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Very good H1 results today, setting PTSG up for an excellent year considering the confident outlook:
Https://www.investegate.co.uk/premier-technical--ptsg-/rns/interim-results-2018/201809250700027612B/
"We remain both confident about continuing the positive revenue and profit momentum which is evident in the Group's results for the first six months of 2018 and also enthusiastic about our prospects for the future."
And this was achieved despite a fall in profits at the lumpier Cradle Installation/Maintenance division.
Fire Services is proving absolutely spectacular. Cash conversion has improved nicely. Further acquisitions are on the cards too.
Lots of news/contract wins on the PTSG web site, but here's just the two most interesting - great to see names like BP and BNP Paribas expanding their relationships with PTSG:
Http://www.ptsg.co.uk/news/building-access-specialists/ptsg-secures-high-level-cleaning-contract-oil-giant-bp/
"Premier Technical Services Group PLC (PTSG) has secured a prestigious high-level cleaning contract with BP, the world’s sixth largest oil and gas company....
....PTSG’s skilled Building Access Specialists division has been awarded a contract to clean the façades of 13 BP buildings at the Sunbury-on-Thames business park in Surrey. The Group’s qualified engineers will use MEWPs (Mobile Elevating Work Platforms) to safely and securely clean the tall buildings on site.
etc"
Http://www.ptsg.co.uk/news/building-access-specialists/ptsg-banks-bnp-paribas/
"Premier Technical Services Group PLC (PTSG) has secured a contract with French banking group BNP Paribas. The international company is the world’s eighth largest bank.
etc"
PTSG have a new major shareholder - BlackRock have today turned up with a 5% stake:
Https://www.investegate.co.uk/premier-technical--ptsg-/rns/holding-s--in-company/201809210700044770B/
Http://www.ptsg.co.uk/news/building-access-specialists/ptsg-flying-high-british-airways/
"PTSG is flying high with British Airways
Premier Technical Services Group PLC’s (PTSG) Building Access Specialists division has recently completed a significant contract to install signage for British Airways at Heathrow Airport....
....The Group’s expert engineers visited the site to install new signage to the façade of Terminal 5. The sign was custom built and installed on site by the Group’s qualified engineers and is now visible to passengers both taking off and landing at Heathrow Airport.
etc"
Looks like the seller has finished and not much stock available - moving up nicely today on only tiny buying.
More news stories on PTSG's site, of which this is the standout with a link-up with McCarthy & Stone:
Http://www.ptsg.co.uk/news/electrical-services/ptsg-strengthens-partnership-mccarthy-stone/
"PTSG strengthens partnership with McCarthy & Stone
"Premier Technical Services Group PLC’s (PTSG) Electrical Services division has started work to carry out a series of lightning protection installations on McCarthy & Stone properties across Essex.
The Group’s expert teams will install lightning protection systems at new retirement apartments across the county, ensuring that their future residents will be protected from lightning strikes.
Works have already been completed at homes in Loughton, with further work to be carried out in Chelmsford and Colchester in the coming months. Over the last few years the Group has provided protection at hundreds of other sites in McCarthy & Stone’s portfolio."
I've bought a few more here on the dip. Marked down on relatively small volumes in a quiet market, yet PTSG will report good H1 numbers in just 2 weeks on 25/9 given the trading statement:
Https://www.investegate.co.uk/premier-technical--ptsg-/rns/trading-update-and-notice-of-results/201808080700021165X/
""As stated at the AGM trading update in June, the Group has seen a continued strong performance in the first half of the year, driven by a marked increase in compliance and testing work, with high activity levels across all divisions.
"Our contract renewal rates remain high and a number of new and significant contracts have been won during the first half of the year across our range of services, including The Department of Work and Pensions with Interserve, FirstPort, and the Ministry of Justice's new facilities management company, Government Facilities Services Ltd. The majority of these contracts range from three to five years, and range in value from £500,000 to £1m per annum, which, in addition to the existing customer base, provides excellent revenue visibility over the medium term and reinforces the Board's confidence in our organic growth plans.
"The three acquisitions completed last year have been successfully integrated and are making significant contributions to the Group. Acquisitions remain a core element of our growth strategy, and at the beginning of the second half we acquired M&P Fire Protection Ltd., to further strengthen our Fire Solutions division after a period of unprecedented demand in this area. The business is performing in line with expectations and has strengthened our presence in London and the South East.
"Trading momentum has continued into the first few weeks of the second half with high levels of demand from new and existing customers for essential building services, with a particular focus on regulatory compliance and testing work. As a result, the Board remains confident of delivering full year expectations and in the significant long-term growth opportunity for PTSG."
what is going on with this company. consistent drops with no news.
Why are all these contract wins not reflected in the SP? After a strong run this share has spent 2018 tracking sideways and down.
Firstly for testing at over 100 sites for a multinational logistics company:
Http://www.ptsg.co.uk/news/electrical-services/ptsg-goes-full-steam-ahead-kuehne-nagel/
"PTSG goes full steam ahead with Kuehne + Nagel
Premier Technical Services Group PLC’s (PTSG) Electrical Services division has won a nationwide contract with Kuehne + Nagel, a global transport and logistics company based in Switzerland....
....PTSG’s Electrical Services division will deliver both fixed wire testing and portable appliance testing (PAT) on all of the company’s distribution centres across the UK, visiting over 100 sites in total. From 1st October, engineers will carry out regular tests to ensure that all electricals and appliances are safe to use, ensuring the safety of both staff and visitors."
Secondly, for a variety of services at 400 council properties for Vertas Group:
Http://www.ptsg.co.uk/news/access-safety/ptsg-secures-multi-service-contract-vertas/
"PTSG secures multi-service contract with Vertas
Premier Technical Services Group PLC (PTSG) has secured a county-wide, multidisciplinary contract with Vertas Group Limited in Suffolk.
Vertas is a Suffolk County Council-owned company that manages around 400 council properties across the county, including schools, offices and public buildings.
Highly trained engineers from across PTSG’s four divisions will attend these sites to provide lightning protection and fall arrest works, chimney inspections, fixed wire testing and portable appliance testing."
Nice - work at 3,300 sites for the DwP to test fire safety doors at each location, as part of a larger 5-year contract:
Http://www.ptsg.co.uk/news/fire-solutions/ptsgs-fire-service-maintenance-dwp-well-underway/
"PTSG’s fire service maintenance for DwP well underway
Premier Technical Services Group PLC’s (PTSG) Fire Solutions division has recently attended a number of sites for the Department for Work and Pensions (DwP) to complete the first tranche of work on a contract to test fire doors.
The DwP has around 700 office locations around the UK, and the safety of staff and visitors at all of these sites is vital. Engineers have already completed the first round of work on this contract, having tested 300 fire doors, with another 3,000 to be tested in the coming months.
This work is part of a larger five-year contract with the DwP, which includes services from the Group’s Access and Safety, Electrical Services, Building Access Specialists and Fire Solutions divisions."
Good stuff re the Fire Services division:
Http://www.ptsg.co.uk/news/ptsg-cover-months-pfm-magazine/
"PTSG on the cover of this month’s PFM magazine
Premier Technical Services Group PLC (PTSG) has taken centre stage in the August edition of PFM magazine, with the cover story focusing on the Group’s rapidly growing Fire Services division – in particular the provision of sprinkler systems.
The story was published shortly after the anniversary of the Grenfell Tower disaster and leads on how a sprinkler system could have limited the damage to the building and the tragic loss of life that ensued. The article goes on to describe how PTSG’s specialist sprinkler engineers regularly carry out full hazard reviews to ensure that sites are safe and compliant, giving landlords peace of mind that, should the worst happen, their tenants are safe.
Fire suppression systems like those installed by PTSG are vital in large buildings such as Grenfell Tower, but can be just as valuable in smaller buildings too. There is still an alarming lack of awareness of fire safety and suppression, with less than a third of schools built since 2014 having a sprinkler system installed. PTSG offers a complete installation, inspection and maintenance service to ensure continued operation, compliance and most importantly the safety of building occupants in the event of a fire.
etc"
This looks like another important contract win:
Http://www.ptsg.co.uk/news/fire-solutions/ptsg-support-interserves-fire-division/
"PTSG to support Interserve’s fire division
Premier Technical Services Group PLC (PTSG)’s Fire Solutions division has been contracted to support Interserve in its fire services provision.
Interserve is a multinational support services and construction company founded in 1884 and based in the UK. PTSG has already partnered with the organisation on a number of facilities management contracts including the Department for Work and Pensions and the Ministry of Justice.
The Group’s skilled engineers will assist the company with maintenance and remedial work on dry risers, sprinklers and fire doors. These services are vital to ensure that people, property and assets are adequately protected from fire.
PTSG’s Fire Solutions division took centre stage in the August issue of PFM magazine in a cover story focusing on the Group’s rapidly growing Fire Services division – in particular the provision of sprinkler systems."
PTSG have just posted the following "significant" contract win news covering 90 buildings for the NHS:
Http://www.ptsg.co.uk/news/access-safety/ptsg-lands-multidisciplinary-contract-nhs/
"PTSG lands multidisciplinary contract with NHS
Premier Technical Services Group PLC (PTSG) has secured a multidisciplinary contract for the NHS at Nottingham City Hospital.
The significant contract will see engineers from across the Group providing vital lightning protection, fall arrest testing and fixed wire testing services across the entire hospital site, which comprises over 90 buildings.
etc"
Looks like we may be about to get an upwards break-out from the recent range.
Loads of new contracts announced - for example:
Testing across 150 sites for an NHS Trust in London:
Http://www.ptsg.co.uk/news/electrical-services/cnwl-puts-trust-ptsg/
A number of services across 11 new schools in Hackney:
Http://www.ptsg.co.uk/news/access-safety/ptsg-supports-building-schools-future-programme-hackney/
"PTSG supports Building Schools for the Future programme in Hackney
Premier Technical Services Group PLC (PTSG) will provide a variety of services to 11 new schools in Hackney.
As Hackney’s population rises, applications for school places have risen drastically. These 11 new schools, constructed as part of a programme that covers rebuilds, refurbishments and new builds, will create thousands of much-needed places for pupils.
Skilled engineers from across the Group will attend all 11 sites to carry out dry riser and sprinkler inspections, ManSafe lanyards and harnesses, lightning protection and portable appliance testing. Engineers are currently extremely busy with this contract to ensure that as much work is completed as possible before the start of the new school year."
And installation of sprinkler systems for Unite at student accommodation in Leeds:
Http://www.ptsg.co.uk/news/fire-solutions/ptsg-reunites-unite-leeds-plaza/
Danske Bank are increasing their stake nicely. They now have 3.653m shares, up from 3.29m shares last month:
Https://www.investegate.co.uk/premier-technical/rns/notification-of-major-holdings/201808200958132821Y/
Encouraging snippet from the CEO of Mears Group, who reported their results yesterday (though not encouraging for Mears!):
Https://www.thetimes.co.uk/edition/business/post-grenfell-safety-spending-knocks-mears-p99pppv5q
"David Miles, chief executive, said that Mears had experienced a slowdown in work from its local authority clients after the fatal Grenfell fire in west London last summer. Councils, he said, had been diverting funds towards spending on fire safety and security rather than the maintenance and refurbishment of bathrooms and kitchens which was Mears’ stock in trade."
For the record there was also a very brief update on PTSG in this week's SCSW after the latest Fire Protection acquisition, concluding "Keep on buy list".
Which should be reiterated after today's update.
PTSG, the niche specialist services provider, is pleased to announce the following trading update ahead of its interim results for the six months ended 30 June 2018, which will be issued on Tuesday, 25 September 2018: "As stated at the AGM trading update in June, the Group has seen a continued strong performance in the first half of the year, driven by a marked increase in compliance and testing work, with high activity levels across all divisions. "Our contract renewal rates remain high and a number of new and significant contracts have been won during the first half of the year across our range of services, including The Department of Work and Pensions with Interserve, FirstPort, and the Ministry of Justice's new facilities management company, Government Facilities Services Ltd. The majority of these contracts range from three to five years, and range in value from £500,000 to £1m per annum, which, in addition to the existing customer base, provides excellent revenue visibility over the medium term and reinforces the Board's confidence in our organic growth plans. "The three acquisitions completed last year have been successfully integrated and are making significant contributions to the Group. Acquisitions remain a core element of our growth strategy, and at the beginning of the second half we acquired M&P Fire Protection Ltd., to further strengthen our Fire Solutions division after a period of unprecedented demand in this area. The business is performing in line with expectations and has strengthened our presence in London and the South East. "Trading momentum has continued into the first few weeks of the second half with high levels of demand from new and existing customers for essential building services, with a particular focus on regulatory compliance and testing work. As a result, the Board remains confident of delivering full year expectations and in the significant long-term growth opportunity for PTSG."
The outlook sets up what should be a very good set of year end results too:
Https://www.investegate.co.uk/premier-technical--ptsg-/rns/trading-update-and-notice-of-results/201808080700021165X/
""As stated at the AGM trading update in June, the Group has seen a continued strong performance in the first half of the year, driven by a marked increase in compliance and testing work, with high activity levels across all divisions.
"Our contract renewal rates remain high and a number of new and significant contracts have been won during the first half of the year across our range of services, including The Department of Work and Pensions with Interserve, FirstPort, and the Ministry of Justice's new facilities management company, Government Facilities Services Ltd. The majority of these contracts range from three to five years, and range in value from £500,000 to £1m per annum, which, in addition to the existing customer base, provides excellent revenue visibility over the medium term and reinforces the Board's confidence in our organic growth plans.
"The three acquisitions completed last year have been successfully integrated and are making significant contributions to the Group. Acquisitions remain a core element of our growth strategy, and at the beginning of the second half we acquired M&P Fire Protection Ltd., to further strengthen our Fire Solutions division after a period of unprecedented demand in this area. The business is performing in line with expectations and has strengthened our presence in London and the South East.
"Trading momentum has continued into the first few weeks of the second half with high levels of demand from new and existing customers for essential building services, with a particular focus on regulatory compliance and testing work. As a result, the Board remains confident of delivering full year expectations and in the significant long-term growth opportunity for PTSG."
I note Taylor Woodrow have just announced £30m of additional spending to replace cladding across eight of its developments.
Which is good news for access and cradle suppliers like PTSG:
Http://www.dailymail.co.uk/money/markets/article-6012105/MARKET-REPORT-Housebuilder-Taylor-Wimpey-rises-despite-30m-bill-cladding.html
Service contract won to visit Network Rail's HQ every 6 months:
Http://www.ptsg.co.uk/news/ptsg-keeps-network-rail-track/
And an inspection contract win at Trinity shopping centre in Leeds:
Http://www.ptsg.co.uk/news/ptsg-secures-contract-trinity-leeds/
Encouraging stuff from PTSG:
Http://www.ptsg.co.uk/news/fire-solutions/insight-mps-demand-sprinklers-high-rise-buildings/
"INSIGHT: MPs demand sprinklers in all high-rise buildings
An MP’s enquiry has called for sprinklers to be fitted in all high-rise residential buildings to avoid a repeat of the Grenfell Tower tragedy in June 2017.
The housing, communities and local government committee assessed building regulations to address calls for change in the construction industry and identify measures that can be taken immediately to improve levels of safety.
One such recommendation was for sprinklers to be fitted to existing council and housing association-owned high-rise residential blocks. The committee also called for the government to issue guidance for private sector building owners that would allow them follow suit.
Sprinkler systems have been recommended by several officials including London Fire Chief Dany Cotton and the Royal Institute of British Architects (RIBA) in recent months because they are unbeatably reliable and effective. In fact, there have been no multiple fire deaths in the UK as a result of a fire in a dwelling with a working sprinkler system. In most cases, just one sprinkler is capable of extinguishing a fire, as when a fire reaches extremely high temperatures, the sprinkler closest to the fire activates, spraying water directly onto the flames beneath it.
Premier Technical Services Group PLC (PTSG) helps clients across the UK meet the demand for dependable safety systems, with a comprehensive fire solutions provision comprised of the installation and maintenance of wet risers, dry risers and sprinkler systems, emergency lighting and fire extinguisher services. The Fire Solutions division supports building and FM companies and local authorities across the UK by offering the consultancy, design and installation support required to protect buildings and keep residents and building users as safe as possible."
Danske Invest now own over 3% with 3.3m shares:
Https://www.investegate.co.uk/premier-technical--ptsg-/rns/holding-s--in-company/201807051349497573T/
Good to see another acquisition in the booming fire protection sector - at a bargain price based on current profits, and also with the deferred consideration dependent on achieving "stretching" profit targets:
Https://www.investegate.co.uk/premier-technical--ptsg-/rns/acquisition-of-m---p-fire-protection-limited/201807050700036327T/