Electrical, data and communications services provider Pacific Services Group (PSG) plans to strengthen its operations across Australia after receiving a $10m capital injection from existing investors and reaching agreement with financiers to restructure debt.
The financial boost would allow a restructuring and recapitalisation of the group so it could focus on further developing its pipeline of projects, while providing greater certainty for its workforce and construction clients, said PSG Chief Executive Peter White.
White said part of the company’s future growth strategy involved a continued expansion of its involvement in the maintenance and life cycle of buildings. “The national construction industry has been in contraction for an extended period, but the sector is emerging from a challenging period and this investment makes us well placed to capitalise on the rebound.
“While some of our competitors have not been able to weather the storm, our restructured balance sheet and low debt provides a strong platform to win further work and increase our market share by focusing on top-end projects - good news for our national workforce and the local economy.”
Recent projects secured by PSG include: The Melbourne Royal Children’s Hospital; Melbourne Airport; Brisbane Supreme Court and District Court; Lotus Glen Correctional facility (Far North Queensland); University of South Australia; and Adelaide Desalination plant.
“We have recently moved from a manual intensive system and invested in a nationalised IT platform that automates maintenance job requests. This enables our maintenance workforce to be more responsive and give customers immediate updates so they get greater certainty that their needs are being met,” White said.
The company operates in a broad range of sectors including public infrastructure, defence, mining, rail, industrial, manufacturing, commercial and marine. With an annual turnover of more than $300 million, PSG, which has offices in Victoria, NSW, Queensland, South Australia and Tasmania, employs more than 1200 people across Australia.