5th Aug 2015 08:48
LONDON (Alliance News) - PHSC PLC on Wednesday said its pretax profit was slightly lower for the financial year to the end of March thanks to higher administrative expenses, which offset a rise in revenue, and said that it is seeing a decline in compliance spending in the UK.
The company, which provides health, safety, hygiene and environmental consultancy services, said its pretax profit for the year to the end of March was down to GBP503,328 from GBP654,850 a year earlier, thanks entirely to the higher administrative costs it booked in the half, which offset higher revenue.
PHSC revenue increased to GBP7.7 million from GBP7.6 million, as it posted increases in sales for all of its consultancy divisions. B to B Links, its retail-focused security consultancy, was boosted by an exceptionally strong performance in the first half, driven by a large project for a department store customer, while its Quality Leisure Management arm, which handles health and safety consulting services, turned to a profit as the cost-cutting measures put in place by PHSC fed through.
The group said it will pay a final dividend of 1.5 pence per share, flat year-on-year.
The company said it is continuing to benefit from a push in its client base to continuously improve health and safety standards, but it said that a lighter regulatory approach and reduced funding from the UK government for enforcement agencies has led to some companies spending less on compliance services.
Shares in PHSC were down 3.8% to 29.35 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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