28 Apr 2015 07:00
Premier Technical Services Group PLC
Final results
Premier Technical Services Group PLC ("PTSG", the "Group"), the niche specialist services provider, announces its final results for the year ended 31 December 2014.
Key highlights
· Group revenue up 30% to £18.0m (2013: £13.9m)
· Gross profit up 23% to £10.3m (2013: £8.4m)
· Profit before tax* up 22% to £3.7m (2013: 3.0m)
· Successful integration of Test Strike and Ohmega into the PTSG model
· Expansion into High Level Cleaning via acquisition of Acescott
· Renewal rates of 85%
· Strengthening of senior management team
* before adjusting items
John Foley, Chairman of Premier Technical Services Group PLC commented
"PTSG'S results for the year ended 31 December 2014 showed very strong growth and I am pleased to report our highest levels of turnover, gross profit and underlying profit before taxation since the Group's formation in 2007."
Enquiries:
PTSG |
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| Paul Teasdale | 01977 668771 | ||
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N+1 Singer | |||
| Sandy Fraser | 0207 496 3176 | ||
| Richard Lindley, James White | 0113 388 4789 | ||
Chairman's statement
Overview of results
PTSG's results for the year ended 31 December 2014 showed very strong growth and I am pleased to report our highest levels of turnover, gross profit and underlying profit before taxation since the Group's formation in 2007.
Turnover increased by 30% to £18.0 million (2013: £13.9 million). Gross profit increased by 23% to £10.3 million (2013: £8.4 million) and underlying profit before tax also increased by 22% to £3.7 million (2013: £3.0 million). Adjusted earnings per share increased by 39% to 3.77p (2013: 2.71p). Net debt at 31 December 2014 was £5.0 million which was an increase of £0.4 million from the previous year end and which reflects the increased levels of working capital necessary to fund the larger scale of the Group together with £0.9 million of capital payments to acquire businesses, plant and equipment, net of asset disposals.
Profit before taxation after adjusting items was £1.2 million. Adjusting items are considered to be either one off or non-trading items in nature and include deferred consideration payable to previous business owners who remain as PTSG employees, head office rebuild costs and IPO costs.
2014 was an important year for PTSG for two reasons. First, we took an important step in establishing a high level cleaning division following the acquisition of the trade and certain assets of Acescott Management Services Limited - a leading high level cleaning, rope access and working at height specialist based in London. Second, we undertook the majority of work necessary to take PTSG public and we were formally admitted to AIM on 11 February 2015 as a result of a successful IPO process.
As admission occurred after the financial year end, no further dividends are proposed in respect of the year ended 31 December 2014.
Operational highlights
Although "buy and build" is an important part of our growth story - we have successfully executed 12 acquisitions since 2007 - it is not at the expense of organic growth. We achieved organic turnover growth of 16% in 2014 if the turnover of 2014 acquisitions is excluded. We secured both numerous new single service contracts with customers and a further number of multi service contracts with large FM customers. There are a number of aspects to our service delivery which we believe are "best in class" including our Contract Renewals, Key Accounts and Health and Safety support functions and these functions continue to be strengthened to assist with the increased scale of operations. Our retention rate on maintenance contract renewals is approximately 85%. Our gross margins remain consistently high and year on year comparisons are mainly impacted by the level of installation work to testing and repair work. Our business model is centred around a 20% return on turnover at the adjusted EBIT level and this target was once again achieved in 2014.
Strategy
PTSG has a very clear strategy and a tried and tested business model which can successfully convert that strategy into excellent financial performance. PTSG is a niche specialist services provider which seeks to be a market leader in every area in which it operates. Our Access & Safety and Electrical Services divisions already possess sufficient scale to be considered as leading businesses in their respective areas of operation. Our niche focus is a differentiator and the services offered to customers in the FM marketplace have high barriers to entry and regulatory drivers which need an established business model to successfully handle a high volume of low value transactions.
The Board
The Board has been strengthened in recent months to enable us to continue our path of profitable growth as a publicly quoted company. Roger Teasdale and Mark Watford have joined us as Group Managing Director and Group Finance Director respectively to strengthen our executive management team. Roger McDowell and Alan Howarth joined the Board as non-executive Directors in February 2015 when PTSG was admitted to AIM and have a wide range of public company experience to draw upon in their roles with PTSG. Paul Teasdale and I remain as Group Chief Executive and Chairman respectively. The Board recognises the value and importance of high standards of corporate governance and looks forward to working together to direct and oversee the next stage in PTSG's development.
Our people
As a founding shareholder I can remember when our first employee joined in 2007. We now have 230 employees and we are growing with almost every passing month. Since formation we have all been a part of a successful story; we have won industry awards for our service delivery and grown in scale because of the partnership between the Board, our senior management and our employees. This partnership guides our thoughts and actions for the benefit of everyone involved in PTSG. As Chairman of PTSG, I am extremely proud of our people and their achievements and thank them for their continuing efforts.
Outlook
The first three months trading of 2015 have been encouraging and in line with the Board's expectations. We have a significant pipeline of acquisition opportunities which have been internally identified and we expect to conclude our first acquisition as a public company in the second quarter of 2015. We face the future with confidence.
J R Foley
Chairman
Chief Executive's review
Overview
In 2014, PTSG comprised four offerings; Access and Safety, Electrical Services, High Level Cleaning and Specialist Training. We expanded into high level cleaning and maintenance with the acquisition of the trade and assets of Acescott Management Services Limited ("Acescott") in July 2014, Acescott contributed £0.41m to adjusted operating profits in 2014.
Topline performance has remained strong with turnover increasing to £18.0m (2013: £13.9m), and operating profits before adjusting items increasing by 27% to £4.0m (2013: £3.2m), driven by robust adjusted EBIT margins which remained consistently high at 22.3%, reflecting the specialist and skilled nature of our activities, our strong focus on cost control and operating model, while remaining competitive on pricing. Statutory profit before tax after adjusting items was £1.2m.
We have also delivered strong organic growth across the Group - most notably in electrical services where revenue grew by 58% and adjusted operating profits by 56%. Our niche specialist services are sold on a recurring basis under contract to a retained customer base. We have continued our high client retention figure of over 85% on annual orders, driven by the quality of service and our competitive pricing.
Market Environment
Demand for our services is underpinned by regulatory requirements around the installation, maintenance and testing of access and safety systems, lightning protection and electrical equipment, as well as insurance compliance requirements, and general repair and maintenance.
Many of our customers are streamlining their businesses through supplier rationalisation, moving to single source supply, which is benefitting the Group and is expected to continue in the future.
Strategy
We aim to build our market share in each of our niche services, to markets characterised by high regulation, long-term growth drivers, and non-discretionary spend for customers.
As the UK's market leader in access and safety services and one of the industry's leading lightning protection businesses, we are well-positioned to capitalise on our recent entry into the high level cleaning market, with organic growth and cross selling opportunities.
Our major customers include the US Air Force, Marks & Spencer plc, Royal Bank of Scotland plc, Unite, Sheffield Hallam University, Network Rail, Harrods, Motorola, Airbus, Morgan Sindall, Willmott Dixon, Carillion, Barclays, Land Securities, Land Rover and Manchester United plc.
Our strategy is to generate significant shareholder value through organic growth, including cross-selling and complementary acquisitions. Just 5% of customers currently receive multiple lines of service, with considerable scope to improve this and increase profitability.
While we are already a market leader in a number of our operations, we still have a less than 10% share in our principal markets and there is significant scope for growth.
Acquisitions
PTSG has a track record of successfully integrating acquisitions in complementary areas of activity and driving improved operational and financial performance. We are committed to pursuing acquisition opportunities in existing and adjacent markets, with a view to cross-selling services and leveraging our client base. We are attracted to opportunities in our core markets, where owner-managers are interested in playing a role in the enlarged business.
PTSG's first acquisition, National Cradle Maintenance Limited, was in 2007, and funded by £0.9 million of equity from the founders. Since then we have made 11 subsequent acquisitions, at a total consideration of £7.2 million, and our most recent acquisition Acescott was completed in July 2014.
Our in-house acquisitions team considers a strong pipeline of opportunities, including bolt-ons to existing divisions and businesses with activities in new and adjacent sectors. The Board will consider acquisitions that allow the Group to enter attractive new markets where we can leverage our operational and managerial framework; expand existing operations geographically to increase our penetration of the UK market; and grow operations in an existing market and geography, leveraging economies of scale to improve margins.
We have a pipeline of acquisition opportunities which will carry us through 2015, 2016 and 2017. Our first acquisition is planned for the second quarter of 2015.
We already carry out training, but only on a limited scale, and we are confident that a training division will complement the Group's other activities. Over 2015 and 2016 we intend to significantly expand the Group's specialist training activities by acquisition. For instance, certification is already an important part of the Access and Safety and Electrical Services divisions, and the Group also provides its own engineers with regular training to maintain their compliance with any changes to the inspection and testing regimes.
Divisional Results
We have achieved strong levels of organic growth by improving operational processes and efficiencies, reducing costs; being more competitive and establishing new partnerships and relationships.
Over 2014, we spent £0.1m on software development to increase productivity, efficiency and reduce costs. We have also signed new supply chain and framework agreements, including Mitie and Interserve, and renewed our 3 year contract with M&S.
Access and Safety is the Group's largest and longest established division, and provides maintenance, inspection and testing solutions for the highly-regulated area of "working at height", as well as the design and installation of permanently installed façade access and fall arrest equipment. Contracts often include both the initial installation of access solutions and on-going maintenance. The majority of clients enter into a contract for a period of three to five years.
The division generates sales of £9.6m and adjusted EBIT of £1.7m for the year ended 31 December 2014.
Electrical Services is currently the Group's second largest division, with sales of £6.6m and adjusted EBIT of £1.9m in the year ended 31 December 2014. The division is an established provider of lightning and surge protection systems, PAT testing and fixed wire testing services. It is involved in both installation services and the maintenance, testing and repair of systems. Lightning protection is the largest business within PTSG Electrical Services.
Our newest division is PTSG High Level Cleaning. Our acquisition of Acescott, an established business with expertise in the design and application of cleaning systems for large and complex buildings in July 2014, contributed £0.4m to adjusted operating profits and £1.8m of revenue to the Group for the year ending 31 December 2014.
High Level Cleaning includes a wide range of specialist cleaning services, from commercial window cleaning to pressure washing of cladding, façades, guttering and rooftops and graffiti and chewing gum removal. Customers' buildings include office blocks, shopping centres, factories and hotels. PTSG has a clear advantage in tailoring projects that require complex access systems to clean and maintain buildings externally with minimal disturbance to the occupiers.
New staff
We have a highly experienced management team with extensive industry experience that is focused on creating shareholder value through organic and acquisitive growth. Over 2014 we welcomed two new executive members to strengthen our Board, who each bring a wealth of experience and knowledge, and will help to drive PTSG forward and achieve our strategic goals. Mark Watford joined the Group as Finance Director in September 2014 and is a Chartered Accountant. Previously, Mark was a vice president of finance at Smith & Nephew Plc. Roger Teasdale joined the Group as Managing Director on 17 November 2014, and was previously president of the advanced wound management division (divisional revenue of $1.4 billion, with 4,000 employees) of Smith & Nephew Plc.
Since the end of the year we have also welcomed Alan Howarth and Roger McDowell as Non-executive Directors. Alan was appointed as a director of Chamberlin plc in January 2007 and was previously a partner in Ernst & Young. He is chairman of Cerillion Technologies Limited and Essentia Limited and has further non-executive interests in a range of private companies.
Roger was managing director of Oliver Ashworth for eighteen years and led its main market listing and subsequent sale to Saint-Gobain S.A. He is currently the chairman or a non-executive director of eight quoted companies.
Outlook for 2015
We have had a good start to 2015 and continue to trade in line with our expectations. Our first acquisition is planned for the second quarter of 2015, with a good pipeline of future opportunities.
On 11 February 2015 we listed on AIM, raising £5m for PTSG, and were delighted to become the first Yorkshire-based business to IPO in 2015. We are acutely aware of the need to continually reinvest in the Group in order to promote future growth, both organically and through acquisition.
PW Teasdale
Chief Executive Officer
CONSOLIDATED INCOME STATEMENT AND COMPREHENSIVE INCOME
For the year ended 31 December 2014
Year ended 31 December 2014 | Year ended 31 December 2013 | |||||||||||||||
Before adjusting items £ | Adjusting items £ | Total £ | Before adjusting items £ | Adjusting items £ | Total £ | |||||||||||
Revenue | 18,002,687 | - | 18,002,687 | 13,886,853 | - | 13,886,853 | ||||||||||
Cost of sales | (7,683,423) | - | (7,683,423) | (5,485,852) | - | (5,485,852) | ||||||||||
Gross profit | 10,319,264 | - | 10,319,264 | 8,401,001 | - | 8,401,001 | ||||||||||
Net operating costs | (6,311,864) | (2,529,716) | (8,841,580) | (5,241,089) | (514,773) | (5,755,862) | ||||||||||
Total operating profit | 4,007,400 | (2,529,716) | 1,477,684 | 3,159,912 | (514,773) | 2,645,139 | ||||||||||
Finance costs | (305,030) | - | (305,030) | (130,794) | - | (130,794) | ||||||||||
Finance income | - | - | - | - | - | - | ||||||||||
Profit before taxation | 3,702,370 | (2,529,716) | 1,172,654 | 3,029,118 | (514,773) | 2,514,345 | ||||||||||
Taxation | (794,752) | 154,138 | (640,614) | (665,241) | 50,919 | (614,322) | ||||||||||
Profit attributable to owners of the parent | 2,907,618 | (2,375,578) | 532,040 | 2,363,877 | (463,854) | 1,900,023 | ||||||||||
Total comprehensive income for the year attributable to owners of the parent | 2,907,618 | (2,375,578) | 532,040 | 2,363,877 | (463,854) | 1,900,023 | ||||||||||
Earnings per share (pence): | ||||||||||||||||
Basic and diluted earnings per share | 0.69 | 2.18 | ||||||||||||||
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to owners of the parent
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Sharecapital
| Capital redemption reserve
| Retainedearnings
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Total
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Non-controlling interest
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Total equity
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£ | £ | £ | £ | £ | £ | |||||
Balance at 31 December 2012 | 900,010 | - | 3,207,095 | 4,107,105 | 179 | 4,107,284 | ||||
Profit for the year | - | - | 1,900,023 | 1,900,023 | - | 1,900,023 | ||||
Total comprehensive income | - | - | 1,900,023 | 1,900,023 | - | 1,900,023 | ||||
Transactions with owners | ||||||||||
Share buy back | (128,573) | 128,573 | (4,038,572) | (4,038,572) | - | (4,038,572) | ||||
Ordinary dividends paid | - | - | (754,917) | (754,917) | - | (754,917) | ||||
Transactions with owners | (128,573) | 128,573 | (4,793,489) | (4,793,489) | - | (4,793,489) | ||||
Balance at 31 December 2013 | 771,437 | 128,573 | 313,629 | 1,213,639 | 179 | 1,213,818 | ||||
Profit for the year | - | - | 532,040 | 532,040 | - | 532,040 | ||||
Total comprehensive income | - | - | 532,040 | 532,040 | - | 532,040 | ||||
Transactions with owners | ||||||||||
Value of employee services | - | - | 165,418 | 165,418 | - | 165,418 | ||||
Ordinary dividends paid | - | - | (790,000) | (790,000) | - | (790,000) | ||||
Transactions with owners | - | - | (624,582) | (624,582) | - | (624,582) | ||||
Balance at 31 December 2014 | 771,437 | 128,573 | 221,087 | 1,121,097 | 179 | 1,121,276 | ||||
CONSOLIDATED BALANCE SHEET
As at 31 December 2014
2014 | 2013 | ||||||||||
£ | £ | ||||||||||
Assets | |||||||||||
Non-current assets | |||||||||||
Goodwill | 3,615,748 | 3,539,257 | |||||||||
Intangible assets | - | - | |||||||||
| Property, plant and equipment | 1,340,886 | 1,075,740 | ||||||||
Deferred tax asset | - | 33,408 | |||||||||
Total non-current assets | 4,956,634 | 4,648,405 | |||||||||
Current assets | |||||||||||
Inventories | 201,560 | 145,476 | |||||||||
Trade and other receivables | 8,060,904 | 5,417,116 | |||||||||
Cash and cash equivalents | - | 372,917 | |||||||||
Total current assets | 8,262,464 | 5,935,509 | |||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Trade and other payables | 4,408,865 | 2,650,432 | |||||||||
Bank overdraft, net of cash | 1,260,845 | - | |||||||||
| Finance leases | 474,529 | 369,956 | ||||||||
Borrowings | 1,000,000 | 1,250,000 | |||||||||
| Deferred consideration | 899,440 | 100,000 | ||||||||
| Current tax liabilities | 440,282 | 400,467 | ||||||||
Total current liabilities | 8,483,961 | 4,770,855 | |||||||||
Net current (liabilities) / assets | (221,497) | 1,164,654 | |||||||||
Non-current liabilities | |||||||||||
Borrowings | 2,750,000 | 3,750,000 | |||||||||
| Finance leases | 357,715 | 349,241 | ||||||||
| Deferred tax liability | 6,146 | - | ||||||||
| Deferred consideration | 500,000 | 500,000 | ||||||||
Total non-current liabilities | 3,613,861 | 4,599,241 | |||||||||
Net assets | 1,121,276 | 1,213,818 | |||||||||
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| Equity attributable to the owners of the parent |
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Share capital | 771,437 | 771,437 |
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| Capital redemption reserve | 128,573 | 128,573 |
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Retained earnings | 221,087 | 313,629 |
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1,121,097 | 1,213,639 |
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Non-controlling interests | 179 | 179 |
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Total equity | 1,121,276 | 1,213,818 |
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CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2014
2014 | 2013 |
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| £ | £ | ||||||
Cash flows from operating activities |
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Profit after taxation | 532,040 | 1,900,023 |
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| Adjustments for: | |||||||
| Income tax charge | 640,614 | 614,322 | |||||
| Depreciation | 700,813 | 596,972 | |||||
| Amortisation of intangible assets | - | 29,167 | |||||
Profit on disposal of property, plant and equipment | (128,250) | (136,625) |
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Share based payments | 165,418 | - |
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| Finance costs | 305,030 | 130,794 | |||||
2,215,665 | 3,134,653 |
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Changes in working capital: |
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Decrease/(increase) in inventories | (56,084) | (30,167) |
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| (Increase)/decrease in trade and other receivables | (1,593,043) | (1,569,487) | |||||
| Increase/(decrease) in trade and other payables | 2,069,034 | 302,641 | |||||
Cash generated from operations | 2,635,572 | 1,837,640 |
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| Interest paid | (305,030) | (130,794) | |||||
| Interest received | - | - | |||||
Tax paid | (561,245) | (872,178) |
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Net cash inflow from operating activities | 1,769,297 | 834,668 |
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Cash flows from investing activities |
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Acquisition of businesses | (350,000) | (788,776) |
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| Purchase of property, plant and equipment | (346,536) | (348,995) | |||||
| Purchase of intangible assets | - | - | |||||
| Payment of deferred consideration | (327,540) | (60,625) | |||||
Net proceeds from sale of property, plant and equipment | 128,250 | 264,616 |
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Net cash outflow from investing activities | (895,826) | (933,780) |
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Cash flows from financing activities |
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Proceeds from borrowings | - | 5,000,000 |
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| Repayment of bank borrowings | (1,250,000) | - | |||||
| Capital element of finance lease payments | (467,233) | (376,204) | |||||
| Purchase of own shares | - | (4,038,573) | |||||
Dividends paid | (790,000) | (754,917) |
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Net cash outflow from financing activities | (2,507,233) | (169,694) |
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Net decrease in cash and cash equivalents | (1,633,762) | (268,806) |
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Cash and cash equivalents at 1 January | 372,917 | 641,723 |
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Cash and cash equivalents at 31 December | (1,260,845) | 372,917 |
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Notes to the Final Results
Basis of preparation
The preliminary financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006, for the financial years ended 31 December 2014 and 31 December 2013, but has been derived from those accounts.
These financial statements have been prepared in accordance with the requirements of the AIM Rules, in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"), the International Financial Reporting Interpretations Committee's ("IFRSIC") interpretations and with those parts of the Companies Act 2006 as applicable to companies reporting under IFRS, however, this announcement in itself does not contain sufficient information to comply with IFRS. The accounting policies used in preparation of this preliminary announcement have remained unchanged from those set out in the AIM Admission Document dated 5 February 2015. They are also consistent with those in the full financial statements which have yet to be published.
Statutory accounts for 2013 have been delivered to the Registrar of Companies and those for the financial year ended 31 December 2014 will be delivered following the Company's annual general meeting. The auditors have reported on those accounts and their repots were unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
Segmental information
Management has determined the operating segments based on the operating reports reviewed by the Board of Directors that are used to assess both performance and strategic decisions. Management has identified that the Board of Directors is the chief operating decision maker in accordance with the requirements of IFRS 8 "Operating segments".
The Board of directors considers the business to be split into three main types of business generating revenue; Access and Safety, Electrical Services and High Level Cleaning. There was no trade in the Training Solutions division.
2014 | ||||||||||||
Access and Safety | Electrical Services | High Level Cleaning |
Group | Total | ||||||||
£ | £ | £ | £ | £ | ||||||||
Revenue | ||||||||||||
Total revenue | 9,585,682 | 6,583,257 | 1,833,748 | - | 18,002,687 | |||||||
Total revenue from external customers | 9,585,682 | 6,583,257 | 1,833,748 | - | 18,002,687 | |||||||
Operating profit before adjusting items | 1,738,058 | 1,876,214 |
415,422 | (22,294) | 4,007,400 | |||||||
Rebranding | - | (500) | - | - | (500) | |||||||
Restructuring costs | (255,713) | (36,816) | (28,805) | - | (321,334) | |||||||
IPO costs | (516,740) | - | - | - | (516,740) | |||||||
Head Office rebuild costs | (530,224) | - | - | - | (530,224) | |||||||
Share options granted to directors and employees | (165,418) | - | - | - | (165,418) | |||||||
Contingent payable in relations to acquisitions | - | (527,500) |
(468,000) | - | (995,500) | |||||||
Segment operating profit | 269,963 | 1,311,398 | (81,383) | (22,294) | 1,477,684 | |||||||
Net finance cost | - | - | - | (305,030) | (305,030) | |||||||
Profit before taxation | 269,963 | 1,311,398 | (81,383) | (327,324) | 1,172,654 | |||||||
Other segmental items | ||||||||||||
Segment assets | 5,392,293 | 3,027,413 | 1,535,246 | 3,264,146 | 13,219,098 | |||||||
Segment liabilities | (4,223,120) | (2,483,865) |
(1,805,558) | (3,585,279) | (12,097,822) | |||||||
Capital expenditure | 431,090 | 435,617 | 68,856 | - | 935,563 | |||||||
Depreciation | 393,491 | 292,868 | 14,454 | - | 700,813 | |||||||
Segmental operating profitThe reconciliation of Adjusted EBITDA to statutory operating profit is shown below.
Access and Safety | Electrical Services | High Level Cleaning | Group |
Total | ||||
£ | £ | £ | £ | £ | ||||
Adjusted EBITDA | 2,131,549 | 2,169,082 | 429,876 | (22,294) | 4,708,213 | |||
Depreciation | (393,491) | (292,868) | (14,454) | - | (700,813) | |||
Operating profit before adjusting items | 1,738,058 | 1,876,214 |
415,422 | (22,294) |
4,007,400 | |||
Rebranding | - | (500) | - | - | (500) | |||
Restructuring costs | (255,713) | (36,816) | (28,805) | - | (321,334) | |||
IPO Costs | (516,740) | - | - | - | (516,740) | |||
Head Office rebuild costs | (530,224) | - | - | - | (530,224) | |||
Share options granted to directors and employees | (165,418) | - | - | - | (165,418) | |||
Contingent payables in relation to acquisitions | - | (527,500) |
(468,000) | - |
(995,500) | |||
Statutory operating profit | 269,963 | 1,311,398 | (81,383) | (22,294) | 1,477,684 |
2013 | ||||||||||
Access and Safety | Electrical Services | Group | Total | |||||||
£ | £ | £ | £ | |||||||
Revenue | 9,728,660 | 4,158,193 | - | 13,886,853 | ||||||
Total revenue | ||||||||||
Total revenue from external customers | 9,728,660 | 4,158,193 | - | 13,886,853 | ||||||
Operating profit before adjusting items | 1,953,646 | 1,206,266 | - | 3,159,912 | ||||||
Restructuring and rebranding costs | (212,693) | (12,288) | - | (224,981) | ||||||
Amortisation of intangible assets | (29,167) | - | - | (29,167) | ||||||
Contingent payable in relation to acquisitions | - | (260,625) | - | (260,625) | ||||||
Segment operating profit | 1,711,786 | 933,353 | - | 2,645,139 | ||||||
Net finance cost | - | - | (130,794) | (130,794) | ||||||
Profit before taxation | 1,711,786 | 933,353 | (130,794) | 2,514,345 | ||||||
Other segmental items | ||||||||||
Segment assets | 6,538,159 | 2,971,561 | 1,074,194 | 10,583,914 | ||||||
Segment liabilities | (6,243,499) | (2,899,188) | (227,409) | (9,370,096) | ||||||
Capital expenditure | 455,747 | 351,732 | - | 807,479 | ||||||
Depreciation | 409,801 | 187,171 | - | 596,972 | ||||||
Segmental operating profitThe reconciliation of Adjusted EBITDA to statutory operating profit is shown below.
Access and Safety | Electrical Services | Total | |||||
£ | £ | £ | |||||
Adjusted EBITDA | 2,363,447 | 1,393,437 | 3,756,884 | ||||
Depreciation | (409,801) | (187,171) | (596,972) | ||||
Operating profit before adjusting items | 1,953,646 | 1,206,266 | 3,159,912 | ||||
Restructuring costs | (212,693) | (12,288) | (224,981) | ||||
Amortisation of intangible assets | (29,167) | - | (29,167) | ||||
Contingent payables in relation to acquisitions | - | (260,625) | (260,625) | ||||
Statutory operating profit | 1,711,786 | 933,353 | 2,645,139 |
Earnings per share
Conditional upon and with effect immediately prior to the Placing and Admission, each existing ordinary share in the Company was converted into 100 Ordinary Shares pursuant to the capital reorganisation. The issued ordinary share capital of the Company immediately prior to the Placing and Admission is 77,142,800 Ordinary Shares of one penny each.
The calculation of basic and diluted earnings per Ordinary Share is based on profit for the year attributable to owners of the parent and on 77,142,800 Ordinary Shares in issue immediately prior to the Placing and Admission.
The calculation of basic earnings per share for the year ended 31 December 2014 was based on the profit attributable to ordinary shareholders of £532,040 (year ended 31 December 2013: £1,900,023) and Ordinary Shares of 77,142,800 (year ended 31 December 2013: 87,260,400)
Annual Report
The annual report will be mailed to shareholders and will be available in due course on our website www.ptsg.co.uk.
Annual General Meeting
The annual general meeting will be held at 13 Flemming Court, Whistler Drive, Castleford, WF10 5HW on Monday 29 June at 2.00pm.
ENDS