REG-PHSC plc: Preliminary Results <Origin Href="QuoteRef">PHSC.L</Origin>
05/08/2016 07:05
5 August 2016
PHSC PLC
(the “Company” or the “Group”)
Preliminary Results for the year ended 31 March 2016
Highlights
• Underlying EBITDA* fell to £0.368m, down from
£0.818m
• Group revenue fell to £7.0m compared with
£7.7m last year
• Cash reserves of £0.256m at year end compared
to £0.462m last year
• Write-down of £0.609m due to impaired
goodwill
• Group net assets fell to £6.09m from £6.6m
after goodwill impairment
• Loss per share of 3.23p compared with last
year’s profit per share of 2.75p
• Loss after tax of £414k compared with a
profit of £349k last year
• Proposed final dividend held at 1.5p per share
*Underlying EBITDA is calculated as earnings before interest, tax,
depreciation, amortisation, acquisition costs and exceptional items.
I am pleased to present my review of the Group's performance over the year,
and to update shareholders on the continuing progress made at PHSC plc.
Key developments and outlook
PHSC plc, through its trading subsidiaries, is a leading provider of health,
safety, hygiene and environmental consultancy services and security solutions
to the public and private sectors. The majority of the Group’s revenue has
traditionally been generated by health and safety businesses. Income streams
include asbestos management, the delivery of accredited and bespoke training
courses, public transport safety consultancy, and supporting the education
sector. The Group also has many contracts in the leisure sector and carries
out statutory examination of plant and machinery via insurance brokers or
directly for clients. In addition, it provides consultancy and training in
quality systems management.
In 2012 the Group extended its offering to include security solutions such as
CCTV and tagging systems, mainly in the retail sector. To widen and strengthen
the Group’s presence in this area, two acquisitions were made in late 2015.
One of those businesses, Camerascan CCTV Limited (Camerascan), has been
integrated into our B to B Links Limited subsidiary (B to B) as a trading
name. It gives B to B the ability to supply CCTV into new markets outside of
high street retail. Further commentary on the acquisition is given later in
this report.
The larger new addition to the Group’s portfolio was SG Systems (UK) Limited
(SG), which trades in the same sectors as B to B but has a different client
base. The acquisition arrangements provide that this company will stand alone
for two years until an earn-out timetable has been completed. Following this,
the Group will formally consolidate the businesses of B to B and SG to create
a security division. There is already much interchange and overlap in the
respective business activities.
In due course the Group will look to form a safety division to run parallel
with the security division. This will consist of those remaining legacy
businesses able to demonstrate continued potential in what has become an
extremely challenging marketplace. This strategy will involve some internal
consolidation and possibly divestment or winding down of unprofitable
activities. The board has taken advice on the carrying value of these
businesses and has taken the decision to impair the goodwill value of
Adamson’s Laboratory Services Limited (ALS). This has the effect of creating
a headline loss for the Group for the financial year, and reduces our net
asset value, as explained in greater detail elsewhere in this report. Sitting
alongside the new divisional structure as a standalone company will be our QCS
International Limited (QCS) subsidiary which operates in the field of quality
systems management.
Acquisition payments
Consideration for Camerascan was £125,000 in cash along with the issue of
300,000 ordinary shares of 10p each in PHSC plc. There are no further
payments due.
Consideration in relation to the acquisition of SG comprised an initial cash
payment of £275,000 along with the issue of 100,000 new ordinary shares of
10p each of PHSC plc. Under the terms of the agreement, a further cash payment
of £200,000 falls due on the first anniversary and a final cash payment on
the second anniversary. The final payment is in the range of £25,000 to
£375,000 and is determined by a formula that relates to performance over the
period. The fair value of contingent consideration at the year end was
£75,000 and has been included in the accounts as a liability arising in over
one year. SG is underperforming due to matters outside of its control and
expanded upon later in this report. Should this underperformance not be
reversed over the period, the final payment would be limited to £25,000 and
this would release £50,000 back to the income statement.
Legal and management costs associated with the two acquisitions are charged
against the profit and loss account under accounting rules. These were
£50,000 in total.
Net asset value
As at 31 March 2016, the company had consolidated net assets of £6.09
million. There were 13,086,353 ordinary shares in issue at that date which
equates to a net asset value per share of 47p. The ordinary shares of the
company continue to trade at a discount to the net asset value. A large
proportion of the company’s assets consists of goodwill associated with the
various acquisitions it has made. Each year the level of goodwill relating to
subsidiaries is reviewed to make sure that their values on the group statement
of financial position can still be justified. Given the difficult trading
conditions experienced by ALS, and in accordance with requirements of
accounting standards, we are making an impairment of around £0.6m in the
carrying value of goodwill in respect of ALS. This represents a reduction of
approximately 9% in the consolidated net assets of the Group. The board
remains comfortable with all other valuations.
Outlook
In our last Annual Report we stated that a high-value contract relating to
asbestos consultancy services provided by ALS was concluding. We explained
that we did not expect the subsidiary to be able to fully compensate for this
lost income. As evidenced by the full year’s results and the charge against
goodwill carrying value, ALS was indeed unable to win sufficient new work over
the period. Current expectations are for this difficult trading position to
persist in the asbestos consultancy marketplace. When considering how best to
introduce the divisional structure referred to earlier in the report, the
Group will evaluate how it should deliver asbestos management services in the
future.
The effect of the EU referendum result on the Group will take some time to be
become apparent. There is a direct impact because our security-related
subsidiaries B to B and SG are both routinely importing the electronic
products they install and supply. A weaker pound has a detrimental effect on
gross margins. Indirect impacts will be those arising from how client
confidence at all Group subsidiaries is affected and whether there are any
adjustments to UK economic policy. In addition, particularly as far as the
safety-related subsidiaries are concerned, there may be changes to existing
EU-initiated regulatory requirements that impact on the demand for services.
Against this background we believe that the majority of retained clients and
those who have given us repeat business over many years will continue to
provide a stable source of income.
Our security-related companies each have some exciting prospects for growth,
in terms of additional sales of existing products and in areas of
technological innovation. Whilst we are confident of securing significant
new orders, there can be a long lead-in time between initial trials of a
product and a decision by a national or international chain to make a firm
commitment. However, when work is obtained in this way, it can lead to
sustained and long-term profitable relationships with high-profile clients.
There are a number of such projects at various stages of discussion and we
would expect to see some benefits in the current year.
With the exception of stage payments due under the terms of the purchase
agreement for SG, there are no other acquisition payments due and the Group is
presently not considering any further acquisitions.
Performance by trading subsidiary
A review of the activities of each trading subsidiary is provided below. The
profit figures stated are before tax and management charges.
Adamson’s Laboratory Services Limited (ALS)
* 2016: sales of £1,825,600 yielding a profit of £76,800
* 2015: sales of £2,694,500 yielding a profit of £276,300
Following the ending of a contract with a large London university at the start
of the financial year, turnover decreased significantly over the period. The
contract had accounted for around a third of asbestos-related sales and this
type of work is the primary activity of the company. This reduction in work
had a material effect on performance such that the business made a loss after
management charges for the year.
The business has made significant cost reductions in both cost of sales and
general expenditure to compensate for the loss of revenue, but the benefit of
cost savings takes time to filter through.
The level of asbestos consultancy remained consistent with other clients.
The health and safety department’s turnover decreased slightly but the
integration of Envex continues to work well and the volume of occupational
hygiene consultancy showed some growth.
Two full-time members of staff continue to be supplied to another high-profile
university, fulfilling the asbestos manager and assistant roles.
Repeat business was won throughout the year, with several blue chip clients in
the private sector, and from local government.
ALS has successfully maintained its accreditation with UKAS ISO 17020, 17025
and ISO 9001. In addition, the company has achieved accreditation to ISO
14001.
B to B Links Limited (B to B)
* 2016: sales of £2,551,800 yielding a profit of £134,200
* 2015: sales of £2,604,100 yielding a profit of £357,100
During 2016 B to B generated revenues of £2,551,764, consistent with
performance in 2015 and 2014. As in 2015, the majority of revenues in 2016
came from national accounts, primarily in the department store, fashion retail
and builders merchant sectors. The year also saw an important turning point
in independent retail sales activity which grew for the first time following
the acquisition of B to B by PHSC plc. During December 2015, the non-retail
CCTV activities of Camerascan were integrated into B to B. Non-retail CCTV
sales amounted to £88,134 in the three and a half months following
acquisition.
After a busy end to the year ended 31 March 2015, April and May started
slowly, primarily because of a hiatus in store upgrade projects in one key
account and another customer’s restructuring of its property team.
However, this was followed by a very busy Q2 during which B to B installed and
commissioned CCTV and security tagging equipment in five new department stores
in England and Wales. Strong sales continued into the first part of Q3, but
December sales, already normally subdued during peak retail trading, were
further hampered by short-term CCTV supply chain issues which caused project
delays and demanded significant management time to resolve. A strong January
was followed by weaker than forecast independent sales in February and
March. At the same time, overheads were higher due to integration of
Camerascan. Taken together with the impact of the slow start to Q1, and the
poorer than expected end to Q3, profits for the year were lower than
anticipated.
The significant weakening of sterling against both the euro and dollar in 2016
has also had a modest negative impact on cost of sales and gross margins.
Set against this, cost negotiations with CCTV suppliers brought improved
margins mid-way through the year, the benefit of which will continue to be
felt in 2017.
The addition of SG to the Group has been well received by B to B’s customers
and is already presenting useful opportunities for mutual cross-selling to B
to B’s and SG’s existing accounts as well as group trade buying (e.g - on
security tags).
B to B’s retail customer base has performed strongly during 2016 and
existing key accounts all have clear plans to invest in property projects and
associated CCTV and security tagging hardware during 2017. Global acquisitions
of key competitors in both radio frequency and acousto-magnetic security
tagging technologies may also provide opportunities to grow market share.
Key priorities for 2017 are to grow B to B sales by further developing
existing accounts, achieving much stronger growth in independent sales, both
retail and non-retail and maintaining tight control on costs.
Inspection Services (UK) Limited (ISL)
* 2016: sales of £219,600 yielding a profit of £40,300
* 2015: sales of £195,900 yielding a profit of £17,100
ISL carries out statutory examinations and inspections on behalf of a broad
range of clients, either directly or via commission-based agreements with
insurance brokers.
The examinations carried out are in relation to requirements placed upon
employers by health and safety legislation.
New sales, both to direct clients and in respect of work obtained via
insurance brokers, showed an increase. The majority of existing clients also
remained with the business, and this led to an improvement in annual revenues
to £219,600 from £195,900 the year before.
Management charges from the parent company were lower than those in previous
years. With a cost base that is otherwise largely fixed, the additional sales
income and reduced charge led to pre-tax profits of £34,800, representing a
substantial increase on those of last year.
Around 80% of income is obtained from the insurance sector. This is because
statutory examinations continue to be perceived by many clients as
“insurance inspections”. Many brokers prefer to use independent engineers
such as ISL, rather than the costlier agencies of those insurance companies
who run their own inspection teams. The efficient and reliable service given
by ISL’s administrative and engineering staff is a factor in the large
percentage of repeat work that is enjoyed.
Personnel Health & Safety Consultants Limited (PHSCL)
* 2016: sales of £703,300 yielding a profit of £276,100
* 2015: sales of £753,800 yielding a profit of £332,100
Revenues and profits for the year were both lower than the previous year and
reflected the continuing difficulty associated with selling services into a
mature marketplace.
The management charge levied by PHSC plc, the parent company, fell by 30% as
higher charges were raised from other members of the group. This softened
the effect of reduced income.
As in previous years, income was underpinned by the high proportion of repeat
business and the revenues from the retainer-based Appointed Safety Advisor
Service. There was limited success in supplementing this income with
additional ad hoc sales but this is proving increasingly challenging.
PHSCL continues to be the largest net provider of consultancy and training
services to clients of other members of the PHSC plc group. In line with the
policy of the parent company, there is no cross-charging and hence the
revenues for the year do not reflect the volume of work delivered.
During the year, the company took on a new employee via the Government’s
apprenticeship programme. The apprentice is learning how to increase the
company’s profile via social media and internet/email marketing.
QCS International Limited (QCS)
* 2016: sales of £528,000 yielding a profit of £122,700
* 2015: sales of £526,800 yielding a profit of £148,100
In the financial year 2015/16, QCS maintained the turnover achieved in 2014/15
but experienced a fall in profits. Projected revenues and margins were based
on increased training and consultancy sales expected to be generated by the
updated standards ISO 9001 and ISO 14001 that had been due for release in July
2015. Consultancy and training associated with these standards are core to the
QCS business model.
There was a delay by the International Standards Organisation and the British
Standards Institution in publishing the new standards, which were eventually
released in late September 2015. This caused a three-month drop in sales as
clients were forced to defer their consultancy and training activity until the
updated standards became available. The delay was not something that QCS could
have predicted.
QCS was a forerunner from September onwards in the design, marketing and
delivery of training courses and consultancy to the ISO standards. This is
evidenced by the high number of public training courses, in house training
courses and new consultancies delivered. To have completed the financial
year with a turnover of £528,000 and a profit of £122,700 against the
background of an enforced hiatus in the ability to provide a full service
offering demonstrates the strength of the QCS brand.
QCS continues to demonstrate high levels of customer retention and has seen a
steady growth in new clients to the consultancy portfolio. With a new
specialist medical device practitioner in place, QCS is now well placed to
gain medical device consultancies in areas which were previously not
available. The medical device sector is about to undergo a significant change
with updates to regulatory requirements and to the requirements of ISO 13485,
Growth is expected in this sector and will be supported by the design of a
dedicated QCS medical device website. There will be specific marketing
projects to secure further work in this field, which generates a higher rate
of income for QCS.
In the last quarter of the financial year, demand for training rose
significantly and assisted with mitigating the adverse impact of the delay in
the publication of new standards.
In 2016/17 there will be significant changes to the main health and safety
standards for which QCS offers training and consultancy services. This
presents a growth opportunity, whereby QCS can promote its ability to support
those companies who wish to prepare for the revised standards. The British
Standard OHSAS 18001 is expected to be withdrawn when international standard
ISO 45001 takes effect. This will see clients begin to transition over to
the new standard, which is scheduled to be published in the second half of the
financial year. QCS remains well positioned within the market place to take
advantage of this change with both existing and new clients seeking assistance
to ensure compliance.
Quality Leisure Management Limited (QLM)
* 2016: sales of £506,290 yielding a profit of £95,900
* 2015: sales of £533,900 resulting in a profit of £123,800.
The business went through significant change following the appointment of a
new managing director to replace the company’s founder as he moves towards
retirement.
Turnover for the year ended 31 March 2016 was £506,284 compared with
£533,932 in the previous period but the pre-tax profit of around £63,000 was
seen as satisfactory. Staffing costs were higher at the beginning of the
year during the transition to new management.
The company’s core consultancy business continues to develop and adapt to
the changing environment and client base, particularly around the broader
leisure, culture and general practitioner work. Accident investigation was
up on projection, where expert testimony has been provided in numerous
cases. This brings in additional income that, given the nature of the work,
is hard to predict, but also continues to demonstrate QLM’s level and scope
of expertise.
Engagement with and development of a key auditing product with a major
insurance company has not progressed as well as anticipated. Sales of
publications developed for the Chartered Institute for the Management of Sport
and Physical Activity were low, as the Institute has yet to release new
versions for sale.
Income from quality consulting was higher than anticipated as a result of the
continued development of integrated management system (IMS) projects. The
system which is bespoke to the organisation continues to be developed by
existing users, with others showing interest and providing income at the
initial assessment stage.
The strategic alliance with Poseidon Technologies is continuing. They offer a
computer vision surveillance system that recognises texture, volume and
movement within a pool and that continually analyses the swimmers, alerting
lifeguards to a potential accident. There were no new installations in the
year, despite some very significant leads. Poseidon has engaged Alliance
Leisure to assist with financing the installation, which again, is seen as a
significant barrier to business despite the obvious benefits of the system.
Expenditure has increased in computer and IT support as well as travel and
accommodation. Both are essential to our business operation as a UK wide
consultancy, reliant on IT to be able to work and access servers, files and
information remotely. Some system development is scheduled for the next two
years as systems are updated and developed.
RSA Environmental Health Limited (RSA)
* 2016: sales of £413,100 yielding a profit of £72,900
* 2015: sales of £421,900 yielding a profit of £34,900.
Revenue has continued to fall year on year, as the company moves closer to
completing its transition away from the provision of low-margin services to
the public sector to higher margin private sector services. The benefit of
this change in strategy is that profitability has increased in the past year.
The business has had to make some significant adjustments as a result of
changes to two key posts in the course of the year. Following the
resignation of the previous managing director, the role was assumed by Justin
Smith. Mr Smith has a long history with the company, having been in an
operational management role since incorporation. Since his promotion, Mr Smith
has been working tirelessly to ensure that the effect of the change in
leadership has been minimised.
With great regret, the company lost a long-standing member of staff in Mrs
Carol Hudson, customer services manager, after a short battle with cancer. Mrs
Hudson was a key part of the SafetyMARK offering because of her personality
and ability to deal with customer relations. Her loss has left a significant
gap in the business and it has taken some time for existing and new staff to
acquire the necessary skills and knowledge to cover the gap and maintain the
service that our customers expect.
Finally, the business parted company with a long-standing consultant employee
whose role was to deliver health and safety consultancy services for the
company. The individual was not intrinsic to the SafetyMARK scheme but had
supported our non-education clients. The skills gap has been covered by
resources from other companies within the PHSC plc group and by the use of
trusted external consultants.
The main focus for the business continues to be supporting schools with the
management of health and safety via the SafetyMARK service core offering.
The upselling of consultancy services back into schools continues to be
strong, with training and the undertaking of fire risk assessments taking the
lead. To further develop the scheme, the focus of attention has moved from
trying to obtain single school sites to providing the services to
multi-academy trusts. Academy schools are beginning to cluster together to
achieve cost savings due to economies in scale. 2015-16 has seen some success
in this area with four multi-academy trusts being signed up. These trusts
are growing entities and as the number of schools following these models
increase, our revenues should steadily grow.
The London Borough of Redbridge has continued to promote SafetyMARK as an
alternative safety support service to that previously provided by the local
authority. The business has seen some growth in this area in the past year
with the continued provision of audits and support as well as providing health
and safety training within the borough. Currently there are 22 schools within
the borough signed up to the scheme.
SG Systems (UK) Limited (SG)
* 2016: sales of £256,700 yielding a loss of £68,900 (3.5 months)
SG joined the PHSC plc group in mid-December 2015. In addition to security
tagging and CCTV, SG brings expertise in RFID (radio frequency
identification), merchandising point of sale and product presentation
protection (e.g. mobile phones and tablets), customer counting and other
systems focused on supporting profit growth for retailers.
SG’s retail customer base is complementary to that of other group members,
with blue chip clients in the department store, grocery, newsagent, fashion
and sports sectors. The company has a growing reputation for anti-theft
solutions in the public sector, such as radios and keys in prisons and NHS
secure units as well as school library books. SG is also active in source
tagging (the supply of security labels for application at the point of
manufacture).
The company’s existing sales, technical and administration team has
continued to operate from its base in Amesbury, Wiltshire with continuity of
operational management provided on a consultancy basis by the previous owners
during the earn-out period. SG’s existing customers and key suppliers have
reacted positively to news of the acquisition and the longer term potential of
the business within PHSC plc.
SG’s sales in the three and a half months to 31 March 2016 were below
forecast at £256,700. This was principally due to slippage in the start
date for two new department stores, and a major hiatus in store refits and new
store openings for SG’s major grocery customer following its decision to
acquire another retailer. In both cases, these impacts, while negative, are
expected to be short-term, with activity levels expected to improve later in
the year.
SG’s key priorities for 2016/17 include sales growth through the development
of existing accounts and acquisition of new accounts, the utilisation of new
or emerging products (e.g. RFID) to support these objectives, and a continued
focus on trade and other operating costs.
As the Group has already experienced, the timing of retail investment is
unpredictable and sometimes frustrating. However, SG’s relationships with
its key customers are excellent and the company has a strong and evolving
product range. It is therefore well placed to respond to store development
projects once strategic decisions have been made by customers in relation to
space planning.
On behalf of the board
Stephen King
Group Chief Executive
5 August 2016
Group Statement of Financial Position
31.3.16 £ 31.3.15 £
Non-Current Assets
Property, plant and equipment 675,345 689,595
Goodwill 4,503,654 4,579,976
Deferred tax asset 497 -
5,179,496 5,269,571
Current Assets
Inventories 416,371 215,591
Trade and other receivables 1,894,875 1,979,918
Cash and cash equivalents 256,558 462,392
2,567,804 2,657,901
Total Assets 7,747,300 7,927,472
Current Liabilities
Trade and other payables 1,221,599 1,155,824
Current corporation tax payable 103,403 105,245
Deferred consideration 200,000 -
1,525,002 1,261,069
Non-Current Liabilities
Deferred tax liabilities 62,755 67,537
Contingent consideration 75,000 -
137,755 67,537
Total Liabilities 1,662,757 1,328,606
Net Assets 6,084,543 6,598,866
Capital and reserves attributable to equity holders of the Group
Called up share capital 1,308,634 1,268,634
Share premium account 1,751,358 1,751,358
Capital redemption reserve 143,628 143,628
Merger relief reserve 133,836 79,836
Retained earnings 2,747,087 3,355,410
6,084,543 6,598,866
Group Statement of Comprehensive Income
31.3.16 £ 31.3.15 £
Continuing operations:
Revenue 7,004,340 7,730,900
Cost of sales (3,803,240) (4,226,206)
Gross profit 3,201,100 3,504,694
Administrative expenses (2,930,931) (2,738,562)
Administrative expenses - exceptional (608,936) (262,758)
(Loss)/profit from operations (338,767) 503,374
Finance income 1,052 750
Finance costs (8) (796)
(Loss)/profit before taxation (337,723) 503,328
Corporation tax expense (75,920) (154,601)
(Loss)/profit for the year after tax attributable to owners
of the parent (413,643) 348,727
Other comprehensive income - -
Total comprehensive income attributable to owners of
the parent (413,643) 348,727
Basic and diluted Earnings per Share from continuing operations (3.23)p 2.75p
Group Statement of Changes in Equity
Share Capital £ Share Premium £ Merger relief reserve £ Capital Redemption Reserve £ Retained Earnings £ Total £
Balance as at 1 April 2014 (as previously reported) 1,268,634 1,831,194 - 143,628 3,196,978 6,440,434
Prior year adjustment re share issues* - (79,836) 79,836 - - -
Balance as at 1 April 2014 (restated) 1,268,634 1,751,358 79,836 143,628 3,196,978 6,440,434
Profit for year attributable to equity holders - - - - 348,727 348,727
Dividends - - - - (190,295) (190,295)
Balance at 31 March 2015 1,268,634 1,751,358 79,836 143,628 3,355,410 6,598,866
Balance at 1 April 2015 1,268,634 1,751,358 79,836 143,628 3,355,410 6,598,866
Loss for year attributable to equity holders - - - - (413,643) (413,643)
Issue of shares on acquisition 40,000 - 54,000 - (4,385) 89,615
Dividends - - - - (190,295) (190,295)
Balance at 31 March 2016 1,308,634 1,751,358 133,836 143,628 2,747,087 6,084,543
Group Statement of Cash Flows
Note 31.3.16 £ 31.3.15 £
Cash flows from operating activities:
Cash generated from operations I 414,062 739,423
Interest paid (8) (796)
Tax paid (83,041) (177,057)
Net cash generated from operating activities 331,013 561,570
Cash flows used in investing activities
Purchase of property, plant and equipment (35,654) (58,952)
Payments in relation to acquisitions (net of cash acquired) (262,674) -
Disposal of fixed assets 724 450
Interest received 1,052 750
Net cash used in investing activities (296,552) (57,752)
Cash flows used by financing activities
Payment of deferred consideration (50,000) -
Payment of contingent consideration on acquisitions - (563,528)
Dividends paid to Group shareholders (190,295) (190,295)
Net cash used by financing activities (240,295) (753,823)
Net decrease in cash and cash equivalents (205,834) (250,005)
Cash and cash equivalents at beginning of year 462,392 712,397
Cash and cash equivalents at end of year 256,558 462,392
Notes to the Group Statement of Cash Flows
31.3.16 £ 31.3.15 £
I. CASH GENERATED FROM OPERATIONS
Operating profit – continuing operations (338,767) 503,374
Depreciation charge 46,882 52,249
Goodwill impairment 608,936 29,230
Fair value movement in contingent consideration - 233,528
Loss on sale of fixed assets 2,298 12,320
Increase in inventories (28,179) (61,321)
Decrease/(increase) in trade and other receivables 381,937 (44,638)
Increase in trade and other payables (259,045) 21,179
Decrease in financial liabilities - (6,498)
Cash generated from operations 414,062 739,423
Notes to the preliminary results announcement of PHSC plc
The financial information set out above does not constitute the Group's
financial statements for the years ended 31 March 2016 or 2015, but is derived
from those financial statements. Statutory financial statements for 2015 have
been delivered to the Registrar of Companies and those for 2016 will be
delivered following their approval by the board and dispatch to shareholders.
The auditors have not yet reported on the 2016 financial statements.
Whilst the financial information included in this announcement has been
computed in accordance with International Financial Reporting Standards
(IFRS), this announcement does not in itself contain sufficient information to
comply with IFRS. The accounting policies used in preparation of this
announcement are consistent with those in the full financial statements that
have yet to be published.
Annual General Meeting
This year’s annual general meeting (“AGM”) will be held at 10.00am on
Thursday 8 September 2016 at The Old Church, 31 Rochester Road, Aylesford,
Kent ME20 7PR.
Copies of the full report and accounts and notice of the AGM will be posted to
shareholders and will be available to view on the company’s website at
www.phsc.plc.uk
Dividend
The Board is proposing a maintained final dividend of 1.5p per ordinary share
to be paid on 30 September 2016 to shareholders on the register on 19 August
2016 subject to approval of shareholders at the AGM.
This announcement contains inside information for the purpose of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014.
Contact information
For further information please contact:
PHSC plc Stephen King stephen.king@phsc.co.uk 01622 717700
Northland Capital Partners Limited (Nominated Adviser ) Edward Hutton David Hignell 0203 861 6625
Beaufort Securities Limited (Broker) Elliot Hance 020 7382 8300
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