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PSG Solutions
- BY: Andrew Hore |
- POSTED: 30/06/2008 |
PSG Solutions faces a tough year because of the poor housing market.
Pre-tax profit edged down from £3.52m to £3.24m on flat turnover of £14.5m in the year to March 2008. PSG may struggle to achieve profits of £2.4m this year.
PSG’s core business is property search and HIPs provision. This is a franchised business and it held up well last year. The fall in profits was down to a small dip in contribution from specialist packaging company Moore & Buckle and a near halving of profit from surveillance equipment maker Audiotel. Those are both non-core activities.
Chairman Jonathan Mervis believes that this is the ideal time to add additional services to the property side of the business. Vincent Tchenguiz is a major shareholder and he may be able to help PSG expand in this area. Conveyancing is one area that the company could move into.
The shares fell 2.5p to 51p, valuing the company at £13.5m.
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