Electrical, data and communications services provider Pacific Services Group (PSG) plans to strengthen its operations across Australia after receiving a $10 million capital injection from existing investors and reaching agreement with financiers to restructure debt.
PSG Chief Executive Peter White said 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.
“This additional investment and restructure of debt is a significant vote of confidence in the company and will enable PSG to strengthen its balance sheet,” Mr White said.
“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.”
Mr White explained that part of the company’s future growth strategy involved a continued expansion of its involvement in the maintenance and lifecycle of buildings.
“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,” Mr White said.
The company operates in a broad range of sectors including public infrastructure, defence, mining, rail, industrial, manufacturing, commercial and marine.
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.
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.
