PHSC Phsc Plc

 
TIDMPHSC 
 
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 GBP7.01 million (31 
March 2017: GBP7.16 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 GBP440,000 lower than in the previous year and impacting the 
Group's revenue by a corresponding amount. 
 
The Group achieved a positive EBITDA of approximately GBP184,000 for the year 
ended 31 March 2018, before allowing for GBP47,000 of redundancy costs associated 
with the closure of ALS, (31 March 2017: loss of GBP99,767). 
 
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 GBP320,000.  This represents a 
sizeable premium to the book value of GBP170,000 and should the sale complete, 
net cash proceeds to the Group are expected to exceed GBP300,000. 
 
Cash at bank as at 6 June 2018 was approximately GBP129,000 and the Company 
continues to maintain a facility with its bankers of GBP300,000. 
 
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. 
 
 
 
END 
 

(END) Dow Jones Newswires

June 08, 2018 02:00 ET (06:00 GMT)

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