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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Premier Technical Services Group Plc | LSE:PTSG | London | Ordinary Share | GB00BV9FPW93 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 214.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPTSG
RNS Number : 8745K
Premier Technical Services Grp PLC
27 September 2016
27 September 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 GBP18.5m (2015: GBP11.7m) an increase of 57% -- Organic growth contributed strongly at 21% -- Operating profit growth of 47% to GBP3.7m reflecting strong growth and cost control -- Gross profit of GBP9.5m 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 GBP18.5m (30 June 2015: GBP11.7m). Gross profit increased by 49% to GBP9.5m (30 June 2015: GBP6.4m). Underlying EBITDA increased by 44% to GBP4.2m (30 June 2015: GBP2.9m). Underlying profit before tax before adjusting items increased by 48% to GBP3.5m (30 June 2015: GBP2.3m). 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 GBP0.6m. 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 GBP7.7m (31 December 2015: GBP6.3m) and the increase in borrowing levels was mainly due to an increase of GBP3.5m in the Group's working capital position. The major elements of that increase were GBP1.2m relating to the timing of prepayments and GBP1.4m 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 GBP7m to GBP10m with the expiry date remaining unchanged at September 2020. The overdraft facility has also been increased from GBP2.5m to GBP4m. 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 GBP2.1m and GBP3.5m respectively. Initial consideration for UKDR was GBP1.2m and GBP1.8 for UKDRM, with PTSG inheriting positive working capital balances of GBP1.6m at completion including cash balances of GBP0.8m. Further consideration for the businesses of a maximum of GBP2.6m is payable over a five year period subject to the businesses achieving stretching milestone profitability targets of which GBP1.4m 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 GBP18.5m (2015: GBP11.7m) and operating profits before adjusting items and, on a consistent basis, increasing by 47% to GBP3.7m (2015: GBP2.5m).
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 GBP9.5m in H1 (2015: GBP5.5m H1), a 52% contribution to the turnover of the group. Adjusted operating profits increased to GBP1.6m from GBP0.9m 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 GBP7.4m in H1 (2015 GBP4.4m H1), a 40% contribution to the turnover of the group.
Adjusted operating profits increased to GBP1.7m from GBP1.2m 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 GBP1.6m, 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
Hot Features
Premium
Year ended 31
Six months ended Six months ended December 2015
30 June 2016 30 June 2015 (audited)
---------------------------------------- ---------------------------------------- ------------------------------------------
Before Before Before
adjusting Adjusting Adjusting Adjusting Adjusting Adjusting
items items Total Items items Total Items items Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP
---------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- ------------ -------------
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
Capital
Share Redemption Share Retained Non-controlling Total
capital reserve premium earnings Total interest equity
GBP GBP GBP GBP GBP GBP GBP
--------------------- --------- ------------ ------------ ---------- ----------- ---------------- -----------
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
31 December
30 June 30 June 2015
2016 2015 (audited)
GBP GBP GBP
------------------------------- ----------- ----------- ------------
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
31 December
30 June 30 June 2015
2016 2015 (audited)
GBP GBP GBP
----------------------------------- ------------ ------------ ------------
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.
2. 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.
3. 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.
4. 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.
5. 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.
Access High
Six months and Electrical Level
ended 30 June Safety Services Cleaning Group Total
2016 GBP GBP GBP GBP GBP
--------------------------- ---------- ----------- ---------- ---------- -----------
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
--------------------------- ---------- ----------- ---------- ---------- -----------
Access High
Six months and Electrical Level
ended 30 June Safety Services Cleaning Group Total
2015 GBP GBP GBP GBP GBP
--------------------------- ------------ ----------- ---------- ---------- ------------
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
--------------------------- ------------ ----------- ---------- ---------- ------------
Access High
Year ended and Electrical Level
31 December Safety Services Cleaning Group Total
2015 (audited) GBP GBP GBP GBP GBP
--------------------------- ------------ ----------- ---------- ---------- ------------
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
--------------------------- ------------ ----------- ---------- ---------- ------------
6. 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 GBP1,504,428 (six months ended June 2015: GBP236,094; year ended 31 December 2015: GBP489,103) 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 GBP2,805,673 (six months ended 30 June 2015: GBP1,864,388; year ended 31 December 2015: GBP4,187,699) 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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMGZLRVGGVZM
(END) Dow Jones Newswires
September 27, 2016 02:00 ET (06:00 GMT)
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