Premier Technical Services Share Discussion Threads

[rivaldo] 10/5/2019 10:09

Markets always overreact. PTSG perhaps flew too high, but has now overreacted too far the other way given a current year P/E of only 5.5.

It's too early in the year to make predictions for the full year, so the very bullish expressions of confidence looking ahead are as far as any company would go at this stage (cash flows - which have of course been improving nicely recently anyway - are a subject for the H1 update/results or the AGM, not a Q1 trading statement).

Which of course doesn't stop PTSG confirming today that the most recent substantial acquisitions are performing very well indeed.

Note also the comment that PTSG's markets "are underpinned by compliance demand".

Plus there will be more news flow from the AGM on 17th June in only a month's time.

[eezymunny] 10/5/2019 10:06

Don't talk utter tripe. Posting stuff that you know to be wrong is an offence that carries a possible prison sentence.

From the accounts "Net cash inflow/(outflow) from operating activities £2,964,502"
"Adjusted operating profit* increased 40% to £14.9m"

So M'lud when hatman says "Cash flow to profits was very similar" how long should he get??? Belmarsh? Wormwood Scrubs?

LMFAO

[hatfullofsky] 10/5/2019 10:05

We're also 6 weeks into Q2 and there was no note to say trading has slowed. Next update AGM on 17 June 2019. All positives for me.This is a company that is now reporting well. Q1 updates are often in-line as it's too early to extrapolate FY.

[hatfullofsky] 10/5/2019 09:56

76 just been paid

[hatfullofsky] 10/5/2019 09:55

Cash flow to profits was very similar, which is a great sign and confirmation no financial irregularities. Naive - Not one bitI've said all along the only issue here is debtor days. They are building a critical building services company, acquisitions are trading ahead. Repeat business, repeat revenue. Paul Scott has a short, he was also uber bull on PURP. Commentators get it wrong, just like you. But whatever your position please don't twist words as you have done

[eezymunny] 10/5/2019 09:48

hatfull - you're very naive IMO to translate fluffy puffy RNS's into anything meaningful. There have historically been gaping chasms between top line fluff and bottom line profits and cash flow with PTSG. That's usually a recipe for disaster...

If PTSG produce some numbers with cash flow matching the top line numbers I'll change my mind.

Last numbers free cash flow 5.8m, so price to free cash flow c. 16 here. Hardly cheap for a boring old contractor with abysmal cash flow....especially as what they appear to be saying is that the businesses that have been in the stable longest are falling below expectations. Yuk...

[threeputt] 10/5/2019 09:31

Been a good share to me in the past, back in today, bears make some fair points which are probably priced in for the moment. I can foresee a bounce from the oversold lows here

[hatfullofsky] 10/5/2019 09:28

Eazy - you're a fool, it disgusts me how people can use forums and boards like these to twist and manipulate words to their own agenda. You'll be gone in 3 months moved on to the next thing to play with when the recovery is in full swing. Why not go now and do us all a favour."a number of significant three to five year contracts and framework agreements have been signed across all disciplines with new and existing customers since the beginning of the financial year. "Trading strong.

[buffetteer] 10/5/2019 09:05

The boards expectations and market expectations are the same thing

[longshanks] 10/5/2019 08:52

Meeting the board's expectations is not the same necessarily as "trading inline".I take your point though on the lack of depth in the statement as to cash flow which we know to be a weakness in the business. Overall though, this looks to me a little oversold now.

[eezymunny] 10/5/2019 07:57

So acquisitions "ahead" but overall "in line". Means the old stuff trading behind, no?

And yes, not even a squeak of a mention of cash flow etc.

Absolute cobblers of a trading statement IMVHO.

[elsa7878] 10/5/2019 07:51

So what - show me the money. Going to be a great opportunity for some trapped longs to dump their stock. Until this company can demonstrate real cashflow and corporate governance then it is uninvestable.

[masurenguy] 10/5/2019 07:30

Agreed - plus yesterdays government announcement on HR blocks could also result in extra business.

"Trading during the first quarter of the current year has been strong, and the recent acquisitions of Guardian and Trinity are performing ahead of management expectations. Sales remain robust as contract renewal rates remain high and a number of significant three to five year contracts and framework agreements have been signed across all disciplines with new and existing customers since the beginning of the financial year. Notable sales wins include a fire solutions contract for London Underground, fixed wire testing for BMW and replacement fall arrest equipment for Morrisons. This underscores our confidence in achieving a successful full year result in 2019, in line with the board's expectations.

John Foley, Chairman of PTSG, said:"I commented in our 2018 results announcement on 26 March 2019 that 2019 had started well as we continued to deliver against our strategy to seek sector dominance in the markets we serve, which are underpinned by compliance demand. That position is unchanged, trading continues to be strong and the Board remains both confident and enthusiastic about the Group's prospects and performance. I look forward to updating shareholders on the Group's continued progress at the time of its AGM on 17 June 2019."

[rivaldo] 10/5/2019 07:20

Excellent Q1 trading statement today - confidently on track for 13.6p EPS this year.

Recent acquisitions "are performing ahead of management expectations". And "a number of significant three to five year contracts and framework agreements have been signed across all disciplines", showing PTSG's visibility of future income:

[skatersav] 09/5/2019 18:38

Aninletcompass- LO are a big Swiss investment manager - they wouldn’t release a short report. Someone mentioned that Paul Scott had a copy of a “short dossier” though. Maybe contact him and ask.

[hatfullofsky] 09/5/2019 08:24

The government has set up a £200m fund to replace unsafe Grenfell Tower-style cladding on around 170 high-rise residential buildings.

The money will be made available to building owners to remove aluminium composite material cladding, with the government declaring: "If these reckless building owners won't act, the government will."

[aninletcompass] 08/5/2019 06:17

Do you guys know who was behind the LO short? Did they publish a short report?

[castleford tiger] 07/5/2019 13:06

I am still on the fence but i think the MARKET maybe WRONG here.

There could be BRASS to be made.

Tiger

[eezymunny] 07/5/2019 12:36

Strong hold at 127p eh? Now 70p. Great article! LMFAO!

The only useful thing in there IMO is the mention of free cash flow. £5.8m vs market cap still up c. £86m.

Still a massive avoid at this price IMO, but clearly better priced than when all those ridiculous posts about minor contracts were being discussed.

Cash is king.
Childish rampy posts about weeny contracts are just that..

[rivaldo] 07/5/2019 12:15

Since this month's SCSW is just out, it's probably reasonable to post their view on PTSG from their last issue. This was when PTSG were at 127.5p:



"Premier Technical Services - Fire safety acquisition drives growth
127.5p Epic code: PTSG

I’ve just come away from meeting CEO Paul Teasdale post the release of 2018 results. Helped by the two recent acquisitions performing better than expected (M&P Fire running 80% ahead of when bought and Guardian +50%), sales are up 31% to £69.1m, operating profit +40% to £14.9m and eps +22% to 11.9p.

Turning to the two issues that have dogged it - share based payments and debtor days: the incentive scheme ended in 2018 and debtor days have improved by 16 days to 120 days. PTSG’s free cash flow increased by 152% year on year to £5.8m (this is after £1.5m of restructuring costs) with the underlying trading cash conversion increasing by 7 percentage points to 72%. This year will also see the first contribution from Trinity, which will help take compliance and testing to 70% of the business, reducing installation to 30%. Based on eps of 13.6p this year, the shares are not expensive. Strong hold."

[swiss paul] 04/5/2019 22:57

awe Sav - dont go - your information is always good and I enjoy your bear points - keeps it real - have a rec

[skatersav] 03/5/2019 00:14

Good luck all.

[harrogate] 02/5/2019 19:08

Ha! Having watched this for a long time it is code for " I think there is something not quite right here but can't be sure and it looks cheap at this price anyway"

[castleford tiger] 02/5/2019 18:31

there was i trying to read a code
tiger