PTSG gives Queen’s Club lightning protection system the royal treatment

Premier Technical Services Group (PTSG) has attended the prestigious Queen’s Club in West Kensington to service the site’s lightning protection system.

PTSG designed and installed the site’s system five years ago, and has returned regularly in order to service the early streamer emission (ESE) units and update supporting brackets to the masts.

Established in 1886, The Queen’s Club was the first multipurpose sports complex ever to be built. Throughout its history the Club has been an exceptional sporting venue, currently hosting the AEGON Championships, the World Rackets Championships, the British Open and the ATCO Super Series Squash Finals. The Club remains one of the most coveted memberships in the country.

PTSG is recognised as one of the leading suppliers of lightning protection services in the UK, and has provided installations and servicing to a host of prestigious clients and buildings. The Group’s electrical services division also specialises in a range of other niche specialist services, including PAT testing, dry rise installation and maintenance, fire alarm maintenance and steeplejack services.

Interim Results 2016

Premier Technical Services Group PLC

(“PTSG” or the “Group”)

Interim Results 2016 

Strong growth, high returns

Premier Technical Services Group PLC (“PTSG” or the “Group”), the niche specialist services provider, announces its interim results for the six months ended 30 June 2016.

Key highlights

  • An excellent start to 2016 with revenue of £18.5m (2015: £11.7m) an increase of 57%
  • Organic growth contributed strongly at 21%
  • Operating profit growth of 47% to £3.7m reflecting strong growth and cost control
  • Gross profit of £9.5m up 49%
  • Integration of the six ‘2015 businesses’ has been fully completed with a strong contribution to growth in H1
  • New sector expansion with two further acquisitions in 2016 of UK DryRisers and UK DryRisers Maintenance Ltd.
  • Strong contract wins and renewal rate >80%
  • Adjusted EPS of 3.19p up 44%
  • In line with our progressive dividend policy the interim dividend has been increased by 52% to 0.70p per share (2015: 0.46p per share)

John Foley, Chairman of PTSG, said:

“We have a distinctive, scaleable and efficient operating model which can deliver a broad range of niche specialist services on a national basis. We serve a fragmented, broad customer base and currently provide services to more than 100,000 buildings on behalf of over 12,500 customers. We have identified a pipeline of carefully selected acquisition targets which can in due course further expand our range of service offerings. We intend to continue along the path of producing organic growth on existing and acquired business through the expansion of our service offerings and by gaining market share due to the increased scale, range and efficiency of our activities.

The Group is trading in line with recently upgraded market expectations and we continue to face the future with confidence.”

 

Enquiries:

PTSG +44 (0)1977 668 771
Paul Teasdale, Chief Executive Officer
Numis Securities +44 (0)20 7260 1000
Stuart Skinner / Kevin Cruickshank / Michael Burke
Hudson Sandler +44 (0)20 7796 4133
Cat Valentine  

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 400 people across 16 UK sites, who service more than 100,000 buildings across the whole of the UK for over 12,500 customers in a wide range of industries.

Chairman’s statement

6 Months to 30 June 2016: A summary

PTSG became a publicly quoted company in February 2015 and successfully completed six acquisitions during the remainder of 2015 in order to increase the coverage and range of our service offerings. Our 2015 results recorded our highest ever levels of turnover, gross profit, EBITDA and underlying profit before taxation enabling us to pay a maiden dividend of 0.46p per share as a PLC on 30 October 2015 and a final dividend of 0.54p per share on 22 July 2016. Our biggest challenges for the first six months of 2016 included the task of the integration of the acquisitions completed in 2015 whilst continuing to deliver strong levels of organic growth. I am pleased to be able to report to shareholders that these challenges were successfully met in the six month period.

Overview of results

Turnover increased by 57% to £18.5m (30 June 2015: £11.7m). Gross profit increased by 49% to £9.5m (30 June 2015: £6.4m). Underlying EBITDA increased by 44% to £4.2m (30 June 2015: £2.9m). Underlying profit before tax before adjusting items increased by 48% to £3.5m (30 June 2015: £2.3m). Adjusted EPS increased by 44% to 3.19p (30 June 2015: 2.21p). Basic EPS increased by 610 % to 1.71p (30 June 2015: 0.28p). Adjustments made to underlying profit before taxation almost entirely reflect the effects of the share based payment requirements of IFRS 2 and business combination payment requirements of IFRS 3. It is especially pleasing to report that organic turnover growth measured on a like for like basis and including the organic growth achieved by the six 2015 acquisitions themselves was 21%. The Group continued to secure numerous contract wins (the details of which can be found on the company’s website www.ptsg.co.uk) and also maintained a renewal rate above 80% in our testing and repair customer base.

The strong results achieved during the six month period to 30 June 2016 enables the Board to declare an interim dividend of 0.7p per share amounting to £0.6m. The interim dividend will be paid on 28 October 2016 to shareholders on the register at 7 October 2016.

Borrowings and cash performance

Net debt at 30 June 2016 was £7.7m (31 December 2015: £6.3m) and the increase in borrowing levels was mainly due to an increase of £3.5m in the Group’s working capital position. The major elements of that increase were £1.2m relating to the timing of prepayments and £1.4m which is attributable to the Group’s increased turnover since the 2015 year end.

We were pleased to extend and increase the level of our banking facilities with HSBC in June 2016. The RCF increased from £7m to £10m with the expiry date remaining unchanged at September 2020. The overdraft facility has also been increased from £2.5m to £4m. The increases reflect the increased scale and profitability of the Group and provide substantial headroom to continue to grow both organically and through carefully selected acquisitions.

Operational highlights

The six acquisitions made in 2015 have all been successfully integrated into the Group. Further significant progress has been made to implement the Group’s proprietary Clarity system which we expect will deliver further efficiencies in our service delivery and support systems; this system is now operational within our Access & Safety Division and will be implemented across the Group over the course of the next 18 months. Contract renewal rates remain high and the Group’s management team was further expanded by external recruitment and internal promotion to position us correctly for further expected growth.

Installation sales during the six month period amounted to 42% of turnover. The mix of installation to testing and repair sales continues to determine the overall gross profit percentage achieved in a reporting period and gross profit margins in our testing and repair activities continue to be very healthy.

Strategy

We have a distinctive, scaleable and efficient operating model which can deliver a broad range of niche specialist services on a national basis. We serve a fragmented, broad customer base and currently provide services to more than 100,000 buildings on behalf of over 12,500 customers. We have identified a pipeline of carefully selected acquisition targets which can in due course further expand our range of service offerings. We intend to continue along the path of producing organic growth on existing and acquired business through the expansion of our service offerings and by gaining market share due to the increased scale, range and efficiency of our activities.

We appointed Numis as NOMAD and broker on 1 September 2016. We recognise that we need to increase and expand our shareholder base if we are to fully realise our potential as a PLC and look forward to working with our advisers to achieve this goal.

Acquisition

We completed the acquisitions of UK Dry Risers Ltd (“UKDR”) and UK Dry Risers (Maintenance) Ltd (“UKDRM”) on 4 July for a maximum consideration of £2.1m and £3.5m respectively. Initial consideration for UKDR was £1.2m and £1.8 for UKDRM, with PTSG inheriting positive working capital balances of £1.6m at completion including cash balances of £0.8m. Further consideration for the businesses of a maximum of £2.6m is payable over a five year period subject to the businesses achieving stretching milestone profitability targets of which £1.4m can be paid in cash or shares at the sole option of PTSG.

These acquisitions are performing in line with our expectations and expand the range of service offerings within our Electrical Services Division to include a Fire Suppression offering.

Outlook

The “Brexit effect” does not appear to have had any adverse effect on the Group’s ability to secure contract wins. The Group is trading in line with recently upgraded market expectations and we continue to face the future with confidence.

John Foley
Chairman
27 September 2016

 

Chief Executive’s review

Overview

The start to 2016 has seen good momentum in both turnover and operating profit.

H1 has seen turnover increase by 57% to £18.5m (2015: £11.7m) and operating profits before adjusting items and, on a consistent basis, increasing by 47% to £3.7m (2015: £2.5m).

This is a reflection of our strategy to combine attractive acquisitions and strong organic growth. This has created specialist and skilled activities across all divisions, giving the Group a diverse revenue base with sector-leading margins.

We put our customers at the heart of everything we do and use this powerful model throughout our business. We are passionate about making everyday experiences special for our many thousands of customers and invest in high quality products and services to build a market- leading brand, based on strong customer preference and loyalty.

Strong focus remains on cost control and operating profit, whilst remaining competitive on prices in all areas of service offering.

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.

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 sectors and achieve our aim of being the nationwide market leader across the Facilities Management industry.

We have not seen any adverse effects on trading due to Brexit and our construction related section remains buoyant.

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, 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 acquisitions 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 expansion into new sectors, we have recently completed (4th July) two acquisitions of UK Dry Risers and UK Dry Risers Maintenance Ltd., allowing PTSG to offer new service lines to our existing customer base.

Integration of the six businesses we acquired in 2015 has been fully completed and we have seen a substantial growth in these businesses in H1.

We have a healthy pipeline of acquisition opportunities for existing and new service lines.

Divisional Results

Each of our divisions contributed to the strong performance of PTSG during H1.

Access and Safety: Safety Testing and Installation, Cradle Maintenance and Installation – As the market leader in all four disciplines we continue to grow our offering, achieving a 72% increase in turnover to £9.5m in H1 (2015: £5.5m H1), a 52% contribution to the turnover of the group. Adjusted operating profits increased to £1.6m from £0.9m in 2015.

The acquisitions of Integral Cradles and Access Contracting have contributed significantly, as well as strong organic growth.

Electrical Services: Lightning Protection, Fixed Wire and PAT Testing, Fire alarms and Extinguishers and Steeplejack services – With four acquisitions in this area in 2015, which included a new service line in Steeplejack services, we have seen the division grow by 68% to a turnover of £7.4m in H1 (2015 £4.4m H1), a 40% contribution to the turnover of the group.

Adjusted operating profits increased to £1.7m from £1.2m in 2015.

High Level Cleaning: High Level Window Cleaning, Gutter Cleaning, Building Cleaning and Pressure Washing – Our teams are experts at working at height and the majority of our work is using abseiling techniques. In H1 we achieved a turnover of £1.6m, an 8% contribution to the turnover of the group.

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 400+ 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

We have made a strong start to 2016, achieving record turnover and operating profits and we continue to trade in line with the Board’s expectations for the full year.

The integration of the two Dry Risers businesses is completed and they are operating in line with our expectations.

We look forward to continuing the further development of Premier Technical Services Group PLC.

Paul Teasdale
Chief Executive
27 September 2016

 

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 June 2016

 

  Six months ended 30 June 2016 Six months ended 30 June 2015 Year ended 31 December 2015 (audited)
 

 

Before

adjusting

items

£

Adjusting

items
£

Total
£
Before

Adjusting

Items

£

Adjusting

items
£

Total

£

Before

Adjusting

Items

£

Adjusting

items
£

Total

£

Revenue 18,474,443 18,474,443 11,740,772 11,740,772 25,770,503 25,770,503
Cost of sales (8,964,379) (8,964,379) (5,347,246) (5,347,246) (11,785,079) (11,785,079)
Gross profit 9,510,064 9,510,064 6,393,526 6,393,526 13,985,424   13,985,424
Net operating costs (5,849,823) (1,397,193) (7,247,016) (3,906,022) (1,653,095) (5,559,117) (8,709,361) (4,016,196) (12,725,557)
Total operating profit 3,660,241 (1,397,193) 2,263,048 2,487,504 (1,653,095) 834,409 5,276,063 (4,016,196) 1,259,867
Finance costs (181,446) (181,446) (138,863) (138,863) (273,437) (155,446) (428,883)
Profit before tax 3,478,795 (1,397,193) 2,081,602 2,348,641 (1,653,095) 695,546 5,002,626 (4,171,642) 830,984
Taxation (673,122) 95,948 (577,174) (484,253) 24,801 (459,452) (814,927) 473,046 (341,881)
Profit attributable to owners of the parent 2,805,673 (1,301,245) 1,504,428 1,864,388 (1,628,294) 236,094 4,187,699 (3,698,596) 489,103
 

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

2,805,673 (1,301,245) 1,504,428 1,864,388 (1,628,294) 236,094 4,187,699 (3,698,596) 489,103
 

Basic and diluted earnings per share (Pence)

    1.71     0.28     0.57
 

Adjusted EPS

3.19     2.21     4.87    

 

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months ended 30 June 2016

 

  Share

capital
£

Capital

Redemption

reserve
£

Share

premium

£

Retained

earnings
£

Total
£
Non-controlling interest
£
Total
equity
£
Balance at 1 January 2015 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 dividend 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
 

Profit for the six months ended 30 June 2016

1,504,428 1,504,428 1,504,428
Total comprehensive income 1,504,428 1,504,428 1,504,428
Transactions with owners

 

             
Issue of share capital 4,582 395,418 400,000 400,000
Share based payments charge   284,906 284,906 284,906
Tax credit relating to share based payments   (130,051) (130,051) (130,051)
Transactions with owners 4,582 395,418 154,855 554,855 554,855
Balance at 30 June 2016 881,029 128,573 395,418 9,574,973 10,979,993 179 10,980,172
 

Balance as at 1 January 2015

771,437 128,573 221,087 1,121,097 179 1,121,276
Profit for the six months ended 30 June 2015 236,094 236,094 236,094
Total comprehensive income 236,094 236,094   236,094
Issue of share capital 97,827 4,375,004 4,472,831 4,472,831
Value of employee services 992,514 992,514 992,514
Transactions with owners        
Ordinary dividend paid (131,666) (131,666) (131,666)
Transactions with owners 97,827 4,375,004 860,848 5,333,679 5,333,679
Balance as at 30 June 2015 869,264 128,573 4,375,004 1,318,029 6,690,870 179 6,691,049

 

UNAUDITED CONSOLIDATED BALANCE SHEET

as at 30 June 2015 and 2016 and 31 December 2015

 

  30 June

2016

£

30 June

2015
£

31 December

2015

(audited)
£

Assets      
Non-current assets      
Intangible assets 10,577,184 4,137,951 10,735,826
Property, plant and equipment 2,501,605 1,497,645 2,373,544
Deferred tax asset 706,013 784,061
Total non-current assets 13,784,802 5,635,596 13,893,431
 

Current assets

     
Inventories 478,758 364,973 381,760
Trade and other receivables 17,169,557 10,414,871 13,108,313
Cash and cash equivalents 1,110,348 1,633,357
Total current assets 18,758,663 12,413,201 13,490,073
 

Liabilities

     
Current liabilities      
Trade and other payables 6,407,680 4,846,824 6,429,608
Bank overdraft, net of cash 317,466
Finance leases 568,947 520,126 641,001
Borrowings 25,033 1,000,000 25,033
Deferred consideration 1,353,845 1,299,440 1,125,897
Current tax liabilities 1,326,613 800,651 749,642
Total current liabilities 9,682,118 8,467,041 9,288,647
Net current assets 9,076,545 3,946,160 4,201,426
 

Non-current liabilities

     
Borrowings 8,779,304 2,250,000 5,993,808
Loan notes 2,561,724 2,527,000
Finance leases 540,147 329,509 653,160
Deferred tax liability 11,198
Deferred consideration 300,000
Total non-current liabilities 11,881,175 2,890,707 9,173,968
 

Net assets

10,980,172 6,691,049 8,920,889
 

Equity attributable to the owners of the parent

     
Share capital 881,029 869,264 876,447
Share premium 395,418 4,375,004
Capital redemption reserve 128,573 128,573 128,573
Retained earnings 9,574,973 1,318,029 7,915,690
  10,979,993 6,690,870 8,920,710
Non-controlling interests 179 179 179
Total equity 10,980,172 6,691,049 8,920,889

 

 

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

for the six months ended 30 June 2016 and the year ended 31 December 2015

 

  30 June

2016

£

30 June

2015
£

31 December 2015

(audited)

£

Cash flows from operating activities      
Profit after taxation 1,504,428 236,094 489,103
Adjustments for:      
Income tax charge 577,174 459,452 341,881
Depreciation 526,616 415,635 898,889
Amortisation of intangible assets 243,367 108,600
Profit on disposal of property, plant and equipment (300,000) (120,000) (384,778)
Finance costs 181,446 138,863 273,437
Share based payments 284,906 992,515 2,333,915
  3,017,937 2,122,559 4,061,047
Changes in working capital:      
Increase in inventories (96,998) (68,189) (40,995)
Increase in trade and other receivables (4,061,244) (1,860,178) (3,673,880)
Increase/(decrease) in trade and other payables 627,269 (85,075) (876,303)
Cash (used in) / generated from operations (513,036) 109,117 (530,131)
 

Interest paid

(181,446) (138,863) (273,437)
Tax paid (52,205) (100,000) (489,732)
Net cash outflow from operating activities (746,687) (129,746) (1,293,300)
 

Cash flows from investing activities

     
Acquisition of businesses (50,000) (240,000) (2,274,530)
Purchase of property, plant and equipment (414,067) (262,247) (521,691)
Payment of deferred consideration (421,250) (146,250) (1,057,940)
Net proceeds from sale of property, plant and equipment 373,339 120,000 404,817
Net cash outflow from investing activities (511,978) (528,497) (3,449,344)
 

Cash flows from financing activities

     
Proceeds from borrowings 2,800,000 5,945,727
Repayment of bank borrowings (14,502) (500,000) (3,750,000)
Capital element of finance lease payments (499,019) (288,720) (648,707)
Issue of  shares 400,000 4,472,831 4,672,828
Dividends paid (131,666) (533,825)
Net cash inflow from financing activities 2,686,479 3,552,445 5,686,023
 

Net increase in cash and cash equivalents

1,427,814 2,894,202 943,379
Cash and cash equivalents at beginning of period (317,466) (1,260,845) (1,260,845)
Cash and cash equivalents at end of period 1,110,348 1,633,357 (317,466)

Notes to the unaudited financial information for the six months ended 30 June 2016

 

  1. GENERAL INFORMATION

Premier Technical Services Group plc (the “Company”) is a company incorporated in England and Wales and domiciled in the UK. The address of the registered office is: 13 Flemming Court, Whistler Drive, Castleford, WF10 5HW (registered company number is 06005074). The Company and its subsidiaries (together referred to as the “Group”) is a niche specialist service provider whose principal activities are the maintenance, inspection, testing, repair and installation of permanent façade access equipment, fall arrest systems and lightning protection systems together with fixed wire and portable appliance testing.

  1. BASIS OF PREPARATION

The interim financial information for the six month period ended 30 June 2016 has not been audited and does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The interim financial information for the period ended 30 June 2015 is also unaudited. The comparative figures for the year ended 31 December 2015 do not constitute full financial statements and have been abridged from the full accounts for the year ended on that date, on which the auditors gave an unqualified report.

This unaudited consolidated interim financial information (“interim financial information”) has been prepared on a going concern basis under the historical cost convention and is in accordance with AIM Rule 18 in relation to half year reports.

  1. GOING CONCERN BASIS

After making appropriate enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For these reasons they continue to adopt the going concern basis in preparing the interim financial information.

  1. SIGNIFICANT ACCOUNTING POLICIES

In preparing the unaudited Interim Financial Information, the significant accounting policies, critical accounting estimates and judgements, and financial risk management disclosures, are the same as those set out in the 2015 Annual Report and Accounts.

  1. SEGMENTAL ANALYSIS

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.

 

Six months ended 30 June 2016 Access
and Safety
£
Electrical
Services
£
High Level
Cleaning
£
Group
£
Total
£
Revenue          
Total revenue 9,540,973 7,394,543 1,538,927 18,474,443
Total revenue from external customers 9,540,973 7,394,543 1,538,927 18,474,443
 

Operating profit/(loss) before adjusting items

1,604,962 1,739,770 335,592 (20,083) 3,660,241
Restructuring costs (89,000) (24,800) (113,800)
One off/pre-acquisition costs (54,212) (2,942) (40,597) (8,172) (105,923)
Intangible amortisation (243,367) (243,367)
Share options granted to Directors and employees (284,906) (284,906)
Contingent payments in relation to acquisitions (50,000) (452,019) (147,178) (649,197)
Segment operating profit/(loss) 972,477 1,195,809 123,017 (28,255) 2,263,048
Net financing costs (38,350) (28,013) (1,808) (113,275) (181,446)
Profit/(loss) before taxation 934,127 1,167,796 121,209 (141,530) 2,081,602

 

Six months ended 30 June 2015 Access
and Safety
£
Electrical
Services
£
High Level
Cleaning
£
Group
£
Total
£
Revenue          
Total revenue 5,537,219 4,418,040 1,785,513 11,740,772
Total revenue from external customers 5,537,219 4,418,040 1,785,513 11,740,772
 

Operating profit/(loss) before adjusting items

917,857 1,226,769 361,272 (18,394) 2,487,504
Restructuring costs (26,764) (16,646) (7,790) (51,200)
IPO costs (247,660) (247,660)
Head Office rebuild costs (5,793) (5,793)
Share options granted to Directors and employees (1,002,192) (1,002,192)
Contingent payments in relation to acquisitions (96,250) (250,000) (346,250)
Segment operating (loss)/profit (364,552) 1,113,873 103,482 (18,394) 834,409
Net financing costs (138,863) (138,863)
(Loss)/profit before taxation (364,552) 1,113,873 103,482 (157,257) 695,546

 

 

 

Year ended 31 December 2015 (audited) 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/(loss) 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 (loss)/profit (1,031,528) 2,068,681 166,165 56,459 1,259,867
Net financing costs (428,883) (428,883)
(Loss)/profit before taxation (1,031,528) 2,068,681 166,165 (372,334) 830,984

 

  1. EARNINGS PER SHARE

The calculation of basic earnings per share for the half year to 30 June 2016 was based on the profit attributable to ordinary shareholders of £1,504,428 (six months ended June 2015: £236,094; year ended 31 December 2015: £489,103) and a weighted average number of Ordinary Shares in issue of 88,026,169 (six months ended 30 June 2015: 84,519,233; year ended 31 December 2015: 85,920,559).

 

The calculation of adjusted earnings per share for the half year to 30 June 2016 was based on the profit before adjusting items of £2,805,673 (six months ended 30 June 2015: £1,864,388; year ended 31 December 2015: £4,187,699) and a weighted average number of Ordinary Shares in issue of 88,026,169 (six months ended 30 June 2015: 84,519,233; year ended 31 December 2015: 85,920,559).

 

PTSG completes specialised project at the University of Oxford

Premier Technical Services Group PLC (PTSG) has employed its working-at-height specialists at the University of Oxford to complete a range of works to improve the Oxford China Centre Building.

The team was faced with the challenge of painting some extremely inaccessible areas between rainscreen panels, without resorting to the unsightly and expensive use of scaffolding. Operatives brought their own mobile weight anchor system, which they used in conjunction with the dedicated anchor points, in order to find the optimum position for working.

The client was extremely pleased with both the quality of the work and the discretion of the team in minimising the impact of the specialised painting project on the aesthetic of the building, which was designed by the award-winning David Morley Architects.

The £21m Oxford China Centre Building in the grounds of St Hugh’s College was formally opened by the Duke of Cambridge two years ago. The Duke was quoted as saying that St Hugh’s provides a solid foundation for the creation of what has the potential to become the foremost place of study about China in the world.

PTSG completes another high level cleaning project

Premier Technical Services Group PLC (PTSG) has continued to add to its impressive portfolio of assets in the capital by completing a detailed gutter clean of the Intero Development in Clapham – a stylish gated development close to Clapham North underground station.

Following a survey of the site, it was decided that the gutters were in a good condition and required no action other than a deep clean. However, the Group’s working-at-height specialists were also able to correct a number of cowls on the building’s rooftop, which had been knocked out of position by extreme weather.

PTSG is recognised as one of the industry’s leaders in providing niche specialist services. One of its strengths is the ability to bundle a diverse range of services into one competitively priced package. Clients often expand their initial order with the Group, taking advantage of its comprehensive provision to save time, effort and money.

PTSG secures lightning protection contract at Darlington Memorial Hospital

Premier Technical Services Group PLC’s (PTSG) Electrical Services division has been awarded a contract to install lightning protection to an extended and refurbished section of Darlington Memorial Hospital.

The County Durham and Darlington NHS Foundation Trust has spent £20 million improving the facilities at the hospital, building new operating theatres and refurbishing existing ones. This comes after its recent multi-million pound investments in a new energy centre and intensive therapy unit, as well as improvements to its A&E capacity and car parking facilities.

After visiting the site and submitting a competitive quotation, PTSG has been selected to provide a Level 1 structural lightning protection system complete with surge protection to the new theatres. Works are due to commence at the end of September 2016 and will last for approximately eight months.

PTSG’s skilled electrical engineers have undertaken works at a number of the UK’s largest healthcare facilities, including Liverpool University Hospital, Queens Medical Centre in Nottingham and Queen Elizabeth hospital in Birmingham, and will deliver this project to their usual high-quality, professional standard.

PTSG takes starring role in Goodnight Sweetheart

Premier Technical Services Group PLC (PTSG) can confidently claim it carries out work all over the place, adding ‘TV extra’ to the long list of specialist services it provides.

The BBC ran a one-off special of Goodnight Sweetheart as part of its comedy season 2016, where it has revisited several British comedy classics. In this episode, Goodnight Sweetheart’s unwitting time traveller, Gary Sparrow, was catapulted into the future, arriving in 2016.

The PTSG logo popped up in the background of one 2016 scene, proving that PTSG’s engineers really are completing work around the clock all over the country.

The Group is no stranger to publicity, being in the running for a number of high-profile industry awards in 2016. CEO Paul Teasdale recently went through to the finals of the IoD Director of the Year Awards, to be held at a glittering ceremony in London next month.

PTSG employs innovation to clean City Lofts development

Premier Technical Services Group PLC (PTSG) has set to work on a challenging clean of a large residential development in Sheffield, thanks to the collaboration between two of its divisions.

The City Lofts development consists of two towers, the taller of which had faced problems using a building maintenance unit (BMU) to gain access, not only due to high winds but because it was unable to reach all parts of the building.

PTSG was contracted to solve the problem of cleaning this challenging building, developing a pro-active approach to overcome the BMU’s current problems, without making it completely redundant. The Group’s high-level cleaning experts suggested the installation of abseil anchors into the parapet wall to reach more challenging areas, without getting in the way of the BMU’s operation when it was required.

These abseil points were successfully installed by the Group’s access and safety division, and will also come in useful with inspecting the building for wear and tear, especially on warrantied items such as mastic joints.

Work on the smaller of the two blocks has been completed using the new equipment, and the team has received very positive feedback. As a result of this, a three-week clean is going ahead on the larger tower using the same two-step system, and the building can now receive the first full clean it has had in a long time.

PTSG installs lightning protection for Lewisham residents

Premier Technical Services Group PLC (PTSG) has completed a series of lightning protection works in Lewisham, continuing the work the company has carried out as part of London’s Decent Homes initiative.

The Group was appointed to install brand new lightning protection systems to a number of buildings, as well as upgrading six buildings that had been refurbished with new roof coverings. This will help to complete three separate phases of the work, which will have improved 6,300 homes in Lewisham alone once completed.

The wider project will see the installation of new kitchens, bathrooms, electrical rewiring and new doors, with improved communal areas and external decorations at estates across the borough. It will also involve vital repairs to windows and roofs, as well as structural repairs and drainage improvements.

PTSG’s lightning protection division has also installed systems in other parts of London within the Decent Homes scheme, and on the other end of the scale also regularly completes work on some of the City’s most iconic skyscrapers.

Day at the Races for PTSG

Premier Technical Services Group PLC (PTSG) has installed a fall protection system that will enable the safe refurbishment of the Grandstand at Epsom Downs Racecourse.

PTSG’s fall arrest division has installed the system in order to enable the refurbishment of the Grandstand roof, as bullnose roof tiles to are installed to external parts of the roof. The Group’s engineers have designed the system to keep it out of sight from the general public and racegoers, so as not to spoil the appearance of the stand for race days.

The refurbishment project was a complex one, as it needed to take into consideration the risk of wind uplift from across the Epsom Downs, but the work completed by PTSG will significantly mitigate the risks that come with working at height for any future roof contractor.

Wayne Adams from PTSG’s Fall Arrest Installations division, said: “It is an honour to work on buildings such as this one that bring members of the public so much pleasure, and we look forward to continuing our work on some of the country’s most exciting projects”.

PTSG assists in building more Decent Homes

Premier Technical Services Group PLC (PTSG) has completed a series of lightning protection works at the Lytchet Way Estate in Enfield, as part of the government’s Decent Homes initiative.

The Group’s engineers installed lightning protection systems to 18 buildings, which have been refurbished as part of a wider plan to improve the estate and surrounding area.

The improvements were commissioned by Enfield Council, which consulted over 350 local residents when drawing up the plans for the developments in order to maximise the positive impact on the community.

PTSG has completed many works on projects designed to benefit local communities like this one, and these jobs fit well with the company’s commitment to being a socially responsible company. It aims to give back to the communities in which it undertakes works, supporting local initiatives and community programmes even once its specialist service provision is no longer required.