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 for the financial year ended 31 March 2015.
These indicative figures are per management accounts, currently in the process of audit.
Consolidated Group revenue for the period was around GBP 7.7m representing a slight increase over 2013-14 (GBP 7.6m).
EBITDA prior to the cost of acquisitions rose by around 11% to GBP 0.81m, compared with GBP 0.73m last year.
Under accounting rules the earn-out bonuses of GBP £0.233m paid in connection with acquisitions have been charged to the Profit and Loss account. Despite this, net assets rose to GBP 6.57m at year end (2014: GBP 6.40m), including cash of GBP 0.50m.
Stephen King, CEO, said: “The financial audit is underway and, subject to any adjustments arising from that process, the Board is pleased to announce that we have achieved further profit growth over a period when total revenues were almost flat. A major factor, as indicated in my Interim Report, was that our B to B Links Limited subsidiary enjoyed the benefit of a large one-off order in Q2 and this led to an economy of scale that enabled us to deliver higher margins. A consequence of the resultant enhanced profit crystallising in H1, during the acquisition earn-out period, was an increased bonus payment falling due to the vendors. This was outlined in the Interim Report, where I also noted that this additional payment would have to be written off in line with the required accounting procedure.
“The Group successfully negotiated a cashflow pinch-point during Q3 when final payments became due for B to B Links Limited, and ended the year with GBP 0.5m of cash. There are now no further payments due in connection with the acquisition of any Group subsidiary.
“We expect to issue our Preliminary Announcement of Results towards the end of July 2015 and at that time I will comment in more detail about the contribution of each Group company”
For further information please contact:
Sanlam Securities UK Limited (Nominated adviser and broker) 020 7628 2200
Lindsay Mair/James Thomas