LONDON (Alliance News) - Niche specialist services provider Premier Technical Services Group PLC on Tuesday said pretax profit fell in 2015, primarily due to initial public offering and acquisition costs, but revenue increased thanks to those same acquisitions made in the year.
The group, which floated in London in February 2015, said its pretax profit fell to GBP830,984 from GBP1.2 million, mainly due to costs booked on the acquisitions it made and its market float. Adjusting for those one-offs, pretax profit rose 35% to GBP5.0 million from GBP3.7 million.
The group made six acquisitions over the course of the year to expand its service offering, which helped revenue grow to GBP25.8 million, up 43% from the GBP18.0 million posted in 2014. Contract renewal rates improved to 88% from 85%, the company said.
Premier Technical will pay a final dividend of 0.54p, in addition to the maiden interim payout made earlier in the year of 0.46p, meaning its total payout will be 1.0p.
"We achieved record levels of turnover, gross profit, EBITDA and underlying profit before taxation and we continue to face the future with confidence," said John Foley, Premier Technical's chairman.
Shares in Premier Technical were up 3.6% to 87.54p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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