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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 16 November 2023 PHSC PLC ("PHSC", the "Company" or the "Group") Unaudited Interim Results for the six months ended 30 September 2023 PHSC (AIM: PHSC), a leading provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors, is pleased to announce its unaudited interim results for the six-month period ended 30 September 2023. GROUP CHIEF EXECUTIVE OFFICER'S STATEMENT Financial Highlights · Group revenue of £1.651m (H1 FY23: £1.679m). · EBITDA of £174k (H1 FY23: £162k). · Earnings per share of 1.04p (H1 FY23: 0.90p). · Cash of £638k following payment of increased dividend and completion of share buyback programme (H1 FY22: £691k). · Net asset value (unaudited) of £3.5m (H1 FY23: £3.6m). · Pro-forma net asset value (unaudited) per share of 32.2p, compared to a mid -market share price as at market close on 29 September 2023 of 18.5p. · Interim dividend declared of 0.75p per ordinary share. Operational Highlights and Business Outlook Whilst income for the first half of the financial year was approximately £28k lower than at this stage in 2022, EBITDA for the same period rose by approximately £12k. Overall, profitability was further boosted by £7.6k of bank interest, compared with none for H1 last year. All subsidiaries made a contribution to this improved performance and there is a breakdown of how each part of the Group has performed provided later in this report. The Group continued to respond to challenges caused by a shortage of skilled professional staff, which is not unique to our subsidiaries, and seeks to mitigate the cost pressures that this shortage is causing. The expectations of fee-earning personnel in particular have risen markedly, and recruitment of appropriately qualified staff at sustainable salary levels is proving difficult. To mitigate this, we have had to increase the fees we charge for many of our services and ensure that the quality of our service enables us to retain our existing clients and to attract new contracts. Although the UK retail sector is still under considerable pressure, our bias towards more clients in the food sector has helped our Security Division. As noted later in this report, the profitability of B2BSG Solutions at the halfway stage represents a great improvement versus H1 2022, and management are confident that the subsidiary can make a positive contribution over the remainder of the year. Across the Safety Division, combined sales were £28k below where they were at this point in 2022 but EBITDA was circa £12k higher as a result of improved margins. In last year's interim report, we noted that there had been a marked improvement in the fortunes of RSA Environmental Health, which predominantly sells into the education sector. This year we have to report that net profit growth at this subsidiary was not replicated and fell below where it had been in the corresponding period. Despite this, it will be seen that the Safety Division as a whole performed better than before. This demonstrates the strength of the Safety Division overall and the cyclic nature of its business. In addition, a decline in the fortunes of one subsidiary can be offset by improvement in another. The Management Systems Division of the Group, QCS International, saw some slippage in both revenue and EBITDA. The subsidiary is seeking to take on more staff to assist with demand, as current personnel are already working to capacity. Looking to the remainder of the current year, the Board believes there are plenty of opportunities for each of our three Divisions (safety, security and management systems). With the recruitment of extra personnel of the right calibre, we firmly believe we will be able to continue to deliver positive outcomes for shareholders. Dividend Based on our projections that the Group will continue to have adequate and growing cash reserves from trading activities, the Board has declared an interim dividend of 0.75p per ordinary share to be paid on 12 January 2024 to those shareholders on the register of members on 22 December 2023. This represents a 50% increase on the 0.5p interim dividend in the previous year. Any recommendation by the Board for the payment of a final dividend will be subject to the Group's full year performance, cash reserves, and the outlook at that time and will be notified in due course. Cash Flow Cash at bank on 30 September 2023 stood at £0.638m compared to approximately £0.7m at the same time last year. The figure shown is net of around £208k, inclusive of costs, for the successful share buyback programme completed in August 2023. Despite no current expectation of having to call upon it, the Group has agreed to renew its £50,000 banking facility with HSBC. The cancellation of those shares previously bought back and initially held in treasury has reduced the total cost of dividend payments. The Group has sufficient cash reserves to service the proposed interim dividend and all requirements arising in the normal course of business. There are no additional calls on the Company's cash. It is noted that authority was obtained at the last AGM for the Company to potentially undertake a further share buyback programme(s), however, no decision has been taken on this matter at the present time. Discrete Performance by Trading Subsidiaries Profit/loss figures for the individual subsidiaries below are stated before tax and inter-company charges (including the costs of operating the parent plc which are recovered through management charges levied on, and dividends received from, trading subsidiaries), interest paid and received, depreciation and amortisation. Inspection Services (UK) Limited Invoiced sales of £100,960 yielding a profit of £5,654 (H1 FY23: £95,620 and £4,962). Personnel Health and Safety Consultants Limited Invoiced sales of £393,594 yielding a profit of £158,501 (H1 FY23: £423,253 and £119,478). RSA Environmental Health Limited Invoiced sales of £161,109 resulting in a profit of £17,055 (H1 FY23: £174,625 and £32,767). Quality Leisure Management Limited Invoiced sales of £201,985 resulting in a profit of £70,279 (H1 FY23: £192,014 and £67,769). QCS International Limited Invoiced sales of £353,647 yielding a profit of £114,889 (H1 FY23: £408,894 and £138,463). B2BSG Solutions Limited Invoiced sales of £439,920 resulting in a profit of £38,901 (H1 FY23: £384,340 and £2,825). For further information please contact: PHSC plc Stephen KingTel: 01622 717 7000 Stephen.king@phsc.co.uk (https://www.investegate.co.uk/phsc-plc--phsc -/prn/trading-update/20170526111953P8859/null) www.phsc.plc.uk Strand Hanson Limited (Nominated Adviser)Tel: 020 7409 3494 James Bellman/Matthew Chandler Novum Securities Limited (Broker)Tel: 020 7399 9427 Colin Rowbury About PHSC PHSC, 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. In addition, B2BSG Solutions Ltd offers innovative security solutions including tagging, labelling and CCTV. Group Statement of Six months Six months Year Comprehensive Income ended ended ended 30 Sept 23 30 Sept 22 31 Mar 23 Note Unaudited Unaudited Audited £'000 £'000 £'000 Continuing operations Revenue 2 1,651 1,679 3,438 Cost of sales (758) (804) (1,613) Gross profit 893 875 1,825 Administrative (743) (744) (1,525) expenses Other income - 1 3 Profit from operations 150 132 303 Finance income 8 - 1 Profit before taxation 158 132 304 Corporation tax (36) (26) (61) expense Profit for the period 2 122 106 243 after tax attributable to owners of parent Total comprehensive 122 106 243 income attributable to owners of the parent Basic and diluted 4 1.04p 0.90p 2.05p earnings per share for profit after tax from continuing operations attributable to the equity holders of the Group during the period Group Statement of Financial 30 Sept 30 Sept 22 31 Mar 23 Position 23 Unaudited Unaudited Audited Note £'000 £'000 £'000 Non-current assets Property, plant and equipment 3 492 462 468 Goodwill 2,235 2,235 2,235 Deferred tax asset 12 16 12 2,739 2,713 2,715 Current assets Inventories 186 206 200 Trade and other receivables 686 660 674 Cash and cash equivalents 638 691 750
1,510 1,557 1,624 Total assets 2 4,249 4,270 4,339 Current liabilities Trade and other payables 486 471 531 Right of use lease liability 30 23 25 Current corporation tax payable 92 81 57 608 575 613 Non-current liabilities Right of use lease liability 27 14 26 Deferred taxation liabilities 62 62 62 89 76 88 Total liabilities 697 651 701 Net assets 3,552 3,619 3,638 Capital and reserves attributable to equity holders of the Group Called up share capital 1,104 1,185 1,185 Share premium account 1,916 1,916 1,916 Capital redemption reserve 507 426 426 Merger relief reserve 134 134 134 Retained earnings (109) (42) (23) 3,552 3,619 3,638 Group Statement of Changes in Equity Share Share Merger Capital Treasury Retained Total Capital Premium Relief Redemption Shares Earnings Reserve Reserve £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 1 1,185 1,916 134 426 - (23) 3,638 April 2023 Profit for - - - - - 122 122 the period attributable to equity holders Purchase of (81) - - 81 - - - own shares Cancellation - - - - - (208) (208) of treasury shares Balance at 1,104 1,916 134 507 - (109) 3,552 30 September 2023 Balance at 1 1,468 1,916 134 143 (645) 497 3,513 April 2022 Profit for - - - - - 106 106 the period attributable to equity holders Cancellation (283) - - 283 645 (645) - of treasury shares Balance at 1,185 1,916 134 426 - (42) 3,619 30 September 2022 Group Statement of Cash Six months Six months Year Flows ended ended ended 30 Sept 23 30 Sept 22 31 Mar 23 Unaudited Unaudited Audited £'000 £'000 £'000 Cash flows generated from operating activities Cash generated from 131 62 318 operations Tax paid - - (55) Net cash generated from 131 62 263 operating activities Cash flows used in investing activities Purchase of property, (33) (2) (41) plant and equipment Disposal of fixed assets - - - Interest received 8 - 1 Net cash used in investing (25) (2) (40) activities Cash flows used in financing activities Payments on right of use (10) (18) (4) assets Share buyback (208) - - Dividends paid to Group - - (118) shareholders Net cash used in financing (218) (18) (122) activities Net (decrease)/increase in (112) 42 101 cash and cash equivalents Cash and cash equivalents 750 649 649 at beginning of period Cash and cash equivalents 638 691 750 at end of period Notes to the cash flow statement Cash generated from operations Operating profit - 150 132 303 continuing operations Depreciation charge 24 30 63 Goodwill impairment - - - Loss on sale of fixed - - - assets Decrease/(increase) in 14 (20) (14) inventories Decrease in trade and 32 66 52 other receivables Decrease in trade and (89) (146) (86) other payables Cash generated from 131 62 318 operations Notes to the Interim 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 announcement, 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 2023, prepared under IFRS, have been filed with the Registrar of Companies. The auditor's report for the 2023 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. Impairment of goodwill The Board has considered the carrying value of goodwill and is satisfied that the assumptions made at the time of the last adjustment remain valid. 2. Segmental Reporting Six Six Year months months ended ended ended 30 Sept 30 Sept 31 Mar 23 22 23 Unaudited Unaudited Audited Revenue £'000 £'000 £'000 Security division: B2BSG 440 384 830 Solutions Ltd Health & Safety division Inspection Services (UK) 101 96 198 Ltd Personnel Health & Safety 393 423 807 Consultants Ltd Quality Leisure Management 202 192 402 Ltd RSA Environmental Health 161 175 366 Ltd 857 886 1,773 Systems division: QCS 354 409 835 International Ltd Total revenue 1,651 1,679 3,438 Profit/(loss) after taxation, before management charge Security division: B2BSG 32 4 (3) Solutions Ltd Health & Safety division Inspection Services (UK) 1 1 8 Ltd Personnel Health & Safety 124 102 229 Consultants Ltd Quality Leisure Management 59 56 116 Ltd RSA Environmental Health 12 25 61 Ltd 196 184 414 Systems division: QCS 87 107 225 International Ltd Holding company: PHSC plc (193) (189) (393) Total Group profit after 122 106 243 taxation 30 Sept 23 30 Sept 22 31 Mar 23 Unaudited Unaudited Audited Total assets £'000 £'000 £'000 Security division: B2BSG Solutions Ltd 525 178 466 Safety division Inspection Services (UK) Ltd 89 97 68 Personnel Health & Safety Consultants Ltd 272 289 221 Quality Leisure Management Ltd 134 185 95 RSA Environmental Health Limited 575 619 565 1,070 1,190 949 Systems division: QCS International Ltd 205 395 242 Holding company: PHSC plc 3,038 3,270 3,216 4,838 5,033 4,873 Adjustment of goodwill (591) (765) (536) Adjustment of deferred tax 2 2 2 Total assets 4,249 4,270 4,339 3. Property, plant and equipment 30 Sept 23 30 Sept 22 31 Mar 23 Unaudited Unaudited Audited £'000 £'000 £'000 Cost or valuation Brought forward 969 928 928 Additions 48 2 41 Disposals - - - Carried forward 1,017 930 969 Depreciation Brought forward 501 438 438 Charge 24 30 63 Disposals - - - Carried forward 525 468 501 Net book value 492 462 468 4. Earnings per share The calculation of the basic earnings per share is based on the following data.
Six months Six months Year ended ended ended 30 Sept 23 30 Sept 22 31 Mar 23 Unaudited Unaudited Audited £'000 £'000 £'000 Earnings Continuing activities 122 106 243 Number of shares 30 Sept 23 30 Sept 22 31 Mar 23 Weighted average number of shares for 11,713,776 11,847,019 11,847,019 the purpose of basic earnings per share - ENDS - This information was brought to you by Cision http://news.cision.com https://news.cision.com/phsc-plc/r/half-year-report,c3876933 END
(END) Dow Jones Newswires
November 16, 2023 02:00 ET (07:00 GMT)
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