24 September 2018
PHSC PLC
AGM Statement
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 holding its Annual
General Meeting at 10.00 a.m. today
at The Old Church, 31 Rochester Road, Aylesford, Kent ME20
7PR. At the meeting, the Group Chief Executive, Stephen King, will make the following
statement:
“The most recent management accounts available are for the four
months to the end of July 2018. These
show revenues of £2.0 million and EBITDA of approximately £125,000.
The comparatives for last year were £2.4 million and £134,000
(before exceptional costs of £9,000), meaning that overall
profitability has been maintained on significantly lower
revenues. The reduction in revenue can be attributed to the
discontinuation of our asbestos consultancy business, Adamson’s
Laboratory Services Limited, and lower income related to retail
security products and services.
The sale of our Essex property previously occupied by the
asbestos management business is progressing and we expect to
exchange contracts and to complete the sale shortly. We have
agreed a reduction of approximately 5% to the original sale price
to compensate for the buyer’s likely costs to rectify certain
structural defects uncovered during the survey process. After
legal costs and agent’s fees we anticipate there will be net cash
proceeds of £290,000 from the sale, which will strengthen our
overall cash position.
In view of the strengthening cash position and subject to the
property sale completing as expected, we propose to reduce our
(currently unused) banking facility with HSBC from £300,000 to
£150,000 when it is renewed in November
2018.
We expect to announce our unaudited interim results for the
period to 30 September 2018 in early
December 2018, together with detailed
commentary on individual subsidiary performances.”
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. B2BSG Systems Ltd offer innovative
security solutions including tagging, labelling and CCTV.
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR").