16th January 2018
Trading update and appointment of new NED
Premier Technical Services Group PLC (“PTSG” or the “Group”), the niche specialist services provider, is pleased to announce that its results for the year ended 31 December 2017 are anticipated to be in line with the Board’s expectations.
In addition, the Board expects that the results for the year ended 31 December 2018 will be materially ahead of current market forecasts. This reflects the strength of the Group’s order book and successful integration, and ongoing progress at its recently acquired businesses.
The Board is also pleased to confirm that the integration of the ‘Best’ Lightning Protection business acquired on 4 July 2017 has progressed very well and is nearly complete.
Furthermore, the UK Sprinklers business we acquired in September 2017 has been fully integrated into the Group and is trading 50% ahead of the acquired business with a very strong order book and pipeline.
PTSG notes the recent statement from Carillion PLC which was placed into liquidation yesterday. The annual value of work which the Group undertakes on behalf of Carillion is c.£0.8m 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 £0.3m due from Carillion and this has been fully accounted for in the Group’s 2017 Balance Sheet.
The Group’s final results for the year ended 31 December 2017 will be announced on Tuesday 20th March 2018.
PTSG is pleased to announce the appointment of Michael James Higgins, aged 61, as a non-executive director of the Company with effect from 16 January 2018. He will join both the Audit and Remuneration Committees.
Mr Higgins is currently the chairman or non-executive director of three listed companies, namely Ebiquity plc, Plant Heath Care plc and Progility plc and has further non-executive interests in a range of private companies. Michael 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, comments:
“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.”
Save for the information disclosed above there is no other information to be disclosed under Rule 17 or schedule Two, paragraph (g) of the AIM Rules for Companies in relation to Michael Higgins’ appointment as a Director of the Company other than as follows:
Michael James Higgins
Engines for Growth Limited
The Growth Companies Alliance LLP
IPSX (UK) Limited
Plant Health Care PLC
Plant Health Care UK Limited
The Quoted Companies Alliance
Past (last 5 years)
Arria NLG PLC
Dods Group PLC
Charcoal Health Community Interest Company (dissolved 22 July 2013)
|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|
Charlie Jack / Hattie O’Reilly
About PTSG – www.ptsg.co.uk
Premier Technical Services Group PLC is the UK’s leading provider of façade access and fall arrest equipment services, lightning protection and electrical testing, steeplejack and rope access services and fire solutions.
Operating through four divisions, Access & Safety, Electrical Services, Building Access Specialists and Fire 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 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.