LONDON (Alliance News) - Premier Technical Services Group PLC on Tuesday reported a sharp rise in annual profit and revenue leading to an increase in annual payout.
Premier Technical Services provides building services, such as facade access, lightning protection, electrical testing, and fire solutions.
In 2018, Premier Technical Services reported a pretax profit of GBP3.7 million more than double the GBP1.8 million recorded in 2017. The company's revenue jumped 31% to GBP69.1 million from GBP52.9 million the year before.
The rise in revenue was attributed to the "successful integration" of three acquisitions the company made in 2017.
Premier Technical Services' operating costs also increased 31% in 2018, rising to GBP32.7 million from GBP25.1 million the year before.
The company proposed a final dividend of 0.9 pence, up 13% from 0.80p the year before. For the full year, the dividend rose 13% to 1.80p from 1.60p in 2017.
"The second half of 2018 saw the group make two further acquisitions, raise fresh equity proceeds of GBP20 million and continue to deliver further healthy levels of organic turnover and profit growth. As a result of all these factors, I am pleased to report that record levels of turnover, gross profit, adjusted earnings before interest, tax, depreciation and amortization and adjusted earnings per share were achieved in the year," said Chair John Foley.
Foley added: "Subsequent to the year end we announced the acquisition of Trinity Fire and Security Systems Limited, which greatly increases the size and offering of our Fire Solutions division and percentage of turnover from recurring and maintenance activities. 2019 has started well as we continue to deliver against our strategy to seek sector dominance in the markets we serve, and the board is both confident and enthusiastic about the group's prospects and performance."
Shares in Premier Technical Services were up 8.3% Tuesday at 134.25 pence each.
