PTSG enjoying life as a public company as half-year sales soar

The Castleford-based firm reported strong levels of profitable​ ​organic growth and said it has made a very encouraging start to life as a public company following its float in February, which raised £5m.

PTSG is looking to make further acquisitions this year following the purchase of Pendrich Height Services and NATHS three months ago, which it said have bedded down well and should make a contribution in the second half of 2015.

Turnover rose 40 per cent to £11.7m in the six months to June 30 and gross profit jumped 27 per cent to £6.4m

Underlying pre-tax profit rose 20 per cent to £2.35m while pre-tax profit fell from £1.6m to £700,000, but this was after £1.7m of one-off costs to do with the IPO and payments to the previous owners.

Talking about future acquisitions, PTSG’s CEO Paul Teasdale said: “There will be at least one more this year. We are looking at complimentary areas.”

He added that the group has strong bank facilities for it to pay for the deal.

PTSG reported renewal rates at an impressive ​85 per cent.

“We like to give good service and do a good job,” said Mr Teasdale.

“We are very competitive in the market in terms of pricing. 85 per cent is strong for the industry.”

PTSG was the first Yorkshire firm to float in 2015 and the firm said the IPO has raised the group’s profile.

“The float has been good for us,” said Mr Teasdale.

“Going through the IPO process is quite tough, quite onerous, but we didn’t take our eye off the ball. These first half results prove that.”

The group has a number of high profile clients including the US Air Force, Marks & Spencer, Royal Bank of Scotland, Unite, Sheffield Hallam University, Network Rail, Harrods, Morgan Sindall, Carillion, Barclays, Land Securities, Land Rover and Manchester United.

During the first half of 2015, it carried out work protecting bomb dumps from lightning strikes at RAF Marham and it also carried out lightning protection at the iconic Forth Road suspension bridge over the Firth of Forth in Scotland.

In Yorkshire, it worked on the new Broadway shopping centre in Bradford providing roof safety systems and it has carried out work on the roof of the controversial Bridgewater Place residential skyscraper in Leeds, which is known locally as The Dalek.

Speaking about the group’s first results as a listed company, Mr Teasdale said: “We are delighted with the progress we’ve made.

“Post IPO can be a difficult period for companies. We look forward with confidence to the remainder of 2015 and we potentially see very strong growth in 2016.”