Business
Half-Year Report
Half-Year Report.
About this update from Phsc Plc
[{"type":"text","content":"\n \n 23 November 2021\n PHSC PLC\n (“PHSC”, the “Company” or the “Group”)\n Unaudited Interim Results for the six months ended 30 September 2021\n PHSC (AIM: PHSC), a leading provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors, is pleased to announce its unaudited interim results for the six month period ended 30 September 2021.\n GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT\n Financial Highlights\n \n Group revenue excluding grant funding of £1.719m (H1 FY21: £1.377m).\n EBITDA of £163k (includes £29k of grant funding) (H1 FY21: £182k including £316k of grant funding). \n\nLower EBITDA reflects a reduction of £287k in grant funding over the period.Adjusted EBITDA, excluding all grant funding, of £134k (H1 FY21: £134k loss).\n Earnings per share of 0.78p (H1 FY21: 0.83p).\n Successful share buyback programme completed during the period, as previously announced.\n Cash of £902k after £325k cost of the share buyback programme (H1 FY21: £1.0m).\n Net asset value (unaudited) of £4.7m (H1 FY21: £5.1m).\n Pro-forma net asset value (unaudited) per share of 35.9p, compared to a mid-market share price as at market close on 30 September 2021 of 22p.\n Interim dividend declared of 0.5p per ordinary share.\n \n Operational Highlights and Business Outlook\n In Q2 2021, the majority of the restrictions imposed by the UK Government in response to the COVID-19 pandemic were lifted or relaxed, which led to an overall improvement in total revenue for H1 FY21 as clients began their own recovery programmes. The gradual return to more normal working conditions meant that the Group had progressively less reliance on the Government’s Coronavirus Job Retention Scheme (“CJRS”). This led to reduced grant receipts, down from approximately £316k in H1 FY21 to just below £30k for H1 FY22.\n We continue to maintain a £50,000 banking facility with HSBC Bank plc which has been renewed for a further year to October 2022. We have not made any use of such facility and do not expect to have to do so.\n Despite the reopening of retail premises, the Security Division has not returned to the level of pre-pandemic trading. This is due predominantly to the permanent closure of former key clients such as Debenhams, Peacocks and Edinburgh Woollen Mill. Another factor that impacts margins is the...