LONDON (Alliance News) - Specialist services firm Premier Technical Services Group PLC said Thursday it was "not aware" of any reason why its share price has dropped as much as 27% since the start of February.
Premier Technical confirmed it continued to expect 2018 results to be in line with its expectations, as outlined in a statement in late January.
Net debt was GBP11.9 million at the end of 2018, down from GBP18.3 million the year prior. Underlying trading cash conversion improved to 72% from 65% the year prior. Premier Technical also benefited from "strong" cash collection, it said.
The firm also emphasised trading in the first six weeks of 2019 had been "strong" with recent acquisitions performing "in line" with its expectations.
In late January, Premier Technical acquired fire safety firm Trinity Fire & Security Systems for GBP10.8 million in cash. In October, it bought electrics testing firm Guardian Electrical Compliance Ltd for up to GBP16 million.
Shares in Premier Technical were 4.8% higher at 120.00 pence on Thursday, still 11% lower since the start of 2019.