PHSC Plc AGM Statement
September 24 2018 - 2:00AM
UK Regulatory
TIDMPHSC
24 September 2018
PHSC PLC
AGM Statement
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 holding its Annual General Meeting at 10.00 a.m. today at
The Old Church, 31 Rochester Road, Aylesford, Kent ME20 7PR. At the meeting,
the Group Chief Executive, Stephen King, will make the following statement:
"The most recent management accounts available are for the four months to the
end of July 2018. These show revenues of GBP2.0 million and EBITDA of
approximately GBP125,000. The comparatives for last year were GBP2.4 million and GBP
134,000 (before exceptional costs of GBP9,000), meaning that overall
profitability has been maintained on significantly lower revenues. The
reduction in revenue can be attributed to the discontinuation of our asbestos
consultancy business, Adamson's Laboratory Services Limited, and lower income
related to retail security products and services.
The sale of our Essex property previously occupied by the asbestos management
business is progressing and we expect to exchange contracts and to complete the
sale shortly. We have agreed a reduction of approximately 5% to the original
sale price to compensate for the buyer's likely costs to rectify certain
structural defects uncovered during the survey process. After legal costs and
agent's fees we anticipate there will be net cash proceeds of GBP290,000 from the
sale, which will strengthen our overall cash position.
In view of the strengthening cash position and subject to the property sale
completing as expected, we propose to reduce our (currently unused) banking
facility with HSBC from GBP300,000 to GBP150,000 when it is renewed in November
2018.
We expect to announce our unaudited interim results for the period to 30
September 2018 in early December 2018, together with detailed commentary on
individual subsidiary performances."
For further information please contact:
PHSC plc
Stephen King
01622 717 700
Stephen.king@phsc.co.uk
www.phsc.plc.uk
Strand Hanson Limited (Nominated Adviser) 020 7409 3494
Richard Tulloch/Frederick Twist
Novum Securities Limited (Broker) 020 7399
9427
Colin Rowbury
About PHSC
PHSC plc, through its trading subsidiaries Personnel Health & Safety
Consultants Ltd, RSA Environmental Health Ltd, QCS International Ltd,
Inspection Services (UK) Ltd and Quality Leisure Management Ltd, provides a
range of health, safety, hygiene, environmental and quality systems consultancy
and training services to organisations across the UK. B2BSG Systems Ltd offer
innovative security solutions including tagging, labelling and CCTV.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR").
END
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