusted EBITDA

2,458,456

2,941,543

718,404

56,549

6,174,951

Depreciation

(427,771)

(422,671)

(48,447)

(898,889)

Operating profit before adjusting items

2,030,685

2,518,872

669,957

56,549

5,276,063

Restructuring costs

(114,030)

(115,127)

(13,792)

(242.949)

IPO Costs

(520,777)

(520,777)

Head Office rebuild costs

63,891

63,891

Share options granted to directors and employees

(2,259,364)

(2,259,364)

Amortisation of intangible asset acquired

(108,600)

(108,600)

Contingent payments in relation to acquisitions

(123,333)

(335,064)

(490,000)

(948,397)

Statutory operating profit

(1,031,528)

2,068,681

166,165

56,549

1,259,867

 

 

 

 

 

 

 

2014

 

Access 
and Safety
£

Electrical
Services
£

High Level
Cleaning
£

Group
£

Total
£

Revenue

 

 

 

 

 

Total revenue

9,585,682

6,583,257

1,833,748

18,002,687

Total revenue from external customers

9,585,682

6,583,257

1,833,748

18,002,687

 

Operating profit before adjusting items

1,738,058

1,876,214

415,422

(22,294)

4,007,400

Rebranding

(500)

(500)

Restructuring costs

(255,713)

(36,816)

(28,805)

(321,334)

IPO costs

(516,740)

(516,740)

Head Office rebuild costs

(530,224)

(530,224)

Share options granted to directors and employees

(165,418)

(165,418)

Contingent payments in relation to acquisitions

(527,500)

(468,000)

(995,500)

Segment operating profit

269,963

1,311,398

(81,383)

(22,294)

1,477,684

Net finance cost

(305,030)

(305,030)

Profit before taxation

269,963

1,311,398

(81,383)

(327,324)

1,172,654

 

Other segmental items

 

 

 

 

 

Segment assets

5,392,293

3,027,413

1,535,246

3,264,146

13,219,098

Segment liabilities

(4,223,120)

(2,483,865)

(1,805,558)

(3,585,279)

(12,097,822)

Capital expenditure

431,090

435,617

68,856

935,563

Depreciation

393,491

292,868

14,454

700,813

 

 

 

Segmental operating profit

The reconciliation of Adjusted EBITDA to statutory operating profit is shown below.

 

 

 

Access 
and Safety
£

Electrical Services
£

High Level
 Cleaning
£

Group
£

Total
£

Adjusted EBITDA

2,131,549

2,169,082

429,876

(22,294)

4,708,213

Depreciation

(393,491)

(292,868)

(14,454)

(700,813)

Operating profit before adjusting items

1,738,058

1,876,214

415,422

(22,294)

4,007,400

Rebranding

(500)

(500)

Restructuring costs

(255,713)

(36,816)

(28,805)

(321,334)

IPO Costs

(516,740)

(516,740)

Head Office rebuild costs

(530,224)

(530,224)

Share options granted to directors and employees

(165,418)

(165,418)

Contingent payments in relation to acquisitions

(527,500)

(468,000)

(995,500)

Statutory operating profit

269,963

1,311,398

(81,383)

(22,294)

1,477,684

 

 

 

 

Earnings per share

Conditional upon and with effect immediately prior to the Placing and Admission, each existing ordinary share in the Company was converted into 100 Ordinary Shares pursuant to the capital reorganisation. The issued ordinary share capital of the Company immediately prior to the Placing and Admission was 77,142,800 Ordinary Shares of one penny each.

 

The calculation of basic and diluted earnings per Ordinary Share, in 2014, is based on profit for the year attributable to owners of the parent and on 77,142,800 Ordinary Shares in issue immediately prior to the Placing and Admission.

 

The calculation of basic earnings per share for the year ended 31 December 2015 was based on the profit attributable to ordinary shareholders of £489,103 (year ended 31 December 2014: £532,040).

 

 

 

2015
£

2014
£

Profit for the year attributable to owners of the parent

489,103

532,040

 

Weighted average number of ordinary shares in issue for the basic earnings per share

85,920,559

77,142,800

Basic and diluted earnings per share (in pence per share)

0.57

0.69

 

 

The calculation of adjusted earnings per share for the year ended 31 December 2015 was based on the profit before adjusting items of £4,187,699 (Year ended 31 December 2014: £2,907,618).

 

 

2015
£

2014
£

Adjusted earnings

4,187,699

2,907,618

Weighted average number of shares

85,920,559

77,142,800

Adjusted earnings per share (pence)

4.87

3.77

 

 

Annual Report

The annual report will be mailed to shareholders and will be available in due course on our website www.ptsg.co.uk

 

 

Annual General Meeting

The annual general meeting will be held at 13 Flemming Court, Whistler Drive, Castleford, WF10 5HW on Monday 20 June 2016 at 2.00pm.

 

 

PTSG lands high level cleaning contract at Heathrow Airport

The rope access skills of Premier Technical Services Group PLC (PTSG) are in demand by another major client; the Group has won a high level cleaning and maintenance project at Heathrow Airport.

The work, which was commissioned through main contractor ISS Technical, will be undertaken at Bay 19 of Terminal 4, Heathrow Airport. It will involve the clearing and cleaning of the narrow ‘gutter’ channels at the base of the panels of the bay, with the application of a waterproof liquid to the gutter area to prevent potential leakage into the lounge area beneath.

The team will gain access to the area via the concrete plinths of the cradle track from the roof above. The airport access road will require small exclusion zones to be set up, allowing one of PTSG’s rope access operatives undertake the work – alongside the approved airport escort staff member.

Heathrow is the busiest airport in the United Kingdom and the sixth busiest airport in the world by total passenger traffic. PTSG has previously undertaken a number of projects there, employing a range of niche specialisms for which it has become well known and highly respected throughout the UK.

PTSG secures high level cleaning contract for Travelodge

Premier Technical Services Group PLC (PTSG) has been awarded a contract to carry out high level cleaning and building maintenance and repair works to one of Travelodge’s London hotels.

The contract came after the Group was called to the site in Union Street, south-east London, to look into an entirely unrelated job. Construction firm Galliford Try and Travelodge were impressed with the work performed by the PTSG team and agreed to new proposals for the building’s cladding and windows to be cleaned.

As there is no building maintenance unit, the usual method of carrying out the high level cleaning would be to apply for a road closure and use a hydraulic platform or to erect scaffolding to the side of the building, which would prove unpopular with hotel guests.

However, because PTSG is skilled in rope access techniques, the team was able to draw up a project plan which avoids the inconvenience and expense of scaffolding and road closure. The works will be divided into two packages:

  • High level cleaning – of building cladding to all elevations, ‘punch hole’ windows to two elevations, atrium glass and paving, hotel signage (bringing them up to the standard expected of a worldwide brand like Travelodge) and internal cleaning of room ceilings.
  • Building maintenance – draining the roof and clearing it of refuse, testing the existing man safe system and internal ‘pushloc’ eyebolts.