We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 5 December 2017 PHSC PLC ("PHSC", the "Company", or the "Group") Unaudited Interim Results for the six months ended 30 September 2017 GROUP CHIEF EXECUTIVE OFFICER'S STATEMENT Financial Highlights * Group turnover for first half up 3.7% at GBP3.720m compared with GBP3.587m last year. * EBITDA of GBP197k, versus a loss of GBP93k at the half way stage last year. * Earnings per share of 1.08p compared with a loss of 0.85p last year. * Cash of GBP129k compared with GBP301k last year. * Net asset value (unaudited) of GBP5.680m. * Pro-forma net asset value (unaudited) per share of 38.7p compared to a current share price (mid) of 11p. * Interim dividend declared of 0.5p per Ordinary Share. Operational Highlights * 61% of revenues in security related technology services compared with 55% last year. * On-going rationalisation and cost reduction programme. Trading overview The board is pleased to be able to report a return to profitability. Our EBITDA of GBP197,000 compares with a loss of GBP93,000 for the corresponding period last year, meaning an improvement in performance of GBP290,000. This turnaround has been achieved through a combination of factors: improved performance in our security technology businesses, strong revenues from quality systems management and training, steady income from general health and safety services, and reduced losses from asbestos consultancy. QCS International Limited (QCS) has enjoyed an excellent first half to the financial year. Revenues have been extremely strong as the company benefited from an increased demand for management systems training. Total income from the security related businesses, B to B Links Limited (B to B) and SG Systems Limited (SG), was GBP2.26m and generated EBITDA of GBP149,700 before management charges. The corresponding figures last year were GBP1.98m and GBP19,200. B to B finished the first half strongly, despite continuing to suffer the effects of the weak exchange rate. The company imports the vast majority of its electronic components from Europe or Asia with payment having to be made in USD or Euros. The second half of the year is traditionally unpredictable, with retail clients tending to defer projects that may prove disruptive to their sales over the Christmas period. Q3 is therefore seen as being quieter, with a focus on completion of those installations currently underway before the go-ahead is given for new installations and further upgrade work. The first half cumulative loss for SG resulted from additional costs associated with external accounting support and other costs associated with changing the company's accounts manager. The hybrid accounting system inherited at the time of acquisition is in the process of being replaced by one that is compatible with that used by B to B, as those companies move closer towards integration. Without these costs the company would have turned a small profit for the first half despite the negative effect of the weakness of Sterling. The new business pipeline continues to be encouraging, with very good feedback and interest at the recent Retail Fraud Show where one of the company's products was shortlisted in the Most Innovative In-Store Solution category. The volume potential from new products is significant, but it will take time for product trials with national retailers to convert to regular sales. Outlook Whilst we will look to consolidate the progress made in the year to date, there are a number of uncertainties that may impact on the second half of the year. With an increasing reliance upon security systems and related technology, our success is fairly closely aligned to the fortunes of the retail environment and this is an unpredictable marketplace. We continue to strengthen relationships with existing clients and seek to form new partnerships with others, as well as extending our offering to non-retail sectors. The board has come to the view that falling revenues and lower margins at our loss-making Adamson's Laboratory Services Limited (ALS) subsidiary cannot be eliminated if we follow the current operating model. Despite cost-cutting that enabled the company to reduce its losses by 30% in the period, local management has been unable to identify a plan of action that would see a stabilisation of the company. It is planned that asbestos management services are procured externally, with ALS acting as an intermediary. This will result in the majority of remaining posts becoming redundant at the end of Q3. The company trades from Group-owned premises in Essex and Northamptonshire. It is likely that the Essex premises will be disposed of in due course. Costs will be associated with the restructuring and will mostly be borne in the second half of the year. The remaining health and safety businesses are expected to remain profitable in the second half. There are high expectations that QCS will continue to exceed targets for sales and profits in the delivery of quality management consultancy and training services. Sales are already looking promising with high levels of training already secured, and additional income expected from new consultancy projects recently won. Dividend The board has declared an interim dividend of 0.5p per ordinary share, to be paid on 28 February 2018 to those on the register of members on 5 January 2018. 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 30th September 2017 stood at GBP129k compared with GBP301k at the same time last year. A final payment of GBP25,000 will be paid on 11 December 2017 to the sellers of SG in settlement of the acquisition terms. Other than in the normal course of business and as outlined above, there are no future calls on the Company's cash. The Company retains its GBP300,000 overdraft facility with HSBC. 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 GBP283,400 resulting in a loss of GBP62,700 before redundancy costs of GBP 8,800 (the equivalent figures for the same period last year were GBP509,800 and a loss of GBP101,400). Inspection Services (UK) Limited Invoiced sales of GBP108,700 yielding a profit of GBP25,200 (the figures for the same period last year were GBP111,200 and GBP23,000). Personnel Health and Safety Consultants Limited Invoiced sales of GBP317,600 yielding a profit of GBP123,900 (the figures for the same period last year were GBP340,300 and GBP108,100). RSA Environmental Health Limited Invoiced sales of GBP174,600 resulting in a profit of GBP20,900 (the figures for the same period last year were GBP189,200 and GBP34,600). Quality Leisure Management Limited Invoiced sales of GBP203,000 resulting in a profit of GBP52,300 (the figures for the same period last year were GBP196,400 and GBP6,400). QCS International Limited Invoiced sales of GBP372,100 yielding a profit of GBP145,900 (the figures for the same period last year were GBP258,600 and GBP67,300). B to B Links Limited Invoiced sales of GBP1,521,800 yielding a profit of GBP169,400 (the figures for the same period last year were GBP1,237,900 and GBP38,000). SG Systems (UK) Limited Invoiced sales of GBP738,700 resulting in a loss of GBP19,700 (the figures for the same period last year were GBP743,700 and a loss of GBP18,800). 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 provides innovative security tagging, product protection, CCTV and labelling solutions to national and independent retailers. SG Systems UK is a market leading provider of anti-theft solutions for retail loss prevention, and customer activity marketing data. Group Statement of Comprehensive Income Six Six Year months months ended ended ended 30 Sept 17 30 Sept 16 31 Mar 17 Note Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Continuing operations Revenue 3 3,720 3,587 7,162 Cost of sales (1,994) (1,990) (3,988) Gross profit 1,726 1,597 3,174 Administrative expenses (1,546) (1,713) (3,319) Goodwill impairment 2 - - (625)
Other income - 1 1 Profit/(loss) from operations 180 (115) (769) Fair value movement on contingent - - 50 consideration Finance income - 1 1 Finance costs (2) - (2) Profit/(loss) before taxation 178 (114) (720) Corporation tax expense (19) - 29 Profit/(loss) for the period after tax attributable to owners of parent 3 159 (114) (691) Total comprehensive income attributable to 159 (114) (691) owners of the parent Basic and diluted Earnings per Share for 5 1.08p (0.85)p (4.92p) profit/(loss) 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 17 17 16 Unaudited Unaudited Audited Note GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 4 620 653 626 Goodwill 3,878 4,504 3,878 Deferred tax asset 22 1 22 4,520 5,158 4,526 Current assets Inventories 492 493 487 Trade and other receivables 1,880 1,697 1,448 Cash and cash equivalents 129 301 207 2,501 2,491 2,142 Total assets 3 7,021 7,649 6,668 Current liabilities Trade and other payables 1,239 1,129 1,064 Current corporation tax payable 19 84 - Deferred consideration - 200 - Contingent consideration 25 - 25 1,283 1,413 1,089 Non-current liabilities Deferred taxation liabilities 58 63 58 Contingent consideration - 75 - 58 138 58 Total liabilities 1,341 1,551 1,147 Net assets 5,680 6,098 5,521 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 1,915 1,916 Capital redemption reserve 144 144 144 Merger relief reserve 134 134 134 Retained earnings 2,018 2,437 1,859 5,680 6,098 5,521 Group Statement of Changes in Equity Capital Merger Share Share Redemption Relief Retained Capital Premium Reserve Reserve Earnings Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 April 2017 1,468 1,916 144 134 1,859 5,521 Profit for the period - - - - 159 159 attributable to equity holders Balance at 30 September 2017 1,468 1,916 144 134 2,018 5,680 Balance at 1 April 2016 1,309 1,751 144 134 2,747 6,085 Profit 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 Group Statement of Cash Flows Six Six Year months months ended ended ended 30 Sept 17 30 Sept 16 31 Mar 17 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Cash flows (used by)/generated from operating activities Cash (used by)/generated from operations (66) (64) 125 Interest paid (2) - (2) Tax paid - (19) (100) Net cash (used by)/generated from operating (68) (83) 23 activities Cash flows (used in)/from investing activities Purchase of property, plant and equipment (10) - (2) Disposal of fixed assets - - 2 Interest received - 1 1 Net cash (used in)/from investing activities (10) 1 1 Cash flows from/(used in) financing activities Payment of deferred consideration - - (200) Dividends paid to group shareholders - (196) (196) Proceeds from share placement - 323 323 Net cash from/(used in) financing activities - 127 (73) Net (decrease)/increase in cash and cash (78) 45 (49) equivalents Cash and cash equivalents at beginning of 207 256 256 period Cash and cash equivalents at end of period 129 301 207 Notes to the cash flow statement Cash (used by)/generated from operations Operating profit/(loss) - continuing operations 180 (114) (719) Depreciation charge 16 21 44 Goodwill impairment - - 625 Fair value movement contingent consideration - (50) Loss on sale of fixed assets - - 6 Increase in inventories (4) (77) (71) (Increase)/decrease in trade and other (433) 198 447 receivables Increase/(decrease) in trade and other payables 175 (92) (157) Cash (used by)/generated from operations (66) (64) 125 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 2017, prepared under IFRS have been filed with the Registrar of Companies. The auditors' report for the 2017 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 have assessed the potential impact of IFRS 15 and do not expect that the adoption of this standard will have a material impact on the financial statements of the Group in future periods. IFRS 16 may have an impact on the measurement and treatment of operating leases and related disclosures. As at 31 March 2017 the estimated impact of the transition to IFRS 16 would be to increase tangible fixed assets and liabilities by approximately GBP130,000. The impact on the statement of comprehensive income is not expected to be material to the financial statements.
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 certain subsidiaries 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 17 30 Sept 16 31 Mar 17 Unaudited Unaudited Audited 2 Exceptional Administrative Expenses GBP'000 GBP'000 GBP'000 Impairment of PHSC plc's investment - - 625 in Adamson's Laboratory Services Limited 30 Sept 30 Sept 16 31 Mar 17 17 3 Segmental Reporting Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Revenue PHSC plc - - - Personnel Health & Safety Consultants 318 340 667 Ltd RSA Environmental Health Ltd 175 189 374 Adamson's Laboratory Services Ltd 283 510 823 Inspection Services Ltd 109 111 228 Quality Leisure Management Ltd 203 196 437 Q C S International Ltd 372 259 624 B to B Links Ltd 1,522 1,238 2,595 SG Systems (UK) Ltd 738 744 1,414 3,720 3,587 7,162 Profit/(loss) after taxation, before management charge PHSC plc (257) (259) (536) Personnel Health & Safety Consultants 114 90 255 Ltd RSA Environmental Health Ltd 21 30 65 Adamson's Laboratory Services Ltd (75) (105) (195) Inspection Services Ltd 22 19 44 Quality Leisure Management Ltd 45 5 75 Q C S International Ltd 122 58 210 B to B Links Ltd 166 33 75 SG Systems (UK) Ltd (21) (20) (109) 137 (149) (116) Taxation adjustment (group loss relief and 22 35 - deferred tax) Fair value movement on contingent - - 50 consideration Goodwill impairment - - (625) 159 (114) (691) Total assets PHSC plc 4,005 4,037 3,955 Personnel Health & Safety Consultants 776 951 863 Ltd RSA Environmental Health Limited 589 612 593 Adamson's Laboratory Services Ltd 271 954 364 Inspection Services Ltd 196 189 164 Quality Leisure Management Ltd 250 205 263 Q C S International Ltd 539 426 420 B to B Links Ltd 1,385 1,170 1,175 SG Systems (UK) Ltd 346 404 207 8,357 8,948 8,004 Adjustment of goodwill (1,336) (1,299) (1,336) 7,021 7,649 6,668 30 Sept 17 30 Sept 16 31 Mar 17 Unaudited Unaudited Audited 4 Property, plant and equipment GBP'000 GBP'000 GBP'000 Cost or valuation Brought forward 1,066 1,079 1,083 Additions 10 - 2 Disposals (7) - (19) Carried forward 1,069 1,079 1,066 Depreciation Brought forward 440 404 408 Charge 16 22 44 Disposals (7) - (12) Carried forward 449 426 440 Net book value 620 653 626 5 Earnings per share The calculation of the basic earnings per share is based on the following data. 30 Sept 17 30 Sept 16 31 Mar 17 GBP'000 GBP'000 GBP'000 Unaudited Unaudited Final Earnings Continuing activities 159 (114) (691) Number of shares 30 Sept 17 30 Sept 16 31 Mar 17 Weighted average number of shares for the purpose of basic earnings per 14,677,257 13,451,480 14,062,687 share END
(END) Dow Jones Newswires
December 05, 2017 02:00 ET (07:00 GMT)
1 Year Phsc Chart |
1 Month Phsc Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions