Phsc Share Discussion Threads

[spursspurs] 12/10/2018 11:24

nice dividend paid into my account today :)

[ntv] 04/10/2018 08:50

Still a maintained dividend would do me over the next couple of years while we wait

[ntv] 04/10/2018 08:50

More site consolidation to come during the current year in an effort to cut costs and improve profits
Hopefully no more exceptional costs or stock write downs but not holding my breath
I expect more goodwill write offs to offset tax liabilities
I wish someone would move in and grow the company

[arthur_lame_stocks] 28/9/2018 10:52

Just seen the RNS. I make that a profit over book of about 155k. Not bad.

[microscope] 28/9/2018 10:00

See RNS. Actually states should complete today, but sounds like a formality. Lovely uplift on book value too

[arthur_lame_stocks] 28/9/2018 08:42

How do you know NTV?

[ntv] 28/9/2018 07:12

Property sale has gone through so good news for the balance sheet

[microscope] 26/9/2018 08:16

Have to admit it's surprising to see a few small sales recently given how close the (very decent) dividend date is. Perhaps a few holders don't check these things and have had the shares a long time.

Also occurred to me that interims are due in early December and with numbers so far on track, the next payout, assuming we get one at interims, which i think we should, isn't that far away either!

[battlebus2] 24/9/2018 08:02

Yes pretty good, making profits similar to a much lower revenue can’t be bad.

[cjohn] 24/9/2018 07:59

Decent AGM statement this morning for first four months.

Revenues of £2m and ebitda of £125k.


Sale of property to raise £290k, net of all costs.

[value hound] 21/9/2018 21:37

Anyone planning to go to the AGM on Monday (presumably in Aylesford)?

[microscope] 06/9/2018 19:41

Nice to see some buying interest today. Been very quiet here since results, but still at 12p offer anyone buying in the next three weeks qualifies for the 0.5p (4%+) dividend mentioned in the results.

[arthur_lame_stocks] 15/8/2018 19:43

It would be even nicer if they sold quite a lot so we could break this up and actually deliver some value to shareholders for a change.

[lehibou] 15/8/2018 08:38

I wonder if the income funds will come for PHSC as they did in Aug 2016 when the price spiked up 50% in 2 days?Then they were seeking the 1.5p div.Now we have above average market yield with a recovery situation.Also with two directors holding almost 50% they have been generous in the past and could be in the future.

[muffster] 15/8/2018 07:53

Thanks micro. I'm looking for that. Have added.

[microscope] 14/8/2018 15:40

Hi NTV, thanks, yes all good points. I'm guessing your comments re-lease refer to Amesbury? I should have twigged that putting goodwill there indeed would reduce the tax bill. It does make the results look less shiny than the reality, perhaps, while as you say doesn't effect cash, but it's clever accounting as with 36p a share in assets shouldn't impact the dividend.For anyone looking for an income stock with solid accounts, this looks a good bet to me!

[ntv] 14/8/2018 10:47

microscope
property sale still pending and circa nett £300k to phsc
they will relinquish a lease so that will save money by moving to the one site, on as far as i can make out an owned property
having said that there could a dilapidation claim from the landlord
continual writing down of goodwill will reduce tax charge?
but doesn't affect cashflow and hopefully not dividends

[microscope] 14/8/2018 09:35

Overall a good set of numbers I feel and the dividend is a very healthy bonus. (Meijiman I no longer post my average price on bulletin boards but I feel i timed my buys pretty well :)).

Given that the goodwill impairment of 200k appears pre-ebitda, otherwise the company has made a profit of just over 200k from non-Adamson's (ie from continuing) operations. That will be after the dividend (approx 146k at 1p per share) as well.

The cash position remains healthy (cash and cash equivalents up from last year despite the dividend) and I presume the unclaimed but available HSBC loan of 300k remains intact.

While there will be some minor costs of Adamson's for some years, (lease of machinery, insurance for unfinished contracts etc) it's clear nothing like the 160k+ loss for the year reported.

No mention (unless I missed it) of the sale of the Adamson premises, which promises to being in a windfall of over 300k and it looks as though consolidation of the other subsidiary mentioned will mean another property for sale. That division appears to be the one small other concern with cost savings enacted. However it looks as though the likes of QCS is set for another good year.

There's the usual waffle about brexit, the high street and the weather, classic Stephen King, and while I don't doubt possible minor effect, once again i think currency is the one area where he makes a good point. Emphasis seems to be on the Euro's potential negative effect, but then we see that the dollar has had a positive impact further into the heart of the statement.

Nav of 36p a share and the trading outlook section which includes a first quarter ebitda profit similar to last year of 121k is another positive and on valuation grounds this stock remains in my opinion deeply undervalued. I have a 12 month target to next year's full results of 25p, with the dividend remaining healthy, Adamson's effectively gone and QCS continuing to advance. (I think 25p would still substantially undervalue the company, as it would still be a market cap of well under 4 million!)

Dare we hope we might even get a one-off bonus dividend as well after the sale of the Adamson's property? After all 300k+ would equate to well over 2p a share windfall for the company :)

The current yield at 12p (offer) is over 8%, now looking secure too for next year imho, and reason enough by itself to continue to form very much a part of my portfolio.

[battlebus2] 14/8/2018 09:21

Best paragraph for me was they continue to make progress with divisional structures. This will be very important in future years if we want to sell all or part of the business.

[arthur_lame_stocks] 14/8/2018 07:28

I still think the best thing they could do is sell it all off, return the cash and wind it up. We would see some real value then.

[value hound] 14/8/2018 06:47

Around there NTV depending on what you paid. For me, it's a solid 10%. Historically, add another 5%.

Overall, a mixed bag as ever - but with the added freehold sale net proceeds of £300k and the fact that the two people running it own 43%, it's all good IMO.

[ntv] 14/8/2018 06:41

results show that it is on a 9% yield !!
am I reading that correctly?
they should be able to maintain it going forward as well
shame the monies from the property sale not in yet but will be a big boost to the balance sheet
it needs to get bigger somehow with a decent sized reverse takeover or some decent organic growth in the existing business

[meijiman] 13/8/2018 11:26

What is your average in price?

[microscope] 13/8/2018 11:16

Yes lehibou agree with most of that. Strand Hanson I think from memory won an award along the lines of best dealmaker (can't recall the exact wording) on AIM last year. So was an interesting choice.
Results were predicted for early August, so hopefully this week, and, while we can expect some one-off costs associated with Adamson's, the overall business numbers themselves are set to be decent, from the TS.

I will be more interested to read the outlook, doubtless the usual cautious Stephen King-speak lol, but also to see if momentum has continued in the hitherto rapidly growing QCS division.

It may be they want to update in more detail on Adamson's, which could lead to a minor delay I guess.

More positively we could get firm news that the premises have been sold and even though that would be a post-balance sheet event, might give them enough confidence to pay another dividend. In truth I don't expect a divvy, until the next interims, but it would be a nice bonus.

I remain very happy with my holding here