PHSC plc (“the Company”), 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 to the market on its performance up to the end of the third quarter of its financial year.
Consolidated Group sales and EBITDA (per management accounts, unaudited) for the nine months ended 31 December 2012 were as below:
Group sales and other income: GBP 3,856,440 (at Q3 2011/12: GBP 3,240,847).
EBITDA: GBP 332,800 after deduction of GBP 30,000 relating to one-off stamp duty and acquisition legal fees. (Q3 2011/12: GBP 226,711).
Net assets stood at GBP 5,488,564 (at Q3 2011/12: GBP 5,225,566).
Stephen King, CEO, said: “The benefits arising from our two acquisitions earlier in the year are beginning to come through. The Group has increased total revenues by over GBP 600,000 from the levels recorded at this stage in 2011/12, and more importantly has seen an improvement in profits which for the first nine months stood at GBP 332,800 before depreciation, amortisation of goodwill and tax. Profits from trading activities, ie before deduction of stamp duty and legal fees, at around GBP 362,000 are around 60% ahead of where we were at the end of the third quarter in the previous financial year.
“As explained in my Interim Report statement, our new B to B Links subsidiary has invested in substantial stock ahead of a large CCTV installation contract. This work is now in progress. Coupled with payments related to the acquisition of goodwill and assets of that company, and of QCS International Limited, our cash reserves were largely utilised by the end of Q3. We have an agreed facility with our bankers, HSBC, which will be more than sufficient to see us past this predicted lower than usual cash position. Net proceeds of GBP 71,000 have been received this month from the sale of our vacant property at Raunds and we had net cash balances of GBP 136,684 in the bank at the close of business last night.
“The board is encouraged by what has been achieved in the first nine months of the year. In our last annual report I explained that we were expecting full year revenues for 2012/13 to be marginally ahead of last year, and for profits to see a small improvement. We are on track to exceed those expectations.
For further information please contact:
Northland Capital Partners Limited
(Nominated Adviser & Broker)
Gavin Burnell / Edward Hutton / Lauren Kettle 020 7796 8800
Alice Lane / John Howes (Broking)