PHSC Plc AGM Statement

 
TIDMPHSC 
 
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 GBP2.0 million and EBITDA of 
approximately GBP125,000.  The comparatives for last year were GBP2.4 million and GBP 
134,000 (before exceptional costs of GBP9,000), 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 GBP290,000 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 GBP300,000 to GBP150,000 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"). 
 
 
 
END 
 

(END) Dow Jones Newswires

September 24, 2018 02:00 ET (06:00 GMT)