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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 | 25,005 | 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 2 December 2019 PHSC PLC ("PHSC", the "Company", or the "Group") Unaudited Interim Results for the six months ended 30 September 2019 GROUP CHIEF EXECUTIVE OFFICER'S STATEMENT Financial Highlights * Group revenue for first half of GBP2.234m, down from GBP2.897m last year. * EBITDA of GBP175k, compared with an underlying equivalent of GBP135k at the halfway stage last year i.e. before factoring in an exceptional gain from property disposal. * Earnings per share of 1.01p compared with 1.47p last year. Last year's figure includes exceptional gain from property disposal. * Cash of GBP688k compared with GBP583k last year. * Net asset value (unaudited) of GBP5.3m compared to GBP5.5m last year. * Pro-forma net asset value (unaudited) per share of 36p compared to a current share price (mid) of 11p. * Interim dividend declared of 0.5p per ordinary share. Operational Highlights and Business Outlook Compared with the halfway stage last year, EBITDA from trading activities improved across the Group as a whole by GBP40k, aided by the Group's lower overheads and premises related savings. This was achieved despite a decline in product sales through our security division, caused by the trading difficulties of the retail sector. All businesses within the safety division contributed higher profits, with three out of the four safety-related subsidiaries achieving higher revenues. The forward order book is very encouraging. Our quality systems division also reported growth in sales and increased profits. The larger space available for public training courses, following expansion into an adjacent unit, is starting to pay dividends with higher delegate numbers being achieved. Our security division saw a reduction in sales of around 45% as the customer base, predominantly high street retailers, continued to struggle, resulting in a loss for the first half. The effect has been mitigated to an extent by careful cost control and a reduction in staffing levels through normal staff turnover. After a prolonged period of low activity, the subsidiary's largest client has recently begun to place new business, and this gives more scope for optimism in the future. As has been previously reported, the weak Sterling exchange rate impacts greatly on gross profit margins, as all product supplied and installed are imported and paid for in US Dollars or Euros. The fortunes of the Group as a whole are affected by the performance of the security division, which presently accounts for approximately 40% of the Group's revenues. The business is an important player in the retail sector and has again been recognised at the annual Retail Risk Fraud Awards when it was Highly Commended for RFID solutions (products using radio frequency identification systems). Dividend Profitable trading and a healthy cash position have enabled the Board to declare an interim dividend of 0.5p per ordinary share, to be paid on 28 February 2020 to those on the register of members on 3 January 2020. The recommendation by the Board of any final dividend for the current financial year will be subject to the Group's full year performance. Cash Flow Cash at bank on 30 September 2019 stood at GBP688k compared with GBP583k at the same time last year. Other than in the normal course of business and the proposed and any future dividends that might be declared, the Board does not currently anticipate there being any additional calls on the Company's cash. 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, and dividends from, trading subsidiaries), interest paid and received, depreciation and amortisation. Inspection Services (UK) Limited Invoiced sales of GBP132,613 yielding a profit of GBP35,860 (the figures for the same period last year were GBP108,563 and GBP19,130). Personnel Health and Safety Consultants Limited Invoiced sales of GBP366,657 yielding a profit of GBP139,470 (the figures for the same period last year were GBP311,111 and GBP123,846). RSA Environmental Health Limited Invoiced sales of GBP207,524 resulting in a profit of GBP50,488 (the figures for the same period last year were GBP190,563 and GBP27,501). Quality Leisure Management Limited Invoiced sales of GBP194,295 resulting in a profit of GBP58,544 (the figures for the same period last year were GBP218,327 and GBP46,983). QCS International Limited Invoiced sales of GBP397,832 yielding a profit of GBP142,102 (the figures for the same period last year were GBP363,514 and GBP111,259). B2BSG Systems Limited Invoiced sales of GBP935,356 resulting in a loss of GBP56,558 (the figures for the same period last year were GBP1,705,080 and GBP65,319 profit). 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/Eric Allan 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"). Group Statement of Comprehensive Income Six months Six Year ended months ended ended 30 Sept 19 30 Sept 18 31 Mar 19 Note Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Continuing operations Revenue 3 2,234 2,897 5,215 Cost of sales (1,101) (1,494) (2,719) Gross profit 1,133 1,403 2,496 Administrative expenses (979) (1,298) (2,418) Goodwill impairment 2 - - (200) Profit on disposal of fixed assets - 166 166 Profit from operations 154 271 44 Finance income/(costs) 1 (1) (1) Profit before taxation 155 270 43 Corporation tax expense (7) (54) (42) Profit for the period after tax attributable to owners of parent 3 148 216 1 Total comprehensive income attributable to 148 216 1 owners of the parent Basic and diluted Earnings per Share for 5 1.01p 1.47p 0.005p 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 19 19 18 Unaudited Unaudited Audited Note GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 4 561 453 489 Goodwill 3,478 3,678 3,478 Deferred tax asset 18 22 18 4,057 4,153 3,985 Current assets Inventories 307 379 317 Trade and other receivables 1,069 1,404 973 Cash and cash equivalents 688 583 642 2,064 2,366 1,932 Total assets 3 6,121 6,519 5,917 Current liabilities Trade and other payables 647 889 675 Right of use lease liability 23 - - Current corporation tax payable 62 71 55 732 960 730 Non-current liabilities Right of use lease liability 54 - - Deferred taxation liabilities 46 56 46 100 56 46 Total liabilities 832 1,016 776 Net assets 5,289 5,503 5,141 Capital and reserves attributable to equity holders of the Group Called up share capital 1,468 1,468 1,468
Share premium account 1,916 1,916 1,916 Capital redemption reserve 144 144 144 Merger relief reserve 134 134 134 Retained earnings 1,627 1,841 1,479 5,289 5,503 5,141 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 2019 1,468 1,916 144 134 1,479 5,141 Profit for the period - - - - 148 148 attributable to equity holders Balance at 30 September 2019 1,468 1,916 144 134 1,627 5,289 Balance at 1 April 2018 1,468 1,916 144 134 1,625 5,287 Profit for the period - - - - 216 216 attributable to equity holders Balance at 30 September 2018 1,468 1,916 144 134 1,841 5,503 Group Statement of Cash Flows Six Six Year months months ended ended ended 30 Sept 19 30 Sept 18 31 Mar 19 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Cash flows generated from operating activities Cash generated from operations 57 48 326 Interest paid - (1) (2) Tax paid - - (9) Net cash generated from operating 57 47 315 activities Cash flows (used in)/from investing activities Purchase of property, plant and equipment (14) (8) (69) Disposal of fixed assets (net of disposal 2 300 299 costs) Interest received 1 - - Net cash (used in)/from investing (11) 292 230 activities Cash flows used in financing activities Dividends paid to group shareholders - - (147) Net cash used in financing activities - - (147) Net increase in cash and cash equivalents 46 339 398 Cash and cash equivalents at beginning of 642 244 244 period Cash and cash equivalents at end of 688 583 642 period Notes to the cash flow statement Cash generated from operations Operating profit - continuing operations 154 271 44 Depreciation charge 21 13 38 Goodwill impairment - - 200 Profit on sale of property - (166) (162) Loss on sale of other fixed assets 3 3 - Decrease in inventories 10 10 73 (Increase)/decrease in trade and other (96) 165 595 receivables (Decrease)/increase in trade and other (35) (248) (462) payables Cash generated from operations 57 48 326 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 the AIM Rules for Companies 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 2019, prepared under IFRS have been filed with the Registrar of Companies. The auditors' report for the 2019 financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006. Other than as set out below, the same accounting policies and methods of computation are followed within these interim financial statements as adopted in the most recent annual financial statements. The Group has applied IFRS 16 with a date of initial application of 1 April 2019 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 and IFRIC 4. The cumulative effect of initial application is recognised in retained earnings at 1 April 2019. The details of the change in accounting policy are disclosed below. Previously, the Group determined at contract inception whether an arrangement is or contains a lease under IFRIC 4. Under IFRS 16, the Group assesses whether a contract is or contains a lease based on the definition of a lease. On transition to IFRS 16, the Group elected to reassess whether there is a lease for all contracts in place on or after 1 April 2019. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were reassessed for whether there is a lease. Therefore, the definition of a lease under IFRS 16 was applied to contracts in place or entered into on or after 1 April 2019. As lessee, the Group previously classified leases as operating or finance leases based on its assessment pf whether the lease transferred significantly all of the risks and remains incidental to ownership of the underlying asset to the Group. Under IFRS 16, the Group recognises rights-of-use assets and liabilities for most leases i.e. these leases are on-balance sheet. The Group decided to apply recognition exemptions to short-term leases of equipment and services. At transition, lease liabilities were measured at the present value of the remaining lease payments, discounted at a cost of capital of 5.0%. Rights-of-use assets are measured at their carrying amount as if IFRS 16 had been applied since the commencement date, discounted at a cost of capital of 5.0%. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: * The contract involves the use of an identified assets; this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset; * The Group has the right to obtain substantially all of the economic benefits from use of the assets throughout the period of use; and * The Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used, In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Group has the right to direct the use of the asset if the Group has the right to operate the asset. On transition to IFRS 16, the Group recognised an additional GBP83,575 of right-of-use assets and the impact of discounting was considered immaterial so lease liabilities of GBP83,575 were also recognised. Therefore, no adjustment to equity at 1 April 2019 was made. In the period to 30 September 2019, depreciation of GBP6,905 was recognised in the statement of comprehensive income in relation to right of use assets. The information presented within these interim financial statements complies 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 certain subsidiaries in the interim period, the longer term outlook remains stable and an impairment charge in these interim accounts is not therefore considered necessary and will be reassessed at the year end. 2. Exceptional Administrative Expenses 30 Sept 19 30 Sept 18 31 Mar 19 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Impairment of PHSC plc's investment in - - 200 B2B Links Limited 3. Segmental Reporting 30 Sept 19 30 Sept 18 31 Mar 19 Unaudited Unaudited Audited
Revenue GBP'000 GBP'000 GBP'000 Security division: B2BSG Solutions Ltd 935 1,705 2,724 935 1,705 2,724 Health & safety division Inspection Services (UK) Ltd 133 109 233 Personnel Health & Safety Consultants Ltd 367 311 657 Quality Leisure Management Ltd 194 218 438 RSA Environmental Health Ltd 207 191 404 901 829 1,732 Quality systems division: QCS International 398 363 759 Ltd Total revenue 2,234 2,897 5,215 30 Sept 19 30 Sept 18 31 Mar 19 Unaudited Unaudited Audited Profit/(loss) after taxation, before management GBP'000 GBP'000 GBP'000 charge Security division B2BSG Solutions Ltd (42) 62 (31) (42) 62 (31) Health & safety division Inspection Services (UK) Ltd 30 17 38 Personnel Health & Safety Consultants Ltd 137 114 249 Quality Leisure Management Ltd 49 41 93 RSA Environmental Health Ltd 43 26 61 259 198 441 Quality systems division: QCS International Ltd 115 100 159 Holding company: PHSC plc (184) (156) (368) 148 204 201 Taxation adjustment (group loss relief and - 12 - deferred tax) Goodwill impairment - - (200) Total Group profit after taxation 148 216 1 30 Sept 19 30 Sept 18 31 Mar 19 Unaudited Unaudited Audited Total assets GBP'000 GBP'000 GBP'000 Security division B2BSG Systems Ltd 602 1,112 553 602 1,112 553 Safety division Inspection Services (UK) Ltd 218 233 193 Personnel Health & Safety Consultants 1,057 689 950 Ltd Quality Leisure Management Ltd 320 258 326 RSA Environmental Health Limited 684 619 636 2,279 1,799 2,105 Quality division: QCS International Ltd 765 568 667 Discontinued: Adamson's Laboratory - 18 - Services Ltd Holding company: PHSC plc 3,249 4,146 3,366 6,895 7,643 6,691 Adjustment of goodwill (774) (1,124) (774) Total assets 6,121 6,519 5,917 4. Property, plant and equipment 30 Sept 19 30 Sept 18 31 Mar 19 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Cost or valuation Brought forward (as restated) 907 934 935 Additions 14 8 69 Disposals (37) (163) (181) Carried forward 884 779 823 Depreciation Brought forward 334 340 340 Charge 21 13 38 Disposals (32) (27) (44) Carried forward 323 326 334 Net book value 561 453 489 5. Earnings per share The calculation of the basic earnings per share is based on the following data. 30 Sept 19 30 Sept 18 31 Mar 19 GBP'000 GBP'000 GBP'000 Unaudited Unaudited Earnings Continuing activities 148 216 1 Number of shares 30 Sept 19 30 Sept 18 31 Mar 19 Weighted average number of shares 14,667,257 14,667,257 14,667,257 for the purpose of basic earnings per share END
(END) Dow Jones Newswires
December 02, 2019 08:00 ET (13:00 GMT)
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