TIDMPHSC
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 GBP100,000 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 plc
Stephen King 01622 717700
Stephen.king@phsc.co.uk
www.phscplc.co.uk
Astaire Securities plc
Gavin Burnell 020 7492 4773
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