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 2018.
Consolidated Group revenue for the period was approximately
£7.01 million (31 March 2017: £7.16
million). The decline in revenues is due to the
asbestos-related operations of Adamson’s Laboratory Services
Limited (“ALS”) being discontinued during the year, resulting in
ALS’s revenues being approximately £440,000 lower than in the
previous year and impacting the Group’s revenue by a corresponding
amount.
The Group achieved a positive EBITDA of approximately £184,000
for the year ended 31 March 2018,
before allowing for £47,000 of redundancy costs associated with the
closure of ALS, (31 March 2017: loss
of £99,767).
Other ongoing financial consequence of ALS’s closure include the
costs of extricating the Group from long-term leases for various
services, plant and equipment associated with ALS’s
operations. In addition, certain owned plant and equipment
will be written off, the total cost of which is not yet
known. Run-off insurance costs will also continue to be
incurred for some years. On the positive side, the freehold
of ALS’s unoccupied premises in Essex are in process of being sold
(subject to contract) for £320,000. This represents a
sizeable premium to the book value of £170,000 and should the sale
complete, net cash proceeds to the Group are expected to exceed
£300,000.
Cash at bank as at 6 June 2018 was
approximately £129,000 and the Company continues to maintain a
facility with its bankers of £300,000.
The above financial information is drawn from the Group’s
management accounts and is subject to audit. The Group
currently expects to announce its Final Results in early August
2018. As part of the audit process, the Board will consider
whether any impairment provisions are necessary within the Group,
although it should be noted that the carrying value of ALS has
already been fully impaired.
For further information please
contact:
PHSC plc
Stephen
King
01622 717 700
Stephen.king@phsc.co.uk
www.phsc.plc.uk
Strand Hanson Limited (Nominated
Adviser)
020 7409 3494
Richard Tulloch/Frederick Twist
Novum Securities Limited
(Broker)
020 7399 9427
Colin Rowbury
About PHSC
PHSC plc, through its trading subsidiaries Personnel Health
& Safety Consultants Ltd, RSA Environmental Health 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.