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any blots or the horizon but can't see any. Not much of an uplift today with a 3.24% rise not enough to send us to new highs. I can see momentum building though as today's proves the foundations are pretty solid!
"the Group has seen continuing sales growth and strong levels of orders in the year to date. Working capital utilisation and profit levels are also in line with the Board's expectations": Http://www.investegate.co.uk/premier-technical--ptsg-/rns/agm-statement/201706190700033272I/ Plus successful integration of acquisitions, high renewal rates and the likelihood of further acquisitions: "The Board is confident that the business is in a strong position to continue to grow both organically and through carefully selected acquisitions, which seek to achieve sector dominance in our chosen areas of operation."
The Grenfell Tower fire was a tragic incident which from the sound of it could have been avoided with different building procedures (and better fire drill instructions, sprinkler systems etc). PTSG would presumably be a big beneficiary nationwide from (1) any additional testing/inspection/safety work now being carried out and (2) and future refurbishment/improvement works: Http://www.ptsg.co.uk/access-safety/safety-testing/rope-access-and-abseil-points/
...and others too in the last few days, including more work for Morrisons and the Co-Op. Highlights of the new ones include: - renewal of a contract with Harrods: Http://www.ptsg.co.uk/news/access-safety/ptsg-returns-to-harrods/ - installing a mobile access solution for a project at Heathrow Airport Http://www.ptsg.co.uk/news/access-safety/ptsg-on-the-move-at-heathrow-airport/ - winning a contract with Imperial College NHS Trust: Http://www.ptsg.co.uk/news/ptsg-secures-imperial-college-healthcare-contract/ - winning a 5 year "significant contract to carry out a range of niche specialist services for the City of London Corporation" Http://www.ptsg.co.uk/news/ptsg-wins-multidisciplinary-contract-in-london/ - winning a "contract to provide high level cleaning services at DHL’s Heathrow Hub" Http://www.ptsg.co.uk/news/high-level-cleaning/ptsg-to-deliver-weekly-clean-for-dhl/
Still climbing today 3putt so we may well be breaking out of tee trading range. The momentuum is good so 150p could be on the cards soon. I think I bought at 87p so showing a decent profit here. Wiull certainly be hanging on for 150p before I reassess.
almost a bagger !! unfortunately I sold a few around 100 that I'd added on the way up but the original ones remain long & strong, I'm assuming we are expecting a strong trading statement sure you can get quicker baggers with more risk, but I prefer growing companies
for tax purposes was quickly absorbed. That fact has probably lent confidence to the market in quelling fear of an overhang. The MM's will have to work harder to garner shares as this is tightly held. Very underated share in a niche market.
Buying at 124p now and making new all-time highs.
New contract with the Metropolitan Housing Association - the importance isn't with this single contract, but the likely further work to be won: Http://www.ptsg.co.uk/news/electrical-services/ptsg-to-carry-out-home-improvements-at-255-ealing-road/ "Metropolitan, a member of the G15 London housing association group, plans to build around 3,300 new affordable homes in the next five years, investing £730m. PTSG has developed strong partnerships with many UK housing associations, providing a range of niche specialist services to enable the safe and efficient operations of affordable housing. In addition to lightning protection services, PTSG provides wet and dry riser and fire hydrant testing, fall arrest testing and planned preventative maintenance for associations such as Great Places Housing, Genesis Housing and Stockport Homes to name a few."
Part two of the IC tip as posted elsewhere: "However, we feel a number of one-offs could reverse out this year and improve perceptions. In particular, a jump in big-ticket cradle installation sales in the final quarter of last year, along with increased investment in acquired businesses, contributed to a substantial increase in working capital requirements. This included a jump in receivables from £13.1m to £20.3m. Combined with acquisition costs, including deferred payments and capital expenditure, net debt leapt from £7.6m to £13.6m in 2016. That said, net debt represents 1.34 times cash profit, which is well within management's comfort zone of 1.75 times and the borrowing covenant of 2.25 times. IC VIEW: PTSG has made impressive strategic progress since listing on the Alternative Investment Market in February 2015, and focusing on high-margin niches is an exciting angle. While we understand investors may question the quality of the group's profits based on last year's weak cash generation and large profit adjustments, we think the shares' rating should improve if these items reverse out of the accounts in 2017, as we think looks possible. Meanwhile, orders remain strong and there's headroom for more acquisitions. Buy."
The text of the IC tip has been posted elsewhere, so here it is - part one: "PTSG founded just over a decade ago with the aim of building market-leading positions in highly specialised, high-margin niches in the facilities management market. More recently, following PTSG's 2015 float, its strategic aim has become to dominate, and not just lead, in these niches. The group works across a range of areas such as the installation and maintenance of cradles for window cleaning on high buildings, and dry risers - fire suppression systems that allow fire services to pump water into burning buildings. Its strategy has been producing strong results, with the group recently announcing its tenth consecutive year of double-digit organic growth. The group is divided into three divisions: access and safety (48 per cent of last year's sales and 39 per cent of underlying operating profit) provides window cradle installation and maintenance, along with safety testing and installation; electrical services (45 per cent of sales and 52 per cent of profit) covers lightning protection and a range of fire prevention and protection businesses such as dry risers, fire alarms and extinguishers; high-level cleaning covers window cleaning at height, along with gutters, pressure washing, specialist abseiling and others. There are plans to create a fourth division based on training and consultancy, which is currently carried out within the separate business units. The group is looking to take advantage of its experience of training its own staff as well as those of clients by expanding these activities through acquisitions. However, chief executive Paul Teasdale says launching the division is just one of many opportunities the group was pursuing. A lot of the work the group does is in industries that are otherwise fragmented, giving plenty of opportunity for acquisitive growth, and 21 businesses have been bought over the past 10 years, including eight in 2015 and 2016. PTSG is market leader in its access and safety division and in lightning protection, and is top three in electrical testing. Despite this, its access and safety and electrical services divisions have an estimated market share of just 7 per cent and 6 per cent, respectively. The acquisitions have helped turbo-charge profit growth, but cash generation has recently been less impressive, with 2016 cash from operations coming in at just £570,000. There's also a big gap between last year's reported statutory pre-tax profit number of £2.6m and the company's adjusted figure of £7.5m. This is something investors will want to keep an eye on."
Great to see PTSG getting some attention for a change as it's been well under the market radar despite the recent rise. At 120p it's still only on a P/E of 14, and we can expect more acquisitions at some point this year.
I particularly like this one - lovely recurring work at 400 NHS sites: Http://www.ptsg.co.uk/news/electrical-services/ptsg-renews-contract-to-deliver-nhs-works/ "PTSG renews contract to deliver NHS works Premier Technical Services Group PLC (PTSG) has renewed a contract to provide lightning protection maintenance services for NHS sites nationwide. The existing agreement was successfully delivered to an outstanding standard throughout 2016, and PTSG’s Electrical Services division will once again provide operatives to work at over 400 NHS sites. etc" And a new contract win to protect police and fire stations across Scotland - for 4 years! There's 356 fire stations, and the police stations must number even more than that: Http://www.ptsg.co.uk/news/electrical-services/ptsg-reports-for-duty-with-police-scotland-and-scottish-fire-and-rescue-service/
They've increased their holding by 760,000 shares to above 18% with 15.95m shares: Http://www.investegate.co.uk/premier-technical--ptsg-/rns/holding-s--in-company/201704101020040521C/
This is another example of lovely long-term, recurring income: Http://www.ptsg.co.uk/news/access-safety/ptsgs-access-teams-head-to-the-top-of-londons-tallest-residential-tower/ "PTSG’s access teams head to the top of London’s tallest residential tower Premier Technical Services Group PLC (PTSG) has been awarded a service contract at the Pan Peninsula towers on the Isle of Dogs in London. Pan Peninsula is a residential complex incorporating 762 luxury apartments in two high-rise towers of 40 and 50 storeys, the taller of which is the capital’s tallest residential building. It houses facilities including a deluxe cinema, a health and fitness centre and a penthouse-level cocktail bar. The tops of the two towers have been designed to resemble lanterns, providing strong LED lighting features that are very visible on the skyline and gradually change colour. The Group’s Access and Safety division will provide a team of cradle maintenance engineers to perform yearly inspections on the building’s cradle overspeed devices and to service and repair the cradles where necessary. PTSG is recognised as the largest provider of cradle maintenance services for permanently installed suspended access equipment in the UK. It provides maintenance, inspection, testing and repair services for all types of equipment including building maintenance units, gantry systems, cradle systems, monorail systems and lifting equipment." And another one here: Premier Technical Services Group PLC (PTSG) has been awarded a contract to provide lightning protection services at a new hotel and cinema complex in the heart of London’s West End. http://www.ptsg.co.uk/news/electrical-services/ptsg-to-provide-lightning-protection-system-for-new-hotel-and-cinema-in-leicester-square/
£2m of shares traded today. As a long term holder very happy with the recent results and share price. I have met the very impressive management team who built MacLellan from a small FM company and sold the business to Interserve for a 9 figure sum. Directors and CEO mid 50s. This feels like the last and most impressive piece of work from proven and experienced FM talent.
Another completion by their recent acquisition: http://www.ptsg.co.uk/news/electrical-services/ptsg-installs-dry-risers-at-new-retail-and-leisure-complex/ "Premier Technical Services Group PLC (PTSG) has installed a number of dry riser systems at a large retail and leisure development in Southampton." http://www.ptsg.co.uk/news/high-level-cleaning/ptsg-to-provide-gutter-cleaning-services-for-st-jamess-place-plc/ 3-yr Guttering contract across 14 offices: "Premier Technical Services Group PTSG (PLC) has been awarded a three-year nationwide contract to provide gutter cleaning services for wealth management business St. James’s Place Plc." Also, a great 4 page feature on PTSG's award-winning nationwide partnership with M&S, which has developed from a small job to covering over 400 stores for a range of services "including façade access and fall arrest equipment services, lightning protection and electrical testing, high-level cleaning and training solutions": Http://www.ptsg.co.uk/wp-content/uploads/2017/04/PTSG-MS-PFM-March-17.pdf
Numis have increased their forecast for this year to 8.2p EPS, with a 1.6p dividend. At 118p the P/E is 14.4, which is pretty inexpensive for a company doing this well and likely to make further earnings-enhancing acquisitions. Using the 57% EPS increase last year to 7.63p EPS, the PEG is just 0.25, which is remarkably low. I suspect Numis' forecast is conservative and leaves room for further upgrades.
Always good to see when follow on buying when the sell on the news brigade have been outed. Tempus's mention helped of course but the breakout well above 100p should certainly bring on the radar of those who follow momentum stocks. Even after the strong rise from 83p I would argue we are still not up with events given the prospects for 2017.
Good to see this under-the-radar stock finally getting a little bit of well-deserved attention in the Times Tempus investing column today. With so few shares available, any sort of press mention is always likely to cause a decent rise: http://www.thetimes.co.uk/edition/business/plumber-turns-the-heat-up-in-america-2080hx668 "Premier Technical Services Group is a one-off with no comparable businesses and another of those companies that has come to market with little fanfare. It provides, among other things, safety equipment and ropes that allow people to work on the sides of high buildings. The shares were floated on the Alternative Investment Market 2 years ago at 52p and have since doubled. Part of the reason for floating was to make acquisitions in what is still a fragmented market, with 2 in 2016 and 6 the year before."
7.63p adjusted EPS was way ahead of 6.82p expectations! The forecast for THIS year (2017) was 7.68p EPS, so this may now have to be increased. Good outlook too: "2017 has started well with continuing sales growth and new record levels of orders in hand and we remain both confident of our prospects and enthusiastic about the future." EPS was helped by a lower tax charge, and there are also big adjusting items being the first year post-IPO. Overall these are very good results - and I'd assume there will be further acquisitions at some point.
PTSG have already said they traded in line with previously upgraded expectations of 6.82p EPS for last year. This year's forecast is currently 7.68p EPS (consensus), so a P/E of 13.5 is pretty good value, especially given 40% EPS growth in 2016 over 2015's 4.87p EPS.
hold above 102p and indeed the real ask is just over 105p. We have had a strong run up and 102p could have been resistance. We are hopefully in a new trading range and deservedly so in a company which operates in a niche market supplying technical services for which they is high demand.
don't tar all pi's with the same brush :) been here since 68p :)
...and still no other PIs interested here judging by the lack of postings! T'was always the way.... Very good long-term contract win here: Http://www.ptsg.co.uk/news/electrical-services/ptsg-helps-to-make-history-in-scotland/ "Premier Technical Services Group PLC (PTSG) has secured a two-year contract with Historic Scotland to provide maintenance services to several of Scotland’s most iconic heritage sites. Steeplejacks from PTSG’s electrical services division will provide cleaning and maintenance services for a portfolio of historic structures across Scotland, including Edinburgh, Dumbarton and Stirling Castles and Glasgow Cathedral. The Group’s engineers will use rope access techniques to carry out the work to remove growth and vegetation that has built up over time. They will provide further remedial works where needed to ensure the popular buildings are kept in pristine condition for the millions of tourists who visit Scotland each year. PTSG has developed a strong relationship with Historic Scotland, stemming from a number of successful projects carried out in the past. In 2016, lightning protection engineers carried out annual inspections and testing of systems at 37 of the country’s best-known historic attractions." And lots of other contract wins too in the last 2-3 weeks: http://www.ptsg.co.uk/news/access-safety/ptsg-develops-bespoke-access-solution-for-the-mansion/ http://www.ptsg.co.uk/news/access-safety/ptsg-upgrades-safety-systems-at-former-home-of-the-bbc/ http://www.ptsg.co.uk/news/access-safety/ptsg-working-on-campus-at-the-aga-khan-development/ http://www.ptsg.co.uk/news/access-safety/ptsg-aims-high-at-brentford-lock-west/ http://www.ptsg.co.uk/news/access-safety/ptsg-to-provide-fall-arrest-testing-for-genesis-housing-association/