29th Sep 2015 09:12
LONDON (Alliance News) - Premier Technical Services Group PLC on Tuesday said its pretax profit was lower in the first half due to costs related to its London float, but its underlying profit was higher as revenue increased, while it said it would pay its maiden interim dividend.
Premier Technical, which provides access and safety services, said its pretax profit for the half to the end of June was GBP695,546, compared to GBP1.6 million a year earlier, entirely due to costs related to its February initial public offering on AIM. Stripping out those costs, its pretax profit for the half was up to GBP2.3 million from GBP2.0 million.
It will pay its first interim dividend of 0.46 pence per share.
Revenue for the group was up to GBP11.7 million, a 40% rise on the GBP8.4 million it made a year earlier, with a robust performance from its Electrical Services division in particular, but generally good trading across the business. The group has signed a number of contracts with facilities management providers in the half and said it is seeing profitable organic growth across its divisions.
As a result of the good performance so far, the company said it now expects to exceed its pre-IPO targets for 2016 and is confident on its outlook.
"The group has made a very encouraging start to life as a public company with strong levels of profitable organic growth seen across our service offerings," said Chairman John Foley.
Shares in Premier Technical were up 12% on Tuesday morning to 83.00 pence, one of the best performers in the AIM AlM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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