PHSC plc (“the Company”), a leading provider of health, safety, hygiene and environmental consultancy services to the public and private sectors, is pleased to announce an update to the market on its performance up to the end of the third quarter of its financial year.
Consolidated Group sales and pre-tax profits (unaudited, before depreciation and amortisation of goodwill) for the nine months ended 31 December 2010 were as below:
Group sales and other income: GBP 3,621,251.
Pre-tax profits: GBP 198,889.
Net assets stood at GBP 5,164,333. This includes cash of GBP 496,671 after deducting GBP 250,000 due under the terms of the acquisition agreement for Quality Leisure Management Limited (“QLM”).
Stephen King, CEO, said: “There has been an upturn in the company’s performance since the interims. Profits for the first six months stood at GBP 106,300 before depreciation and amortisation of goodwill and a further GBP 92,500 has been added during the third quarter. There is no reason to believe that this momentum will tail off in the final period, especially as we try to assist public sector clients meet their budgetary objectives within the fiscal year. The Company’s cashflow remains healthy and the Company retains nearly £500,000 in cash having already provided for a £250,000 payment to the vendors of QLM. The process of integrating QLM since its acquisition by the Company is well underway.”
“Prospects for 2011/12 remain uncertain. Public sector funding constraints have already led to a number of tender cancellations, and competition for new business is fierce. We do have the benefit of several long-term agreements and will seek to ensure this work is delivered as cost-effectively as possible. All subsidiaries are working hard to try and bring in new orders, in difficult circumstances. We are, however, well-placed to benefit from any improvement in the general marketplace.”
For further information please contact:
Northland Capital Partners Limited
(Nominated Adviser & Broker)
Gavin Burnell / Rod Venables 020 7492 4750
Katie Shelton (Broking)