19th Aug 2019 09:13
(Alliance News) - Health and safety consultancy PHSC PLC on Monday swung to annual profit on lower expenses and said that revenue for the first three months of financial 2020 is down 31% year-on-year on Brexit uncertainty.
For the year ended March 31, the company posted a pretax profit of GBP42,494 compared with a GBP145,861 last year. Revenue fell by 26% to GBP5.2 million from GBP7.0 million.
Administrative expenses narrowed to GBP2.4 million from GBP3.0 million and costs of sales shrunk to GBP2.7 million from GBP3.9 million.
PHSC proposed a final dividend of 0.5 pence per share, ensuring the total payout for the year was 1.0 pence per share, consistent with financial 2018.
Looking ahead, the company said that despite not selling services to European Union markets, recurring Brexit issues will create uncertainty for its clients. A reduction in the value of sterling has negatively impacted margins, PHSC added.
First quarter revenue in financial 2020 were down 31% to GBP1.1 million from GBP1.6 million, the firm said.
Shares in PHSC were untraded in London on Monday morning, last quoted at 10.00 pence apiece.
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