Pyeroy considers AIM flotation following continued growth
Industrial services company, Pyeroy is considering an AIM flotation this summer as part of the firm’s continuing growth and development.
The Gateshead-based company employs more than 1,500 in eight locations across the UK and Ireland, providing industrial support services.
The firm has enjoyed sales and profit growth driven by ongoing strong performance in its core marine, offshore and process and energy sectors.
During 2012 Pyeroy reported an 20% increase in turnover, going from £73.8, to £88.9m and pre-tax profit increased by 54% on the previous year, going from £2.9m to £4.4m.
The company is now considering an AIM flotation this summer and corporate finance specialists, Cenkos have been appointed to provide specialist advice.
Founded in 1973, Pyeroy was established as a protective coatings contract company but now provides specialist scaffolding and asbestos handling as well as an expanded industrial painting and support service.
It also provides passive fire protection, insulation, deep cleaning and fire sentry services.
Continued success in securing multi-milion pound infrastructure and maintenance service contracts from major operators has fuelled further growth over the last year.
UK fabrication yards have reported increased order books, suggesting a growth im work undertaken in onshore and offshore sectors, which requires highly specialised access and scaffolding solutions.
Pyeroy has ramped up capacity on the £100m project to provide painting and access services for the construction of the Royal Navy’s two new aircraft carriers at yards including Portsmouth and Rosyth.
The company’s Marine Division also enjoyed a strong end-of-year performance, in part due to contracts to support the refit of several Royal Navy vessels including HMS Portland, HMS Torbay, HMS Vigilant and HMS Vengeance.
The division also worked on RFA Black Rover and RFA Wave Knight.
Pyeroy have also completed multi-million pound work for several major offshore contracts including support for Heerema, Harland & Wolff, Husky Energy as well as various projects for FMC Subsea modules in Scotland and Able UK.
Engineering maintenance support work undertaken for market leaders including GSK, Fine Organics and Hunstman Tioxide has further contributed to growth as Pyeroy looks to expand its presence in the UK process and energy suppliers sector alongside the onshore oil and gas fabrication market.
Pyeroy also continues to retain a strong position as it looks for more growth in the next few years with a healthy forward order book worth in excess of £140 million as of the end of 2012.
Managing director Hugh Pelham said: “Sales up, profit up, a healthy order book – these results are clearly terrific news, particularly as they come in the face of continuing economic pressures and uncertainty, and place us in a very strong position for further growth.
“We have in place a highly skilled and motivated workforce, which together with a continued focus on delivering quality, is seeing us continue to outperform the prevailing market trends.
“Our strategy of focusing on added value solutions continues to be highly effective and pay dividends; enabling us to secure work right across the board and firmly establishing our position clearly as one of the leading providers of specialist industrial services.”