PHSC’s previously announced purchase of Guardian Water Treatment is not going to happen.
The health and environmental services company was going to pay up to £2.15m for Guardian, provides water tank disinfection and cleaning plus water treatment services. It would have been a significant acquisition for PHSC. Guardian generated profits of £263,000 on revenues of £2.1m in the year to March 2007.
Guardian’s owners now think it is not in their best interests to sell at the moment. PHSC’s shares have lost more than one-fifth of their value in the past couple of months. However, following this announcement they rose 5.5p to 48p.
PHSC will turn its attention to other potential targets.
Sales increased by 10% to £3.68m in the nine months to December 2007. Pre-tax profits were 60% ahead at £555,000.
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