Last checked at 7 Sep 2011 07:35
7 September 2011 PHSC PLC (The "Company") AGM STATEMENT
At today's Annual General Meeting the Group Chief Executive, Stephen King will be updating shareholders as to the Group's performance for the period to end of July 2011.
Unaudited consolidated Group sales (and other income) for the period 1 April to 31 July 2011 were GBP 1,345,000 (GBP 1,548,000 for the comparative period last year) with EBITDA of GBP £12,000 (GBP 35,700 for the comparative period last year). Excluded from the current figure we calculate that there is also an unrecognised uplift of approximately £41,000 relating to work in progress (WIP) at Adamson's Laboratory Services Limited. No equivalent comparisons are available for the WIP uplift at the same period last year, as a calculation was not made at that time.
Commenting on Group performance, CEO Stephen King said: 'This information is released ahead of today's Annual General Meeting to give shareholders an understanding of the current state of affairs. We remind investors that Group profits have historically become stronger as each year reaches its end and we believe this will continue to be the case in 2011/12.
We have seen some deterioration in trading conditions since the year-end, and are considering how best to counter the effects that this will otherwise have on revenues and profits. One decision already taken is to relocate our subsidiary Envex Company Limited from its current address in Berkshire. With effect from the end of October, that company will work from the Essex offices of Adamson's Laboratory Services (ALS). There will be some premises-related savings arising.
Our largest subsidiary, ALS, has a strong order book currently standing at around £800,000.
Cash at bank as at 31 July was £1,039,000 and despite payment of over £200,000 by way of dividends, if approved at today's AGM, the Group is forecast to end the year with similar cash levels.
I look forward to providing a fuller statement at the time of announcing our interim results, for the period ending 30 September 2011.'
For further information please contact:
PHSC plcStephen King 01622 717700Stephen.king@phsc.co.ukwww.phsc.plc.ukNorthland Capital Partners LimitedGavin Burnell / Rod Venables 020 7796 8800
Katie Shelton (Broking)
XLON