PKL: Strong Financial Performance in 2011/12
PR Newswire CHELTENHAM, England, November 22, 2012
CHELTENHAM, England,November 22, 2012/PRNewswire/ --
PKL Group, the UK's leading supplier of temporary kitchens, commercial catering equipment and permanent kitchen solutions for hire and sale, has announced a healthy performance for the financial year endedApril 2012. The Gloucestershire-based company saw an increase in turnover of 5.9% to £17.8 million and an increase in earnings before interest, taxation, depreciation and amortisation (EBITDA) of 10% to £5.8 million, while a continued focus on tight cash management and negotiation of appropriate payment terms helped PKL achieve a net cash inflow from operating activities of £7.5 million.
This progressive improvement in financial performance, despite difficult economic conditions, has been due significantly to major projects both in the UK and around the world, notably supplying kitchens and catering equipment to the London Olympics, concentration on new business areas and a strong level of repeat business, which generated 50% of revenue in the company's core departments during the year.
Key areas contributing to the company's success in 2011/12 include:
KitchenPod range- This has achieved significant success with one order for 63 pods from a single public sector client. The company's strategy of targeting the education sector, for both hire and sales, has worked well for this new range of modular units.
Olympic Business- PKL organised and delivered a massive program of equipment for use at the athletes' village, main media centre and corporate hospitality centre with the the company's dedicated project team delivering more than 7500 pieces of catering equipm ent to more than 150 different kitchen locations. This is the fourth Summer Olympics that PKL has supplied in a row.
Portable Kitchen Division- PKL operates what is believed to be the largest hire fleet of its kind in the world, with 900 portable kitchens and 10,000 items of catering equipment for hire. Notable business during the year included a 12 kitchen unit temporary production facility for a prepared foods manufacturer, which ensured that the client could carry out a prestigious new contract for a premier, national retailer and which is to be increased still further to 26 units in 2013.
International Sales- Strong overseas sales included a significant facility inGhana and two other projects in West Africa.
The delivery of such significant projects demonstrates the high quality of the company systems and procedures, with temporary large up-scaling of resources being brought in where needed to deliver complex projects concurrently. With such high standards and significant employee and senior management experience, the company has reinforced its position as UK market leader by providing bespoke, design-led solutions and continues to be able to command premium rates for its services.
Chairman of the board, Michael Bailey, commented on the outlook for 2013:
"As we approach our 25th anniversary in 2013, the next 12 months will see the company building on the success of the London Olympics and from overseas contracts, leveraging opportunities from this increased market presence. We will continue to target the UK's education, heath and leisure sectors to realise the full potential of the KitchenPods and Food Cube ranges as well as our contract hire offering - KitchenFM. Underlining our commitment to environmental management the Board are also pleased to announce the launch of the PKL eKitchen together with energy efficiency improvements to our existing Portable Kitchens. International sales will also continue to be a major focus of growth and we are expanding the scope resources of our Transworld Kitchens division to capitalise on the increased awareness and visibility of PKL as a major international kitchen solutions provider."
For more information on PKL, please clickhereto visit the website.
PKL Group is the UK's leading supplier of temporary kitchens and commercial catering equipment for hire. The company has over 900 portable kitchen units, available for short or long-term rental, to provide catering facilities during refurbishments, events and emergencies. PKL also supplies permanent kitchen solutions, through both the contract rental of catering equipment and modular kitchen buildings.