£1 billion fund demanded for sprinklers Here's Corbyn doing some bandwagon-jumping - still, it shows that this is a £1 billion opportunity for PTSG and others if and when sprinkler systems are more widely introduced:[link] demands £1bn fund for tower block sprinklersNovember 9 2017, 90am, The TimesJeremy Corbyn has urged the chancellor to set aside £1 billion to fit sprinklers on all tower blocks owned by councils and housing associations.In the wake of the Grenfell Tower fire, many town halls have been told to fund their own retrofits because the government deems them non-essential. Sprinkler systems are fitted in only one in 50 socially owned high rises.The Labour leader will tell Philip Hammond, the chancellor, to provide money for a retrofitting programme in the budget this month. Sprinklers are only mandatory on new builds more than 30 metres high but fire experts believe that the Grenfell fire could have been prevented if sprinklers had been included in the blocks £8.6 million refit.Londons fire chief is among the senior figures who want the Grenfell public inquiry to recommend a retrofitting programme. This cant be optional, it cant be a nice to have, this is something that must happen, Dany Cotton [COR], commissioner of the London fire brigade, said in September.Whitehall sees retrofitting sprinklers as an optional measure to be funded by councils and housing associations, many of whom say that they cannot afford it.........Figures released under freedom of information laws found that 2 per cent of social housing blocks had full sprinkler systems. In England they were only installed in 0.6 per cent of council blocks, according to a 2015 study by Inside Housing......"
Great news for PTSG Great news whilst I was away on hols re the recommendations for sprinkler systems to be fitted in ALL residential buildings:[link] in ALL schools:[link] share price was always going to consolidate or retrace somewhat given the steep rise. But it's looking good value again now, and we should see 200p again reasonably quickly imo assuming the markets remain stable.
Two more contract wins PTSG win an installations contract with Hackney Council covering 95 properties:[link] to assist Hackney Council fire protection strategy with dry riser installationsPremier Technical Services Group PLC (PTSG) has been awarded a contract to provide dry riser system installations on behalf of Hackney Council.The new Dry Riser system installations form part of an initial phase of work which will see a total of 95 buildings in total undergoing similar installations/improvements over the coming months.Paul Teasdale, CEO at PTSG, said: We are delighted to continue our longstanding relationship with Hackney Council and to assist them with this vital part of their latest Fire Protection Strategy.etc"And a steeplejack repair contract at Dumbarton Castle:[link]
Another contract win Lightning protection maintenance at a portfolio of 16 Army Reserve Centres, so more lovely long-term recurring income:[link]
Three new contract wins The contract wins are rolling in again....A lightning systems upgrade in Chelsea:[link] year lightning protection at 37 sites for Rochdale Council:[link] perhaps most impressively:[link] wins contract to commission lightning protection system at new Canary Wharf StationPremier Technical Services Group PLC (PTSG) has been awarded a new electrical commissioning project at Crossrails new Canary Wharf StationPTSGs Electrical Services division will supply a team of electrical engineers to provide testing and commissioning of the stations lightning protection system, prior to the station being handed over to Crossrail.Sitting below a five-storey mixed-use development known as Crossrail Place, the new Canary Wharf station will help connect the district to the City of London, the West End and Heathrow. At the same time, it acts as a bridge between two communities Canary Wharf Estate and Poplar to the north.The station is due to open in December 2018 when services will begin through central London. Trains will terminate at Paddington in the west and Abbey Wood in the east.PTSG is no stranger to working in Canary Wharf and has completed several projects in the district in recent years. The groups Access and Safety division previously completed repairs to access equipment at the Canary Wharf underground station, and also delivers an ongoing contract to provide insurance inspections, testing and general maintenance at 8 Canada Square, HSBCs global headquarters, located in the district."
RNS : sizeable director buy Encouraging to see a subsidiary director buying £25,000 of shares at 188p:[link]
Numis increase price atrget to 205p Numis have today increased their price target to 205p (from 165p). They say Hold, but of course that was based on this morning's opening price.
Excellent H1 results today Very good H1 results, with EPS up a lovely 21%. Most importantly, the outlook is extremely bullish.With the acquisitions during H1 PTSG look well set to meet or beat expectations for the year. And more acquisitions are likely of course.With "high value cradle installations" planned for this H2, plus the divisional reorganisation highlighting PTSG's fire safety attributes, the confidence about the rest of this year appears well justified:"PTSG has considerable opportunity ahead. Our unique operating model delivers high contract retention rates, very steady gross margin performance and healthy underlying organic growth rates and we continue to identify carefully selected acquisition opportunities where our operating model can be put to good effect. Collectively this gives the Board confidence that the Group is well positioned to maintain its current positive momentum. Since 30 June, trading has continued to be strong and we remain hungry to succeed, confident of our prospects and enthusiastic about the future both in the remainder of this year and beyond."
New highs today, looking good There's work on fire safety for blocks of flats for years to come post-Grenfell per this report today:[link] fire safety in high-rises after Grenfell blaze 'could take years'Completing repair work on the hundreds of buildings that have failed fire safety tests in the aftermath of the Grenfell Tower disaster could take years due to the scale of the task, according to a government document.etc"
And another 3 contract wins........ Incredibly impressive momentum it would seem.I like the sound of this nationwide contract with Wetherspoons:[link] raises the bar with new JD Wetherspoon contractPremier Technical Services Group PLC (PTSG) has secured a contract to provide nationwide portable appliance testing (PAT) services for UK pub chain JD Wetherspoon.Engineers from PTSGs Electrical Services division will attend 120 pub sites around the UK to provide PAT testing, ensuring all portable appliances used at the pubs are safe to operate. The contract will require a dedicated team of PAT operatives to manage the specialised nature of the works.Founded in 1979, JD Wetherspoon currently owns just under 1,000 outlets......etc"And also this major contract for E.ON:[link] powers ahead with E.ON UK contract winPremier Technical Services Group PLC (PTSG) has been awarded a contract to provide a bundle package of specialist services for energy company E.ON UK.Engineers from PTSGs Electrical Services division will provide maintenance and testing services to fall arrest, lighting protection and mansafe systems, as well as fixed wire testing, to E.ONs portfolio of distribution centres located across the UK.E.ON UK is a subsidiary of E.ON, the worlds largest investor-owned power and gas company. It is headquartered in Coventry and currently employs 15,000 people in the UK......"Finally, another nationwide contract for ScS[link] Technical Services Group PLC (PTSG) has been awarded a contract to provide a bundled package of specialist services for home furnishings retailer ScS.The package consists of fall arrest and lightning protection testing and maintenance services, which will be carried out across ScSs nationwide portfolio of distribution centres by specialist engineers from PTSGs Electrical Services division.etc"
Another 3 contract wins! It's all go at PTSG - another 3 news releases.....A prestigious new contract win for GKN Aerospace doing electrical testing in Filton for Airbus:[link] what looks like a sizeable nationwide contract win "to provide a bundle package of specialist services for sofa and furniture retailing chain DFS":[link] part of the contract, engineers from PTSGâs Electrical Services division will be deployed across the UK to provide maintenance and testing services to fall arrest and lightning protection systems on DFSâs nationwide portfolio of distribution centres."And also a new contract to provide quarterly maintenance of access equipment at Lumina House, a flagship building located in central London:[link]
Loads more contract wins Even more news....Lovely recurring income from "the renewal of a contract to deliver access maintenance works" at the new Francis Crick Institute:[link] a new contract:[link] wins race to deliver new contract at the Relay BuildingPremier Technical Services Group PLC (PTSG) has secured a contract to provide access system repairs to the Relay Building, located in the heart of Londonâs Aldgate district.etc"And another contract win:[link] stays in fashion with Arcadia Group contract winPremier Technical Services Group PLC (PTSG) has been awarded a contract to perform maintenance to access systems at Arcadia Groupâs headquarters in Berners Street, West London. etc"
Three more contract wins .....all with lovely recurring income from testing, inspection and maintenance work:[link] Technical Services Group PLC (PTSG), has been awarded a contract to provide maintenance services to access equipment at Newham Sixth Form College in East London.Newham Sixth Form College, also known as NewVic, is Londons biggest sixth form college in the heart of East London, with over 2,500 full-time students attending a wide range of subjects and courses from specialist A-level pathways to advanced, intermediate and foundation level vocational courses.[link] has received a renewed contract to provide regular inspections to access equipment at 124 Horseferry Road in Westminster.124 Horseferry Road is the headquarters of British television broadcaster Channel 4. It is located in the City of Westminster, and includes 100 residential apartments.PTSGs Access and Safety division will attend the site to carry out six monthly inspections of the buildings mobile elevating work platforms (MEWPS). The inspections are carried out in accordance with Lifting Operations and Lifting Equipment Regulations 1998 (LOLER), which place duties on people and companies who own, operate or have control over lifting equipment.LOLER requires that all equipment used for lifting is fit for purpose, appropriate for the task, suitably marked and, in many cases, subject to statutory periodic thorough examination.Engineers from PTSGs Access and Safety Division will attend the college quarterly to provide maintenance services to suspended access equipment, including cradle systems, rails and gantries."[link] Technical Services Group PLC (PTSG) has been awarded a contract to perform testing of access equipment at one of the tallest skyscrapers in the City of London.Tower 42 is a landmark building offering 324,000 sq. ft. of office space. It is a 42-floor skyscraper set in the heart of the City of London. The site is home to over 50 international companies and 3,500 people. The building is the third tallest skyscraper in the City of London and the eighth tallest in Greater London.PTSGs Access and Safety division will deploy engineers to carry out six monthly inspection and testing of the buildings Skyjack system. The Skyjack is a compact self-propelled electric scissor lift, which provides access solutions to Tower 42s highest points. PTSGs engineers will carry out inspections to ensure this safety-critical piece of equipment is fit-for-use and working to the relevant compliance standards."
Big news today re sprinkler systems All over the TV and radio this morning - only 2% of council owned tower blocks in the U.K. have sprinkler systems, and recommendations post-Grenfell that .they should be compulsory.The timing of yesterday's acquisition of a sprinkler system installer and maintainer is perfect - and shows (once again) great foresight by PTSG's management:Long article on the BBC web site, but just one extract showing what this could be worth:[link] fire chief calls for sprinklers in tower blocksGeorge Greenwood & Katie Langton BBC News2 hours ago""Croydon Council, in south London, has taken the decision to retrofit sprinklers in its 25 high-rise blocks at a cost of £10m. Councillor Alison Butler, Croydon's deputy leader and cabinet member for homes, regeneration and planning, said: "Grenfell changed everything. It was horrifying."
Bargain acquisition today Looks like an incredible bargain of an acquisition! £2.5m maximum being paid for £0.8m PBT and £0.7m net assets.Plus it's for a sprinkler systems installer and maintainer - perfect in the current post-Grenfell climate:[link] the niche specialist services provider, is pleased to announce that it has extended its fire safety solutions business to encompass the installation and maintenance of sprinkler systems through the acquisition UK Sprinklers Ltd. Based in Bury, UKS is a specialist in the installation of sprinkler systems. It has been acquired for a total consideration of up to £2.5m, comprising an initial cash payment of £1.3m, two fixed deferred cash payments of £0.1m payable on the first and second anniversaries of completion and a contingent payment of £1.0m payable over three years, subject to the business achieving stretching and escalating milestone profitability targets in each of those periods. The deferred consideration can be paid in cash or shares at the sole option of PTSG.Unaudited revenue of UKS for the year ended 31 January 2017 was £3.5m, delivering a profit before tax of £0.8m. Unaudited net assets at the same date were £0.7m.The businesses will be integrated into PTSG's Fire Solutions business. Mike Charlton and Steven Griffiths of UKS will remain with the Group and work with PTSG's management team to grow and expand the acquired business.Paul Teasdale, CEO of PTSG, said:"We warmly welcome UKS to the PTSG Group. The business is well established and respected in the UK and their addition to the Group expands our service offering in our Fire Solutions business. We look forward to working with Mike and Steven and their colleagues on growing the business and expanding the Group's activities in these key areas."