13 May
2021
PHSC PLC
(“PHSC” or the “Company”)
Trading Update
PHSC (AIM: PHSC), a leading provider of health, safety, hygiene
and environmental consultancy services and security solutions to
the public and private sectors, announces an unaudited update on
its performance for its financial year ended 31 March 2021 and summary of the effect of the
COVID-19 pandemic on the Group’s activities.
Trading for the year ended
31 March 2021
Unaudited management accounts for the year ended 31 March 2021 show consolidated Group revenue of
approximately £3.29 million (31 March
2020: £4.44 million) and underlying EBITDA of approximately
£520,000 for the period (31 March
2020: £255,000). As at 31 March
2021, the unaudited net asset value per share was
approximately 35.42 pence.
Revenues for the second half of the financial year to
31 March 2021 were approximately
£1.92 million, representing an improvement on H1 revenues
(approximately £1.38 million) as the Group adapted to changes in
the economic environment caused by COVID-19. Similarly, there was
an improvement in EBITDA from approximately £182,000 in H1 to
approximately £338,000 in the second half of the financial year to
31 March 2021.
The Group was heavily reliant upon the Coronavirus Job Retention
Scheme in the first half, but less so in the second half, and
income under that scheme along with grant funding totalled
approximately £440,000 for the financial year to 31 March 2021.
The Group’s health and safety division saw increased activity
over the financial year in certain operational segments, such as
risk assessment, but was unable to service many clients in the
leisure and education sectors due to the requirement for their
premises to close or to operate at a reduced capacity as a result
of COVID-19 restrictions. Our management systems subsidiary
remained profitable despite reduced revenues. The security
division, which is primarily a supplier to the retail sector,
continued to suffer as a consequence of lockdown and the closure of
non-essential retail, however, with grant funding and the
Coronavirus Job Retention Scheme contribution, it was able to
operate at breakeven. There were also certain corporate failures of
clients such as Debenhams and Edinburgh Woollen Mill, which
resulted in the write-off of certain amounts due to the Group.
Full details regarding the performance of individual
subsidiaries will be provided at the time of the Company’s final
results announcement for the year ended 31
March 2021. All of the above financial information for the
year to 31 March 2021 has been
extracted from the Group’s management accounts and is subject to
audit and consequently may change in due course.
Current bank balances (as at 12 May
2021) stand at approximately £1.2 million, providing the
Group with a strong cash position.
The Group currently expects to announce its final results for
the year ended 31 March 2021 by the
end of August 2021. In line
with its responsibilities and as part of the audit process, the
Board will consider whether any further impairment provisions are
appropriate in relation to the Group’s trading subsidiaries.
The Group will continue to keep all COVID-19 related measures
under review, prioritising the safety of all of its stakeholders
and will provide any further updates as appropriate.
For further information please contact:
PHSC plc
Stephen
King
Tel: 01622 717 700
Stephen.king@phsc.co.uk
www.phsc.plc.uk
Strand Hanson Limited (Nominated Adviser)
Tel: 020 7409 3494
James Bellman / Mathew 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.
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014 as it forms part of United
Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.