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PSG Solutions

  • BY: Andrew Hore |
  • POSTED: 30/11/2010 |

Property searches provider PSG Solutions fell into loss in the six months to September 2010 because of the low level of property transactions.

Property information services swung from an operating profit of £289,000 to a loss of £197,000 as its revenues declined from £3.06m to £2.7m. The abolition of Home Information Packs (HIPs) did not help. However, PSG has been getting more search business passed on by solicitors since the demise of HIPs.

PSG has restructured its energy performance certificates business PSG Energy because of weak demand. Government regulations are required to push this business forward.

Audio surveillance products supplier Audiotel also fell into loss as many of its customers reduced their budgets. The order book has improved and the second half tends to be stronger.

The one bright spot was the Moore & Buckle flexible packaging business, which increased its profit contribution from £106,000 to £142,000.

Group revenue declined from £4.77m to £4.13m, while a pre-tax profit of £349,000 was turned into a loss of £315,000. Higher stock levels meant that working capital requirements increased despite the fall in revenues.

There is net cash of £3.45m. At 21.5p a share, down 2p, PSG is valued at £5.57m. Management is considering returning cash to shareholders.

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