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 2014.
These indicative figures are per management accounts, currently unaudited.
Consolidated Group revenue for the period was around GBP 7.6m representing an increase of approximately 30% over what was achieved during the previous year (GBP 5.8m).
EBITDA was around 22% higher than the previous year at GBP 0.73m, compared with GBP 0.60m last year.
Net assets were approximately GBP 6.4m, including cash of GBP 0.71m.
Stephen King, CEO, said: “Subject to the outcome of the financial audit, the Board is pleased to be able to report a further improvement in revenues and profitability year-on-year. The outcome is in line with our management budgeting. We have benefitted from full year contributions from our two most recent acquisitions (QCS International Limited and B to B Links Limited) and the legacy health and safety businesses have broadly performed in line with expectations.
“Bank balances are substantially higher than at this time last year, bolstered by a share placing last autumn that generated GBP 480,000 after expenses followed by improved cash flow from trading activities. Final instalments related to the two acquisitions mentioned above fall due during Q2 of 2014/15. These sums cannot be calculated until the end of the respective earn-out periods. If performance is sustained at recent levels for the remainder of the period, final payments would total around GBP 425,000. Our cash flow forecast indicates that these payments can be met from existing bank balances without adversely affecting the cash requirements of normal trading activities.
“More details about individual subsidiary performances will be given at the time of our Preliminary Announcement of Results, expected in the middle of July 2014.”
For further information please contact:
Northland Capital Partners Limited
(Nominated Adviser & Broker)
Edward Hutton / Gavin Burnell / Lauren Kettle 020 7382 1100
John Howes / Alice Lane (Broking)