6 September 2012
PHSC PLC
("PHSC", the "Company" or the "Group")
PRE-AGM TRADING UPDATE
At the Annual General Meeting of PHSC, the Aylesford-based provider of health,
safety and environmental services to corporate and public sector clients, to be
held today the Group Chief Executive, Stephen King, will be commenting on the
Group's performance for the period to the end of July 2012, and updating
shareholders on other developments.
Unaudited consolidated Group sales (and other income) for the period 1 April to
31 July 2012 were GBP1,345,000 (the same as for the comparative period last
year) with EBITDA of GBP48,000 (2011: GBP12,000). Excluded from the current
figure it is calculated that there is also an unrecognised uplift of
approximately GBP40,000 relating to work-in-progress ("WIP") at Adamson's
Laboratory Services Limited, a wholly-owned subsidiary of the Company. This is
similar to the presumed WIP uplift at the same period last year. The EBITDA
figure of GBP48,000 is net of legal costs of circa GBP10,000 associated with a
completed acquisition.
Cash at bank as at 31 July 2012, after a first payment of GBP160,000 in
relation to the acquisition of QCS, stood at GBP665,000. This will be used to
fund dividend payments of around GBP210,000 subject to approval by shareholders
at the AGM, and for the initial consideration that will be due upon the
completion of the acquisition of B2B, as announced on 30 August 2012.
CEO Stephen King, commenting on Group performance, said: "In reviewing the
progress made within the Group for the year to date, it can be seen that whilst
sales are approximately the same as for the corresponding period last year,
EBITDA is higher. This can largely be attributed to better management of our
year-end order book. Historically we have seen Group profits become stronger as
the year progresses, and we believe this pattern will be repeated in 2012/13.
Given our recent acquisition of QCS and our proposed acquisition of B2B, which
will diversify our operations substantially, we look forward to reporting
further progress to the market.
For further information please contact:
PHSC plc
Stephen King 01622 717700
Stephen.king@phsc.co.uk
www.phsc.plc.uk
Northland Capital Partners Limited
Gavin Burnell / Edward Hutton
Alice Lane (Broking) 020 7796 8800
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