- PHSC plc said the conclusion of the two large contracts mentioned in the Annual Report and Accounts has led to an expected reduction in sales in the early part of the current financial year.

Unaudited consolidated Group sales (and other income) per management accounts for the four months to 31 July 2015 were GBP2,129,500 (GBP2,292,000 for the same period last year) with EBITDA of GBP66,351 (2014: GBP216,000). Cash at bank as at 31 July 2015 increased to GBP855,000 (2014: GBP706,000).

CEO Stephen King, commenting on Group performance, said:

"Management are continuing to focus on replenishing the order book, and filling the spare capacity caused by some large orders having been completed. Good progress has been made, and we have a number of promising opportunities in the pipeline.

"Our B to B Links Limited subsidiary has recently secured new CCTV installations to a value exceeding GBP500,000 and these works are now in progress.

"Our QCS International Limited subsidiary, specialising in quality systems auditing and training, will generate additional income from advising on major changes to quality standards that come on stream later in the year.

"In tandem with efforts to increase revenues, each subsidiary is considering whether reductions to the cost base can be accommodated. Cash reserves are higher than for the corresponding period last year, and we do not have the same cash flow pressures because there are no further acquisition payments due in respect of any of our existing subsidiaries.

"We have been made aware of several businesses that are available for acquisition, and evaluate each one to establish whether a purchase would be in shareholders interests. Whilst some discussions are ongoing, there is nothing concrete to report at this stage."

At 9:25am: [LON:PHSC] PHSC PLC share price was -3.5p at 24.5p

Story provided by