Last checked at 12 Sep 2008 07:00
Trading Update
PHSC plc ("the Company"), the provider of health, safety and environmental services to corporate and public sector clients, makes the following announcement ahead of its AGM which is to take place today at 10.00am:
The directors of PHSC announce that group revenues for the four months to 31 July 2008 were ‚£1,645,735 compared to ‚£1,668,413 for the same period last year, representing a modest decline of 1.5%.
This resulted in a pre-tax profit for the four months to 31 July 2008 of ‚£ 164,512 (unaudited, and prior to amortisation of goodwill) as against ‚£254,906 or the same period of last year.
In announcing the latest figures, Stephen King, Chief Executive Office of PHSC, said: "In the current economic climate, the board is satisfied that revenue has been maintained at virtually the same level as last year. Although gross margins are higher, the effect of increased administrative costs in areas such as staff salaries, transportation and utilities has meant a reduction in pre-tax profits. Now is not the time to try and recover the shortfall through higher fees charged to clients."
Based on the current order book and subsidiaries' projections, the board is expecting that revenues from continuing operations in the current financial year will be approximately ‚£5,000,000 and profits from continuing operations will come in at around ‚£600,000 before tax. Revenues and profits will therefore likely be below market expectations.
For further information please contact:
PHSC plcStephen King 01622 717700Stephen.king@phsc.co.ukwww.phsc.plc.ukRuegg & Co LimitedGavin Burnell 020 7584 3663Hichens, Harrison & Co plcDaniel Briggs 020 782 7776
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