PHSC swings to annual profit and targets "successful" new year

(Alliance News) - PHSC PLC on Tuesday said it returned to full-year profit as it also upped its dividend for the period.

PHSC shares surged 35% to 19.55p per share on Tuesday morning in London.

The Kent-based health, safety, hygiene and environmental consultancy services provider reported revenue of GBP3.4 million in the year ended March 31, down from GBP3.6 million the year prior.

The firm said pretax profit was GBP303,2522, swinging from a loss of GBP578,186 a year ago. The firm noted that it saw a GBP676,178 impairment charge relating to its Security Division in 2022, resulting in a loss for the period.

PHSC declared a final dividend of 1.0 pence per share, increasing its total dividend to 1.5p per share, up 50% from 1.0p in financial 2022.

Looking ahead, the firm said financial 2024 has the potential to be a successful year, "despite the slow start to the year based on Q1 figures". PHSC added that while some expenses are "almost certain" to continue rising, it expects energy and shipping costs to remain stable in the coming year.

Chief Executive Stephen King said: "I am pleased to report that the group has built on the post-pandemic progress made in the prior year and has generally returned to normal trading across all subsidiaries. With the carrying value of our security division having been written down to zero in 2021-22, there is no impairment to report for 2022-23."

By Harvey Dorset, Alliance News reporter

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