28th Apr 2015 09:12
LONDON (Alliance News) - Premier Technical Services Group PLC Tuesday reported a drop in profit in 2014 despite an increase in revenue, attributing the profit decline to deferred consideration paid to previous business owners and costs associated with rebuilding the head office and with its initial public offering in London, but said it is performing well in 2015.
The group, which provides specialist services such as safety, electrical and cleaning, reported a drop in pretax profit for the year ended December 31 to GBP1.2 million from GBP2.5 million in 2014, despite a 30% revenue increase to GBP18 million from GBP13.9 million.
It said profit was hit by deferred consideration payable to previous business owners who remain as Premier employees, head office rebuild costs, and IPO costs.
Premier, which listed on AIM in February, said it will not pay any further dividends for the year having only been admitted to AIM after the financial year end.
"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," Chairman John Foley said in a statement.
Shares in Premier were untraded Tuesday morning, last trading at 66.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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