Health, safety and environmental services provider PHSC reported lower interim revenues but a small improvement in profit.
Revenues fell from £2.39m to £2.14m in the six months to September 2011. All of the divisions reported lower or flat revenues. Pre-tax profit improved from £81,000 to £96,000.
The main improvement in profit was due to a higher contributions from Quality Leisure Management, which provides services to the sport and leisure sectors, and Adamsonís Laboratory Services.
Strong cash generation meant that PHSC had £805,000 in the bank at the end of September 2011. PHSC says that it will also consider another special dividend in the future. Last yearís special dividend of 1p a share took total dividends to 2p a share. PHSC announces its dividend with the full year results. The outcome is likely to be similar to last year when revenues were £4.81m and profit was £328,000.
New work is being won on lower margins. The normal trading pattern where the second half is stronger than the first half is likely to continue this year.
At 16.5p a share, PHSC is valued at £1.71m. That compares with a book value of the company of 49p a share. Even if goodwill is excluded, the NAV of PHSC is £1.82m.
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