REG-PHSC Plc: AGM Statement

PHSCAnnouncement

24/09/2018 07:05

24 September 2018

PHSC PLC

AGM Statement

PHSC plc ( “the Group”), a leading provider of health, safety, hygiene and
environmental consultancy services and security solutions to the public and
private sectors, is holding its Annual General Meeting at 10.00 a.m. today at
The Old Church, 31 Rochester Road, Aylesford, Kent ME20 7PR.  At the meeting,
the Group Chief Executive, Stephen King, will make the following statement:

“The most recent management accounts available are for the four months to
the end of July 2018. These show revenues of £2.0 million and EBITDA of
approximately £125,000.  The comparatives for last year were £2.4 million
and £134,000 (before exceptional costs of £9,000), meaning that overall
profitability has been maintained on significantly lower revenues.  The
reduction in revenue can be attributed to the discontinuation of our asbestos
consultancy business, Adamson’s Laboratory Services Limited, and lower
income related to retail security products and services.

The sale of our Essex property previously occupied by the asbestos management
business is progressing and we expect to exchange contracts and to complete
the sale shortly.  We have agreed a reduction of approximately 5% to the
original sale price to compensate for the buyer’s likely costs to rectify
certain structural defects uncovered during the survey process.  After legal
costs and agent’s fees we anticipate there will be net cash proceeds of
£290,000 from the sale, which will strengthen our overall cash position.

In view of the strengthening cash position and subject to the property sale
completing as expected, we propose to reduce our (currently unused) banking
facility with HSBC from £300,000 to £150,000 when it is renewed in November
2018.

We expect to announce our unaudited interim results for the period to 30
September 2018 in early December 2018, together with detailed commentary on
individual subsidiary performances.”

For further information please contact:

PHSC plc

Stephen
King                                                           
              01622 717 700

Stephen.king@phsc.co.uk

www.phsc.plc.uk

Strand Hanson Limited (Nominated Adviser)                  
020 7409 3494

Richard Tulloch/Frederick Twist

Novum Securities Limited (Broker)                      
              020 7399 9427

Colin Rowbury

About PHSC

PHSC plc, 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. B2BSG
Systems Ltd offer 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 Regulations
(EU) No. 596/2014 ("MAR").



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