8 September 2014
PHSC PLC
Pre-AGM 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, is pleased to announce an update on its performance ahead of
its AGM due to be held today. At that meeting the Group Chief Executive,
Stephen King, will be commenting on the Group's performance for the four months
to the end of July 2014.
There has been a small reduction in sales over that period of GBP60,000 due
primarily to timing differences on one or two contracts and which are
anticipated will be recouped in an improved second half.
There has been an uplift in profitability of around GBP39,000 in the period as
we become more efficient over time in managing contracts within our acquired
businesses.
Unaudited consolidated Group sales (and other income) per management accounts
for the four months to 31 July 2014 were GBP2,291,982 (GBP2,351,965 for the
same period last year) with EBITDA of GBP216,000 (2013: GBP177,000). Cash at
bank as at 31 July 2014 was GBP706,000 from which GBP105,285 was subsequently
paid as previously announced in relation to the final instalment for the
acquisition of QCS International Limited ("QCS"). We have also been required to
invest heavily in additional stock as we gear up for some large contracted CCTV
installations during the second half of the year.
CEO Stephen King, commenting on Group performance, said: "Sales and EBITDA are
generally in line with where we expected them to be at this stage. We continue
to see 2014-15 as a period of consolidation. We continue to manage our cash
reserves carefully ahead of the final payment for the acquisition of B to B
Links Limited which falls due in Q3. We have provided for a final payment of
GBP250,000 in our accounts although we anticipate, given the ongoing positive
trading performance of B to B, that this figure will be exceeded.
I will expand on individual subsidiary performance when I report on our interim
results in mid-November.
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 & Broker)
Edward Hutton / Gavin Burnell 020 7382 1100
John Howes / Alice Lane (Broking)