Group revenue and earnings fall at PHSC

Health, safety, hygiene and environmental consultancy company PHSC posted its preliminary results for the year to 31 March on Friday, with underlying EBITDA falling to £0.368m from £0.818m.

The AIM-traded firm said its group revenue fell to £7.0m, compared with £7.7m last year, with its cash reserves at £0.256m as of year-end compared to £0.462m last year.

It also declared a write-down of £0.609m due to impaired goodwill.

Group net assets fell to £6.09m from £6.6m after the goodwill impairment, and the firm’s loss per share was 3.23p compared with last year’s profit per share of 2.75p.

PHSC said it made a loss after tax of £414k, compared with a profit of £349k last year.

Its board proposed final dividend in line with the prior year, at 1.5p per share.

“The effect of the EU referendum result on the group will take some time to be become apparent,” said group chief executive Stephen King.

“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,” King explained.