Premier Technical Services Group PLC, (PTSG) the niche specialist services provider, today announced that its results for the year ended December 31 2017 are anticipated to be in line with the board’s expectations.
In a trading update, PTSG’s board said it expects that the results for the year ended December 31 2018 will be materially ahead of current market forecasts.
In a statement, the company said: “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 July 4 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 per cent ahead of the acquired business with a very strong order book and pipeline.”
PTSG also noted the recent statement from Carillion PLC which was placed into liquidation yesterday.
It said: “The annual value of work which the group undertakes on behalf of Carillion is around £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.”
PTSG has announced the appointment of Michael James Higgins, aged 61, as a non-executive director of the company. He will join both the audit and remuneration committees.
John Foley, the chairman of PTSG, said: “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 on to 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.”