PKL has logged its latest accounts with Companies House – its first financial filing since it was acquired by Lowe Rental Group in July.
The portable kitchen specialist, which is based in Cheltenham and provides catering facilities for major events, recorded sales of £16.5m for the 12 months to 30 April, an £80,000 increase on the previous year.
Net profit rose from £2.5m to £2.7m at the end of the period, leaving the business – which employs 100 staff – in good shape.
In their strategic review of the business, PKL’s directors stated that its recently launched U-Select division “exhibited a good level of growth during the year, through the hire and sale of catering equipment to predominantly start-up and independent businesses”.
They added that forecasts prepared for the coming 12 months show the company will continue to trade well within its facilities.
“No major loan repayments are required in the immediate future and trading is expected to be profitable,” they added.
The report said that the business would seek continued growth in its U-Select as well as establishing a share of the market for the disposal of food waste, through its Garbage Guzzler division.
PKL’s recent takeover by Northern Ireland-based Lowe Rental creates a global leader in the rental of refrigeration, catering equipment and temporary kitchens.
The combined group will have revenues of more than £50m and will operate from 11 locations across the world.
PKL supplies temporary and permanent catering infrastructure to a diverse range of end markets, delivered in many forms such as modular kitchens, food kiosks and the hire of commercial catering equipment. Over the years it has provided kitchen facilities to events as prestigious as the Olympic Games and Commonwealth Games.
PKL’s CEO, Lee Vines, said of the deal in the summer: “The acquisition of our business by Lowe is a very exciting and welcome step forward for all here at PKL. Having the backing of such a large, globally renowned company unlocks new significant growth potential in markets and geographies that historically would have been out of reach. The Lowe team also brings a wealth of refrigeration knowledge to the table and we are very enthusiastic about the prospect of providing a broader and highly compelling offering in the market.”