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 period to the end of July 2013, and updating shareholders on current developments.
Unaudited consolidated Group sales (and other income) for the period 1 April to 31 July 2013 were GBP2,351,965 (GBP1,345,000 for the same period last year) with EBITDA of GBP177,000 (2012: GBP48,000). It is worth noting that July invoicing across the group was the largest month for some time, at GBP760,000 including VAT.
Cash at bank as at 31 July 2013, after an anniversary payment of GBP121,000 was made in relation to the acquisition of QCS International Limited (“QCS”), stood at GBP146,000.
Stock levels at our newest subsidiary B to B Links Limited (“B2B”) rose from GBP148,000 at the end of the financial year to GBP245,000, as the company geared up for new CCTV installation works in August and September. Work in progress (WIP) at Adamson’s Laboratory Services Limited stood at GBP300,000, a rise of GBP123,000 since the end of the financial year. The combined value of additional stock and WIP at those subsidiaries is GBP220,000. A further GBP320,000 is to be paid on the first anniversary of the B2B acquisition during September 2013 and the Group’s bankers have in principle agreed to provide financing assistance.
CEO Stephen King, commenting on Group performance, said: “Our two new subsidiaries (B2B and QCS) have made a substantial contribution to sales, which are up GBP1 million compared with the corresponding period last year. The extra sales have flowed through to generate EBITDA of GBP177,000 being more than three times that which had been achieved at the same stage last year. This substantial growth has however reduced our cash reserves which, as always, we continue to monitor carefully. I look forward to reporting further progress to the market at the time of our interim results, and remain confident of our prospects for the rest of the financial year.
For further information please contact:
Northland Capital Partners Limited (Nominated Adviser & Broker)
Edward Hutton / Gavin Burnell 020 7796 8800
John Howes / Alice Lane (Broking)v