TIDMPHSC 
 
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, announces an update on its performance for the financial year 
ended 31 March 2017. 
 
The information derives from management accounts and is subject to audit.  We 
expect to issue our Final Results announcement in early August 2017 after 
completion of the audit process. 
 
Consolidated Group revenue for the year was around GBP 7.16m compared with GBP 
7.04m in the previous year. The Group had the benefit of full year revenues 
from the two acquisitions made in December 2015 but this was largely offset by 
reduced income from its Adamson's Laboratory Services Limited (ALS) subsidiary. 
As reported at the halfway stage, ALS has been loss-making and this continues 
to be the case, albeit the losses have gradually declined in response to 
management actions, including a reduction in staff numbers at a cost of 
approximately GBP 30,000 in statutory redundancy payments. 
 
It is encouraging that the Group saw a material improvement in profitability in 
the second half of the year. At the interim stage, the EBITDA loss was GBP 
93,000. Including the impact of the redundancy payments mentioned above, we 
anticipate an EBITDA loss for the year of approximately GBP 100,000. Last year, 
the underlying EBITDA profit (calculated as earnings before interest, tax, 
depreciation, amortisation, acquisition costs and exceptional items) was GBP 
368,000. 
 
Early indications are that the comparatively strong end to the year has 
continued into the first month of the current financial year, with April 2017 
anticipated to show positive EBITDA. It is too early to quantify the goodwill 
impairment which we expect will be required. This will be reviewed by the board 
once the auditors have completed their work and made their recommendations. 
 
At the Interim stage, we stated that "if the Group does not generate a profit 
for  the  year,  it  may  recommend  a  lower  distribution  or  elect  to 
forego  a  dividend  entirely  on  this occasion" and this remains the 
position. The board will consider the matter in due course. 
 
Cash at bank at the end of the financial year was GBP 201,000 and the Group has 
a facility with its bankers of GBP 300,000. 
 
This announcement contains inside information. 
 
For further information please contact: 
 
PHSC plc 
Stephen King                               01622 717700 
Stephen.king@phsc.co.uk 
www.phsc.plc.uk 
 
Northland Capital Partners Limited (Nominated Adviser)     0203 861 6625 
Edward Hutton/David Hignell 
 
Beaufort Securities Limited (Broker)     020 7382 8300 
Elliot Hance 
 
About PHSC 
 
PHSC plc, through its trading subsidiaries Personnel Health & Safety 
Consultants Ltd, RSA Environmental Health Ltd, Adamson's Laboratory Services 
Ltd, QCS International Ltd, Inspection Services (UK) Ltd and Quality Leisure 
Management Ltd, provides a range of health, safety, hygiene, environmental and 
quality systems consultancy and training services to organisations across the 
UK. B to B Links Ltd and SG Systems (UK) Ltd offer innovative retail security 
solutions including tagging, labelling and CCTV. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 26, 2017 06:20 ET (10:20 GMT)

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