News blog
PSG Solutions
- BY: Andrew Hore |
- POSTED: 26/11/2007 |
A weak house market and the staged launch of Home Information Packs combined with a dip in electronic equipment sales meant PSG Solutions reported flat interim profits.
The core business is property searches and PSG is in a strong position to win market share in HIPs. This is a franchised operation with 83 franchisees. The property search services business increased its turnover slightly in the six months to September 2007.
Although PSG is predominantly a property search business it is still something of a mini-conglomerate, including counter-surveillance equipment developer Audiotel and short-run packaging manufacturer Moore & Buckle. The reason for the fall in group turnover from £7m to £6.77m is poor first half sales by Audiotel, which also slipped into loss. Pre-tax profits edged down from £1.54m to £1.48m.
Full year profits are expected to be slightly lower than £3.52m reported in the year to March 2007. Audiotel will find it difficult to replicate its contribution of £523,000 last year even though it should be profitable for the year as a whole.
Uncertainty about HIPs has held back PSG’s progress but it is well-placed to take advantage from their full launch on 14 December. PSG receives at least £10 from each HIP sold by a franchisee.
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