Source - RNS
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 £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.

 

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.

 

 

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

 

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 £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).

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR MMGZLRVGGVZM

Related Charts

Premier Technical Services Group (PTSG)

+1.00p (+1.20%)
delayed 18:15PM