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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Phsc Plc | LSE:PHSC | London | Ordinary Share | GB0033113456 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.00 | 21.00 | 23.00 | 22.00 | 22.00 | 22.00 | 7,110 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Health & Allied Services,nec | 3.44M | 243k | 0.0220 | 10.00 | 2.43M |
TIDMPHSC 01 December 2016 PHSC PLC ("PHSC", the "Company", or the "Group") Unaudited Interim Results for the six months ended 30 September 2016 GROUP CHIEF EXECUTIVE OFFICER'S STATEMENT Financial Highlights * Group turnover for first half up 7% at GBP3.587m compared with GBP3.354m last year. * Loss of GBP93k measured as EBITDA after bad debt provision, versus GBP229k profit last year. * Loss per share of 0.85p compared with 1.23p per share profit last year. * Cash balance of GBP301k at period end compared with GBP611k last year. * Net asset value of GBP6.098m * Pro-forma net asset value per share of 41.5p compared to a current share price (mid) of 18p. * Q2 saw a return to profitable trading, but results impacted by GBP44k bad debt provision. Trading Overview In the trading update preceding our AGM, we reported a consolidated EBITDA loss of around GBP94k on sales of GBP2.3m for the first four months of the year. We indicated that improvements would take place by the time of our Interim results. Were it not for a loss of circa GBP40k caused by one client going into administration and an additional GBP4k provision for other potential bad debts, the last two months would have delivered EBITDA of GBP45k. The board is confident of improvement in the second half of the year and we do not currently anticipate any additional provisions for bad debts. The Group returned to profitable trading in the month of October, achieving EBITDA of GBP 25.6k and reducing the cumulative loss to GBP67.4k. There is an analysis of performance by individual subsidiary later in this statement. The performances which have the most impact on the Group's profitability are those of Adamson's Laboratory Services Ltd (ALS) and SG Systems (UK) Ltd (SG). In the case of ALS, the ongoing loss-making situation is largely brought about by a continuing erosion of the prices at which work can be obtained, and a general reduction in revenues against a background of a predominantly fixed cost base. Management are taking steps to address this situation and several options are being considered. In the short term, there have unfortunately had to be a number of redundancies at the company, the costs of which are not reflected in the results for the first half. The prognosis for SG is entirely different to that of ALS. This company, which was acquired in December 2015, has invested heavily in developing solutions to protect property using radio frequency identification technology (RFID). A number of significant trials and pilot schemes are underway with private and public sector clients and the company is hopeful of generating some significant revenues in the months to come. The cost of investment in technological solutions has affected the financial performance. In addition, there was reduced income from routine sales and servicing, both of which have been affected by a hiatus in orders from a major customer. However, SG returned to profit in September and October. The inclusion of SG's revenues and costs in the consolidated accounts has resulted in higher administrative expenses compared with last year. B to B Links Limited (B to B), which is a sister company to SG, continues to work with national accounts in the retail sector and has been successful in maintaining a strong order book that will see it through the remainder of the financial year. A negative factor is that the decline in the value of Sterling following the UK's referendum on EU membership has impacted on both B to B and SG. Both companies import the vast majority of their electronic components from Europe or Asia with payment having to be made in USD or Euros. Training and consultancy relating to new ISO standards that took effect a year ago have enabled our QCS International Limited subsidiary to increase revenue and profit, and management are optimistic that this trend can continue over then next year and beyond. A new standard on health and safety, ISO 45001, is expected to be approved in 2017 and this will present further potential demand for the company's services. Quality Leisure Management Limited has seen a fall in revenue and profits. This is attributable to reduced local authority funding of many leisure trusts, and some consolidation in the sector. Health and safety consultancy and training activity delivered by other group companies is largely unchanged but it has not been possible to increase income in line with the rising cost of delivery. Outlook The Group expects to trade profitably in the second half of the financial year, and will be concentrating its efforts on addressing some of the issues highlighted above. There are likely to be some restructuring costs associated with our ALS subsidiary as management seek to align costs with the lower revenues being currently generated. Following an approach by a third party, discussions were held which could have resulted in ALS leaving the Group. On this occasion we did not find the proposed terms to be suitable, but we remain open to future approaches that can be shown to be in shareholders' best interests. Dividend Prospects The Board is not declaring an interim dividend but will consider an appropriate level of final dividend at the relevant time. Despite the current performance, the Group has a reasonably strong balance sheet that includes retained earnings from previous years. However, if the Group does not generate a profit for the year, it may recommend a lower distribution or elect to forego a dividend entirely on this occasion. Cash Flow The bank balance stood at GBP301k as at the date of the interim accounts, compared with GBP611k at the interim stage last year. The reduction is primarily due to the acquisition payments totalling GBP400k made in December 2015. In addition, the Company raised GBP350k before costs from a share placing, as announced on 19 August 2016. The GBP200k overdraft facility in place with our bankers, HSBC, has been subject to annual review. In view of the trading losses to date it was felt prudent to increase this facility to GBP300k to give sufficient support. The bank balance as at 30 November was GBP356,017. Performance by Trading Subsidiaries Profit/loss figures for individual subsidiaries are stated before tax and inter-company charges (including the costs of operating the plc which are recovered through management charges to trading subsidiaries), interest paid and received, depreciation and amortisation. Adamson's Laboratory Services Limited Revenue of GBP509,800 resulting in a loss of GBP101,400 (the equivalent figures for the same period last year were GBP1,105,100 and a profit of GBP102,900). Inspection Services (UK) Limited Invoiced sales of GBP111,200 yielding a profit of GBP23,000 (the figures for the same period last year were GBP96,300 and GBP8,900). Personnel Health and Safety Consultants Limited Invoiced sales of GBP340,300 yielding a profit of GBP108,100 (the figures for the same period last year were GBP328,300 and GBP132,000). RSA Environmental Health Limited Invoiced sales of GBP189,200 resulting in a profit of GBP34,600 (the figures for the same period last year were GBP209,700 and GBP21,000). Quality Leisure Management Limited Invoiced sales of GBP196,400 resulting in a profit of GBP6,400 (the figures for the same period last year were GBP239,600 and GBP34,900). QCS International Limited Invoiced sales of GBP258,600 yielding a profit of GBP67,300 (the figures for the same period last year were GBP245,000 and GBP58,000). B to B Links Limited Invoiced sales of GBP1,237,900 yielding a profit of GBP38,000 (the figures for the same period last year were GBP1,120,100 and GBP58,900). The profit for the period ended 30 September 2016 is shown after deduction of circa GBP40,000 which proved unrecoverable after a client fell into administration. SG Systems (UK) Limited Invoiced sales of GBP743,673 resulting in a loss of GBP18,800 (there are no comparative figures for last year as the business was acquired in December 2015). This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. For further information please contact: 01622 717700 PHSC plc Stephen King Stephen.king@phsc.co.uk www.phsc.plc.uk Northland Capital Partners Limited (Nominated Adviser) 0203 861 6625 Edward Hutton/David Hignell Beaufort Securities Limited (Broker) 020 7382 8300 Elliot Hance About PHSC PHSC plc, through its trading subsidiaries Personnel Health & Safety Consultants Ltd, RSA Environmental Health Ltd, Adamson's Laboratory Services 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. B to B Links Ltd and SG Systems (UK) Ltd offer innovative retail security solutions including tagging, labelling and CCTV. Six Six Year Group Statement of Comprehensive Income months months ended ended ended 30 Sept 30 Sept 31 Mar 16 16 15 Note Unaudited Unaudited GBP'000 GBP'000 GBP'000 Continuing operations Revenue 3 3,587 3,354 7,004 Cost of sales (1,990) (1,804) (3,803)
Gross profit 1,597 1,550 3,201 Administrative expenses (1,713) (1,345) (2,931) Administrative expenses - exceptional 2 - - (609) Other income 1 - - (Loss)/profit from operations (115) 205 (339) Finance income 1 - 1 Finance costs - - - (Loss)/profit before taxation (114) 205 (338) Corporation tax expense - (49) (76) (Loss)/profit for the period after tax attributable to owners of parent 3 (114) 156 (414) Total comprehensive income attributable to (114) 156 (414) owners of the parent Attributable to: Equity holders of the Group (114) 156 (414) Basic and diluted Earnings per Share for 5 (0.85p) 1.23p (3.23p) (loss)/profit after tax from continuing operations attributable to the equity holders of the Group during the period Group Statement of Financial Position 30 Sept 30 Sept 31 Mar 16 16 15 Unaudited Unaudited Note GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 4 653 684 675 Goodwill 4,504 4,580 4,504 Deferred tax asset 1 - 1 5,158 5,264 5,180 Current assets Inventories 493 224 416 Trade and other receivables 1,697 1,864 1,895 Cash and cash equivalents 301 611 256 2,491 2,699 2,567 Total assets 3 7,649 7,963 7,747 Current liabilities Trade and other payables 1,129 1,126 1,222 Current corporation tax payable 84 134 103 Deferred consideration 200 - 200 1,413 1,260 1,525 Non-current liabilities Deferred taxation liabilities 63 68 63 Contingent consideration 75 - 75 138 68 138 Total liabilities 1,551 1,328 1,663 Net assets 6,098 6,635 6,084 Capital and reserves attributable to equity holders of the Group Called up share capital 1,468 1,268 1,308 Share premium account 1,915 1,751 1,751 Capital redemption reserve 144 144 144 Merger relief reserve 134 80 134 Retained earnings 2,437 3,392 2,747 6,098 6,635 6,084 Group Statement of Changes in Equity Share Share Capital Merger Retained Capital Premium Redemption Relief Earnings Reserve Reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 April 2016 1,309 1,751 144 134 2,747 6,085 Loss for the period - - - - (114) (114) attributable to equity holders Share issue 159 164 - - - 323 Dividends - - - - (196) (196) Balance at 30 September 2016 1,468 1,915 144 134 2,437 6,098 Balance at 1 April 2015 1,268 1,751 144 80 3,355 6,598 Profit for the period - - - - 156 156 attributable to equity holders Dividends - - - - (119) (119) Balance at 30 September 2015 1,268 1,751 144 80 3,392 6,635 Group Statement of Cash Flows Six Six Year months months ended ended ended 30 Sept 16 30 Sept 15 31 Mar 16 Unaudited Unaudited GBP'000 GBP'000 GBP'000 Cash flows (used by)/generated from operating activities Cash (used by)/generated from operations (64) 306 414 Interest paid - - - Tax paid (19) (20) (83) Net cash (used by)/generated from operating (83) 286 331 activities Cash flows from/(used in) investing activities Purchase of property, plant and equipment - (18) (36) Purchase of subsidiary companies net of cash - - (263) acquired Disposal of fixed assets - - 1 Interest received 1 - 1 Net cash from/(used in) investing activities 1 (18) (297) Cash flows from/(used in) financing activities Payment of deferred consideration - - (50) Dividends paid to group shareholders (196) (119) (190) Proceeds from share placement 323 - - Net cash from/(used in) financing activities 127 (119) (240) Net increase/(decrease) in cash and cash 45 149 (206) equivalents Cash and cash equivalents at beginning of 256 462 462 period Cash and cash equivalents at end of period 301 611 256 Notes to the cash flow statement Cash (used by)/generated from operations Operating (loss)/profit - continuing operations (114) 205 (339) Depreciation charge 21 24 47 Goodwill impairment - - 609 Loss on sale of fixed assets - - 2 Increase in inventories (77) (8) (28) Decrease in trade and other receivables 198 115 382 Decrease in trade and other payables (92) (30) (259) Cash (used by)/generated from operations (64) 306 414 Notes to the Financial Statements 1. Basis of preparation These condensed consolidated financial statements are presented on the basis of International Financial Reporting Standards (IFRS) as adopted by the European Union and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and have been prepared in accordance with AIM rules and the Companies Act 2006, as applicable to companies reporting under IFRS. The financial information contained in this report, which has not been audited, does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 March 2016, prepared under IFRS have been filed with the Registrar of Companies. The auditors' report for the 2016 financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006. The same accounting policies and methods of computation are followed within these interim financial statements as adopted in the most recent annual financial statements. New IFRS standards and interpretations not adopted A number of new standards and amendments to standards and interpretations have been issued but are not yet effective and in some cases have not been adopted by the European Union. The directors do not expect the adoption of these standards will have a material impact on the financial statements of the Group in future periods, except IFRS 15 may have an impact on revenue recognition and related disclosures and IFRS 16 may have an impact on the measurement and
treatment of operating leases and related disclosures. At this point it is not practicable for the directors to provide a reasonable estimate of the effect of IFRS 15 and IFRS 16 as their detailed review of these standards is still ongoing. The information presented within these interim financial statements is in compliance with IAS 34 "Interim Financial Reporting". This requires the use of certain accounting estimates and requires that management exercise judgement in the process of applying the Group's accounting policies. The areas involving a high degree of judgement or complexity, or areas where the assumptions and estimates are significant to the interim financial statements are disclosed below: Impairment of goodwill The Board has considered the carrying value of goodwill and although there have been losses in the interim period the longer term outlook remains positive and an impairment charge in these interim accounts is not therefore considered necessary and will be reassessed at the year end. 30 Sept 16 30 Sept 15 31 Mar 16 Unaudited Unaudited 2 Exceptional Administrative Expenses GBP'000 GBP'000 GBP'000 Impairment of PHSC plc's investment - - 609 in Adamson's Laboratory Services Limited Notes to the Financial Statements (continued) 30 Sept 16 30 Sept 15 31 Mar 16 3 Segmental Reporting Unaudited Unaudited GBP'000 GBP'000 GBP'000 Revenue PHSC plc - - - Personnel Health & Safety Consultants 340 328 703 Ltd RSA Environmental Health Ltd 189 210 413 Adamson's Laboratory Services Ltd 510 1,105 1,827 Inspection Services Ltd 111 106 219 Quality Leisure Management Ltd 196 240 506 Q C S International Ltd 259 245 528 B to B Links Ltd 1,238 1,120 2,552 SG Systems (UK) Ltd 744 - 256 3,587 3,354 7,004 Profit/(loss) after taxation, before management charge PHSC plc (259) (205) (495) Personnel Health & Safety Consultants 90 108 238 Ltd RSA Environmental Health Ltd 30 19 64 Adamson's Laboratory Services Ltd (105) 89 87 Inspection Services Ltd 19 15 33 Quality Leisure Management Ltd 5 29 83 Q C S International Ltd 58 49 105 B to B Links Ltd 33 52 133 SG Systems (UK) Ltd (20) - (70) (149) 156 178 Taxation adjustment (group loss relief and 35 - 17 deferred tax) Goodwill impairment - - (609) (114) 156 (414) Total assets PHSC plc 4,037 6,337 3,963 Personnel Health & Safety Consultants 951 422 864 Ltd RSA Environmental Health Limited 612 476 610 Adamson's Laboratory Services Ltd 954 815 1,034 Inspection Services Ltd 189 57 144 Quality Leisure Management Ltd 205 98 249 Q C S International Ltd 426 103 352 B to B Links Ltd 1,170 1,126 1,443 SG Systems (UK) Ltd 404 - 387 8,948 9,434 9,046 Adjustment of goodwill (1,299) (1,471) (1,299) 7,649 7,963 7,747 Notes to the Financial Statements 30 Sept 16 30 Sept 15 31 Mar 16 (continued) Unaudited Unaudited 4 Property, plant and equipment GBP'000 GBP'000 GBP'000 Cost or valuation Brought forward 1,079 1,055 1,055 Additions - 18 26 Disposals - - (7) Acquisition of subsidiary - - 9 Carried forward 1,079 1,073 1,083 Depreciation Brought forward 404 365 365 Charge 22 24 47 Disposals - - (4) Carried forward 426 389 408 Net book value 653 684 675 5 Earnings per share The calculation of the basic earnings per share is based on the following data. 30 Sept 16 30 Sept 15 31 Mar 16 GBP'000 GBP'000 GBP'000 Unaudited Unaudited Earnings Continuing activities (114) 156 (414) Number of shares 30 Sept 16 30 Sept 15 31 Mar 16 Weighted average number of shares for the purpose of basic earnings per 13,451,480 12,686,353 12,806,901 share END
(END) Dow Jones Newswires
December 01, 2016 02:00 ET (07:00 GMT)
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