16th Jun 2016 07:23
LONDON (Alliance News) - PHSC PLC on Thursday said its revenue for the year to the end of March fell, and it anticipates its results will miss its expectations.
The company, which provides health, safety, hygiene and environmental consultancy services, said revenue for the year to March 31 was around GBP7.0 million, 9.0% lower year-on-year primarily due to the end of a large asbestos management contract handled by its Adamson's Laboratory Services Ltd subsidiary.
The ALS unit was not able to secure sufficient work in the second half to offset the shortfall caused by the end of this contract, PHSC said.
PHSC said revenue did improve in the second half, but it is set to book a goodwill impairment charge for the full year which will mean its results will miss its expectations. The charge relates to the ALS subsidiary, given the difficult trading conditions the division faces.
Shares in PHSC were down 21% to 22.00 pence on the news, the worst performer in the AIM All-Share in early trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
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