News blog
PHSC
- BY: Andrew Hore |
- POSTED: 31/12/2009 |
Health, safety and environmental services provider PHSC is buying Quality Leisure Management, which provides services to the sport and leisure sectors.
PHSC is paying an initial £200,000 plus 105,954 shares for Gloucestershire-based QLM, which owns the QLM Leisuresafe certification brand. There are also £40,000 of non-cash assets being bought and there will be a payment for any cash in the business. A further £200,000 is payable at the end of 2010. A further payment will be made based on the average annual pre-tax profit for the two years after acquisition. The maximum payment is £200,000, which is payable if the average annual profit is at least £200,000. QLM made adjusted profits of around £100,000 on revenues of £825,000 in 2009.
The acquisition will widen PHSC’s client base. PHSC reported an 8% decline in revenues to £2.21m in the six months to September 2009. There would have been a bigger decline without an initial interim contribution from Inspection Services (UK), which inspects lifts and compressors.
Pre-tax profit fell from £204,000 to £172,000. The business generated £297,000 in cash from operations. Net cash was £872,000 at the end of September 2009. A final dividend will be announced with the full year figures. Last year’s dividend was 0.85p a share.
At 19.5p a share, PHSC is valued at £2.06m.
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