REG-PHSC Plc: Half-year Report
25/11/2025 07:02
25 November 2025
PHSC PLC
(“PHSC”, the “Company” or the “Group”)
Unaudited Interim Results for the six months ended 30 September 2025
PHSC (AIM: PHSC), a leading provider of health, safety and quality systems
consultancy and training services and security solutions to the public and
private sectors, announces its unaudited interim results for the six month
period ended 30 September 2025.
Financial Highlights
* Group revenue £1.569m (H1 FY25: £1.571m)
* Loss before tax of £0.141m (H1 FY25: loss of £0.015m)
* Loss per share of (1.04p) (H1 FY25: (0.12p))
* Cash reserves of £0.235m at 30 September 2025 (H1 FY25:
£0.505m)
* Group net assets of £2.914m (H1 FY25: £3.263m)
* No interim dividend (H1 FY25: nil)
GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT
Overview and Business Outlook
The first half of our financial year delivered stable revenues of £1.569m (H1
FY25: £1.571m) and a loss before tax of £0.141m (H1 FY25: £0.015m). This
outturn reflects tighter margins and higher operating costs. The principal
elements were increased salary and recruitment costs across the Group, a less
favourable sales mix in the Security Division following the completion of last
year’s larger project work, and lower training volumes within parts of the
Safety Division.
Consultancy work has remained steady, and two of the three divisions were
profitable before tax. Since joining the Group in mid October 2025, I have
been impressed by the commitment and calibre of our teams and the strength of
many longstanding client relationships. The early work
undertaken by management during the reporting period has strengthened areas
directly linked to commercial performance, including fee earner utilisation
oversight, improved conversion discipline and tighter working capital
management. These measures are designed to improve our revenue mix, capture
more value from existing demand and enhance the consistency of earnings over
time.
The Security Division’s modest loss is being addressed through targeted
commercial action. The introduction of dedicated business development resource
is broadening the pipeline beyond its core client base and improving
visibility of opportunities that serve to support recurring revenue and carry
more attractive margin characteristics.
As we progress through the second half, management is focused on the levers
that influence commercial performance, namely: fee earner utilisation,
opportunity visibility, conversion discipline, and better coordination across
marketing, sales and delivery. These are foundational steps in strengthening
the Group’s operating effectiveness and positioning PHSC for improved margin
quality over time.
While mindful of broader market conditions, the Board considers the steps
taken in the first half to be constructive as we seek to strengthen day-to-day
performance and enable the Group to fully capture the benefits of future
commercial opportunities.
Operations and Commercial Progress
Management has continued to prioritise changes that enhance the Group’s
commercial and operational effectiveness. Key achievements during the period
included:
• improved fee-earner utilisation management to
maximise revenue from existing capacity
• clearer commercial coordination across marketing,
business development and client engagement
• tighter cost and working capital control to improve
cash discipline
• stronger divisional leadership accountability and
more consistent performance management
These actions are intended to increase the proportion of effort that converts
into revenue, strengthen margin discipline and improve the quality and
predictability of earnings. They also help align the Group’s divisional
activities so that opportunities can be developed, shared and followed-up more
effectively.
The changes introduced so far are characteristic of the first phase of a
broader commercial and operational improvement programme - improving
visibility, modernising ways of working and reducing inefficiency.
They provide the foundations for a more aligned, commercially
driven Group. Management will continue embedding these practices through the
second half.
Divisional Overview
The Group’s divisions delivered a mixed performance in the first half, with
two of the three showing profitability. Client advocacy remained robust and
activity levels were generally stable, but margins were constrained by cost
inflation and uneven revenue flows. The results below
reflect the consolidated view after allocation of management charges.
The Safety Division remained the largest contributor to
Group performance, with invoiced sales of £918k resulting in a profit of
£170k (H1 FY25: £845k and £144k respectively). Consultancy activity
remained stable, and the division is focusing on consultant utilisation,
commercial follow-through and strengthening training activity.
For context, the Safety Division typically carries higher margins than the
other divisions due to the nature of consultancy led work, which continues to
provide resilience within the Group’s overall mix.
The Systems Division recorded invoiced sales of £322k and
a profit of £9k (H1 FY25: £345k and £19k respectively). While training
activity was subdued, consultancy demand has remained steady. The business is
concentrating on margin improvement and ISO transition opportunities to
support recovery in the second half.
The Security Division reported invoiced sales of £329k
and a loss of £27k (H1 FY25: £381k and profit of £25k respectively). The
absence of last year’s one off project affected both revenue mix and margin.
Targeted commercial actions are underway, including the appointment of
dedicated business development resource to expand the client base and restore
profitability. Signs of an increasingly healthy sales
pipeline are becoming evident since an appointment earlier this year.
Dividend
The Board has decided to take a prudent approach and to preserve the Group’s
cash reserves in the current environment. Accordingly, no interim dividend
will be declared or paid for the period. The decision whether or not to pay a
final dividend will be made by reference to the Group’s full year
performance and cash reserves at that time.
Cash Reserves
Cash at bank on 30 September 2025 stood at £0.235m compared to approximately
£0.505m at the same time last year.
Outlook
The Group entered the second half with a focused commercial agenda centred on
fee-earner utilisation, sales pipeline conversion, a coordinated cross Group
marketing approach and disciplined cost and working capital management. Our
various marketing initiatives and external launch of the “PHSC Academy” in
Q4 2025 (under which all of our training courses will be offered) have been
designed to simplify routes to market and strengthen the commercial
positioning of the Group’s services. These measures will continue to be
embedded across the Group during the current period.
Selective investment proposals aimed at supporting consultancy and training
growth will be evaluated during Q4 2025, with an emphasis on commercial
payback, cash flow impact and risk management.
Although the broader economic environment remains uncertain, the Board
believes that the Group’s specialist services mix, increasing operational
discipline and more coherent commercial approach provide a sound platform from
which to rebuild momentum and deliver long-term value for shareholders.
Nikki Porter
CEO
CHAIR’S STATEMENT
The Group has continued to experience challenges in growing sales in the first
half, with a mixed performance across its various divisions.
As noted at the time of our trading update in September 2025, there have
been additional PLC costs in the period relating to finance and operations
support and certain board changes. These factors have contributed to the
trading loss incurred in the first half and serve to support our decision not
to pay an interim dividend.
As previously announced, Nicola Coote stepped down from her role of Acting CEO
in October 2025, when Nikki Porter joined as Chief Executive Officer.
The handover process has been smooth and ensured continuity of
leadership, together with renewed commercial and marketing focus as the Group
embarks on the second half of the year.
The executive team is targeting a select number of potential business
opportunities to provide some positive trading momentum for the remainder of
the financial year, alongside the Board’s ongoing review of the Group’s
future strategy and direction. We anticipate having our
new strategic plan in place in time for the start of the next financial year
in April 2026. We are excited about the new initiatives
underway, such as the consolidation of our training offering under the “PHSC
Academy” brand and look forward to the development and implementation of
other new products and services alongside our traditional offerings.
The considered investment in, and use of, appropriate tech
solutions should also allow our operations to become more efficient and cost
effective over time.
Lorraine Young
Chair
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019. On publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
For further information please contact :
PHSC plc
Nikki Porter / Lorraine Young
Tel: 01622 717 700
www.phsc.plc.uk
Strand Hanson Limited (Nominated
Adviser) Tel:
020 7409 3494
James Bellman / Matthew Chandler
AlbR Capital Limited (Broker)
Tel: 020 7469 0930
Colin Rowbury
About PHSC
The PHSC group principally provides a range of health, safety and quality
systems consultancy and training services to organisations across the UK. It
also offers innovative security solutions including tagging, labelling and
CCTV. For further information refer to our website at: www.phsc.plc.uk.
Group Statement of Comprehensive Income Six months ended Six months ended Year ended
30 Sept 25 30 Sept 24 31 Mar 25
Note Unaudited Unaudited Audited
£’000 £’000 £’000
Continuing operations :
Revenue 2 1,569 1,571 3,220
Cost of sales (766) (758) (1,545)
Gross profit 803 813 1,675
Administrative expenses (948) (838) (1,709)
Goodwill impairment - - (110)
Loss from operations (145) (25) (144)
Finance income 4 10 17
Loss before taxation (141) (15) (127)
Corporation tax credit 34 3 1
Loss for the period after tax attributable to owners of parent 2 (107) (12) (126)
Total comprehensive income attributable to owners of the parent (107) (12) (126)
Basic and diluted loss per share from continuing operations attributable to the equity holders of the Group during the period 4 (1.04p) (0.12p) (1.21)p
Group Statement of Financial Position 30 Sept 25 30 Sept 24 31 Mar 25
Unaudited Unaudited Audited
Note £’000 £’000 £’000
Non-Current Assets
Property, plant and equipment 3 511 542 507
Goodwill 2,005 2,115 2,005
Deferred tax asset 9 12 9
2,525 2,669 2,521
Current Assets
Inventories 213 247 220
Trade and other receivables 673 617 584
Cash and cash equivalents 235 505 435
Current corporation tax receivable 36 - 2
1,157 1,369 1,241
Total Assets 2 3,682 4,038 3,762
Current Liabilities
Trade and other payables 609 506 574
Right of use lease liability 37 45 40
Current corporation tax payable - 76 -
646 627 614
Non-Current Liabilities
Right of use lease liability 57 81 62
Deferred taxation liabilities 65 67 65
122 148 127
Total Liabilities 768 775 741
Net Assets 2,914 3,263 3,021
Capital and reserves attributable to equity holders of the Group
Called up share capital 1,028 1,028 1,028
Share premium account 1,916 1,916 1,916
Capital redemption reserve 583 583 583
Merger relief reserve 134 134 134
Retained earnings (747) (398) (640)
2,914 3,263 3,021
Group Statement of Changes in Equity
Share Capital Share Premium Merger Relief Reserve Capital Redemption Reserve Treasury Shares Retained Earnings Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 April 2025 1,028 1,916 134 583 - (640) 3,021
Loss for the period attributable to equity holders - - - - - (107) (107)
Balance at 30 September 2025 1,028 1,916 134 583 - (747) 2,914
Balance at 1 April 2024 1,103 1,916 134 508 (210) (176) 3,275
Loss for the period attributable to equity holders - - - - - (12) (12)
Cancellation of treasury shares (75) - - 75 210 (210) -
Balance at 30 September 2024 1,028 1,916 134 583 - (398) 3,263
Group Statement of Cash Flows Six months Six months Year
ended ended ended
30 Sept 25 30 Sept 24 31 Mar 25
Unaudited Unaudited Audited
£’000 £’000 £’000
Cash flows (used by)/generated from operating activities
Cash (used by)/generated from operations (147) 40 199
Tax paid - - (79)
Net cash (used by)/generated from operating activities (147) 40 120
Cash flows (used in)/from investing activities
Purchase of property, plant and equipment (29) (9) (15)
Disposal of fixed assets - - -
Interest received 4 10 17
Net cash (used in)/from investing activities (25) 1 2
Cash flows used in financing activities
Payments on right of use assets (28) (24) (47)
Dividends paid to Group shareholders - - (128)
Net cash used in financing activities (28) (24) (175)
Net (decrease)/increase in cash and cash equivalents (200) 17 (53)
Cash and cash equivalents at beginning of period 435 488 488
Cash and cash equivalents at end of period 235 505 435
Notes to the cash flow statement
Cash (used by)/generated from operations
Operating loss - continuing operations (145) (25) (145)
Depreciation charge 45 38 78
Goodwill impairment - - 110
Loss on sale of fixed assets - 1 1
Decrease/(increase) in inventories 7 (1) 27
(Increase)/decrease in trade and other receivables (89) 152 185
Increase/(decrease) in trade and other payables 35 (125) (57)
Cash (used by)/generated from operations (147) 40 199
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
1. Basis of preparation
These condensed consolidated interim financial statements are presented on the
basis of International Financial Reporting Standards (IFRS) as adopted by the
European Union and interpretations issued by the International Financial
Reporting Interpretations Committee (IFRIC) and have been prepared in
accordance with the AIM Rules for Companies and the Companies Act 2006, as
applicable to companies reporting under IFRS.
The interim financial information contained in this announcement, which has
not been audited, does not constitute statutory accounts as defined by Section
434 of the Companies Act 2006. The Group’s statutory financial statements
for the year ended 31 March 2025, prepared under IFRS, have been filed with
the Registrar of Companies. The auditor’s report for the 2025 financial
statements was unqualified and did not contain a statement under Section 498
(2) or (3) of the Companies Act 2006.
The same accounting policies and methods of computation have been followed
within these interim financial statements as adopted in the most recent annual
financial statements.
1. Segmental Reporting
Six months ended Six months ended Year ended
30 Sept 25 30 Sept 24 31 Mar 25
Unaudited Unaudited Audited
Revenue £’000 £’000 £’000
Health & Safety division 918 845 1,748
Systems division 322 345 735
Security division 329 381 737
Total revenue 1,569 1,571 3,220
Loss after taxation, before management charges
Health & Safety division 170 144 318
Systems division 9 19 64
Less impairment - - (110)
Security division (27) 25 9
Holding company (259) (200) (407)
Total Group loss after taxation (107) (12) (126)
30 Sept 25 30 Sept 24 31 Mar 25
Unaudited Unaudited Audited
Total assets £’000 £’000 £’000
Safety division 989 958 953
Systems division 234 215 218
Security division 409 475 428
Holding company 2,677 2,922 2,684
4,309 4,570 4,283
Adjustment of goodwill (629) (532) (523)
Adjustment of deferred tax 2 - 2
Total assets 3,682 4,038 3,762
1. Property, plant and equipment
30 Sept 25 30 Sept 24 31 Mar 25
Unaudited Unaudited Audited
£’000 £’000 £’000
Cost or valuation
Brought forward 1,112 1,037 1,037
Additions 58 79 85
Disposals (12) (10) (10)
Carried forward 1,158 1,106 1,112
Depreciation
Brought forward 605 535 535
Charge 45 38 79
Disposals (3) (9) (9)
Carried forward 647 564 605
Net book value 511 542 507
1. Loss per share
The calculation of the basic loss per share is based on the following data.
Six months ended Six months ended Year ended
30 Sept 25 30 Sept 24 31 Mar 25
Unaudited Unaudited Audited
£’000 £’000 £’000
Loss - continuing activities (107) (12) (126)
Number of shares 30 Sept 25 30 Sept 24 31 Mar 25
Weighted average number of shares for the purpose of basic loss per share 10,280,853 10,280,853 10,429,466
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