PHSC Regulatory News (PHSC)

9 Sep 2010 09:30

9 September 2010 PHSC plc 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 first quarter of its financial year.

Unaudited consolidated Group sales (and other income) for the period 1 April to 30 June 2010 were GBP 1,187,000 (GBP 1,092,000 for the comparative period last year) with EBITDA of GBP 59,473 (GBP 91,435 for the comparative period last year).

Commenting on Group performance, CEO Stephen King said: 'This information is released ahead of today's Annual General Meeting to enable interested parties to gain an insight into how the year has started. It is always difficult for us to draw too many conclusions on the basis of three months' unaudited figures especially as the profit element of work in progress during each year is not reflected until the date of invoice.

Traditionally, Group profits have always been much weaker in the first part of the year and that trend continues. Sales at all subsidiaries are broadly in line with expectations with the exception of Adamson's Laboratory Services Limited which are around £100,000 lower than at this stage last year. However, overall Group revenues are higher, benefitting from the contribution of our new Quality Leisure Management Limited subsidiary.

All subsidiaries continue to have buoyant order books and fee-earners are all occupied. There were no significant changes to the Group's direct and indirect costs in the period. Sales of those services not directly linked to regulatory compliance issues are most vulnerable and we do not think we have yet seen all the impact of public spending cuts. We are working closely with management teams at subsidiary companies to ensure that we capitalise on our strengths and mitigate any potential risks to the business. I look forward to providing a fuller statement at the time of announcing our interim results, for the period ending 30 September 2010. '

For further information please contact:

PHSC plcStephen King 01622 717700Stephen.king@phsc.co.ukwww.phscplc.co.ukAstaire Securities plcGavin Burnell 020 7492 4773