Business
Trading Update and Commentary on COVID-19 Impact
Trading Update and Commentary on COVID-19 Impact.
About this update from Phsc Plc
[{"type":"text","content":"\n \n 13 May 2020\n PHSC PLC\n Trading Update and Commentary on COVID-19 Impact\n 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 2020. The Group also provides an update on how it is being impacted by the COVID-19 pandemic.\n Trading for the year ended 31 March 2020\n Unaudited management accounts for the year ended 31 March 2020 show consolidated Group revenue of approximately £4.43 million (31 March 2019: £5.21 million) and EBITDA of approximately £280,000 for the period (31 March 2019: £116,000 prior to exceptional gain from property sale).\n Revenues for the year ended 31 March 2020 were, as with the interim results, impacted by a reduction in revenues from the Group’s security division, as the retail sector continued to struggle. In line with the interims, this has resulted in the security division accounting for approximately 40% (31 March 2019: 52%) of the Group’s revenues, with the Group’s health, safety and management systems businesses accounting for approximately 60% (31 March 2019: 48%) of Group revenues.\n EBITDA margin though increased as a result of lower overheads and premises-related savings across the Group. In addition, the Group’s health, safety and management systems companies contributed higher profits and whilst the security division continued to be loss-making in a challenging environment, it reduced its year-on-year losses by a third. Full details about the performances of individual subsidiaries will be given at the time we announce our final results for the year ended 31 March 2020.\n Cash at bank as at 11 May 2020 was approximately £850,000, though it should be noted that the Group has taken advantage of the opportunity to defer payment of £163,000 of VAT relating to Q4 of 2019/20 under the Government’s COVID-19 scheme. In addition, as set out below, the Group has furloughed a number of its staff under the Government's Job Retention scheme. The Group also has a £150,000 overdraft facility with HSBC which is presently unused.\n The above financial information is drawn from the Group’s management accounts and is subject to audit and therefore may change. The Group curre...