PHSC Plc - AGM Statement

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 £2.0 million and EBITDA of approximately £125,000.  The comparatives for last year were £2.4 million and £134,000 (before exceptional costs of £9,000), 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 £290,000 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 £300,000 to £150,000 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

[e-mail]

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").

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