- Health and safety consultancy PHSC reported first-half turnover down 8% at £2.21m.

The company made a pre-tax profit from continuing operations of £0.117m, versus the previous £0.121m.

CEO Stephen King said the recession had led to lower orders and reduced margins.

The remaining balance of the mortgage on the company's Raunds premises had been repaid leaving it with no outstanding loans.

The final instalment due for the acquisition of In House the Hygiene Management Company was paid in cash in October.

PHSC said it is in the advanced stages of due diligence relating to the proposed acquisition of a health and safety consultancy that specialises in the leisure sector. Completion was scheduled for the end of the calendar year.

King said, 'With the recent repayment of the last of our borrowings, a considerable cash balance, and a proposed acquisition in the pipeline, we are confident that we have the ability to grow revenues in the second half of the year.

'Margins will continue to be under pressure but we will resist the temptation to generate revenue at the expense of profit.'

No interim dividend was declared but the company expects to pay a final dividend.

Story provided by Business Financial Newswire