Listed firm ‘not aware of any reason’ for share price movement

Listed firm ‘not aware of any reason’ for share price movement

Specialist services provider Premier Technical Services Group (PTSG) has this morning stated that is not aware of any reason for its share price movement.

In recent weeks, Castleford-based PTSG – which has a market capitalisation of £141m – saw shares drop, with the lowest trading on Wednesday 13 February at 107p, down from a high this year so far on January 9 of 157p. Shares have recovered since last Wednesday and closed t trading at 114p yesterday. 

This morning updating the markets, PTSG said: “As detailed in the announcement on 21 January 2019, results for the year ended 31 December 2018 are anticipated to be in line with the Board’s expectations.

“Net bank debt at 31 December 2018 was £11.9m (2017: £18.3m). Underlying trading cash conversion improved to 72% (2017: 65%) despite the working capital effect of underlying organic turnover growth during 2018 of 19%. The period benefitted from strong cash collection and improved debtor days on invoiced sales that equated to 88 days at the year end (2017: 97 days).

“Trading during the first six weeks of the current year has been strong, and recent acquisitions are performing in line with management expectations.”