18 May 2015 PHSC PLC
Trading Update
PHSC plc ("the Group"), a leading provider of health, safety, hygiene and
environmental consultancy services and security solutions to the public and
private sectors, is pleased to announce an update on its performance for the
financial year ended 31 March 2015.
These indicative figures are per management accounts, currently in the process
of audit.
Consolidated Group revenue for the period was around GBP 7.7m representing a
slight increase over 2013-14 (GBP 7.6m).
EBITDA prior to the cost of acquisitions rose by around 11% to GBP 0.81m,
compared with GBP 0.73m last year.
Under accounting rules the earn-out bonuses of GBP £0.233m paid in connection
with acquisitions have been charged to the Profit and Loss account. Despite
this, net assets rose toGBP 6.57m at year end (2014: GBP 6.40m), including cash
of GBP 0.50m.
Stephen King, CEO, said: "The financial audit is underway and, subject to any
adjustments arising from that process, the Board is pleased to announce that we
have achieved further profit growth over a period when total revenues were
almost flat. A major factor, as indicated in my Interim Report, was that our B
to B Links Limited subsidiary enjoyed the benefit of a large one-off order in
Q2 and this led to an economy of scale that enabled us to deliver higher
margins.A consequence of the resultant enhanced profit crystallising in H1,
during the acquisition earn-out period, was an increased bonus payment falling
due to the vendors. This was outlined in the Interim Report, where I also noted
that this additional payment would have to be written off in line with the
required accounting procedure.
"The Group successfully negotiated a cashflow pinch-point during Q3 when final
payments became due for B to B Links Limited, and ended the year with GBP 0.5m
of cash. There are now no further payments due in connection with the
acquisition of any Group subsidiary.
"We expect to issue our Preliminary Announcement of Results towards the end of
July 2015 and at that time I will comment in more detail about the contribution
of each Group company"
For further information please contact:
PHSC plc 01622 717700
Stephen King
Stephen.king@phsc.co.uk
www.phsc.plc.uk
Sanlam Securities UK Limited (Nominated adviser and broker) 020 7628 2200
Lindsay Mair/James Thomas
About PHSC
PHSC plc, through its trading subsidiaries Personnel Health & SafetyConsultants
Ltd, RSA Environmental Health Ltd, Adamson's Laboratory ServicesLtd, QCS
International Ltd, Inspection Services (UK) Ltd and Quality LeisureManagement
Ltd provides a range of health, safety, hygiene, environmental andquality
systems consultancy and training services to organisations across theUK. B to B
Links Ltd offers innovative retail security solutions includingtagging,
labelling and CCTV.