PHSC's half-year turnover rises after acquisitions

5th Dec 2013 09:42

Health and safety training company PHSC reported a 79 per cent rise in first half turnover of 3.94m pounds.Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped to £359,000 in the six months through September from £136,000 in the prior year.The company said its focus during the period was to integrate new businesses QCSInternational Limited and B to B Links Limited.QCS International Limited traded ahead of management forecasts, and the outlook for their quality systems auditing and training services "remains encouraging".At B to B Links, on-going CCTV installation work for a major department store chain continues. The business has generated average monthly revenues of more than £140,000 in the period, up from £75,000 per month in the first six months after acquisition.The remaining five subsidiaries, which deal predominantly in health and safety consultancy and training services and asbestos management, have had mixed results. In September the company announced it had raised £520,000 before expenses through a placing of 2,080,000 new Ordinary Shares at a price of 25p per share. The net proceeds of £480,000 will be used as additional working capital to fund the continued growth of the group."The board felt that it was appropriate to accept significant new funding at a time when its cash flow was under pressure as a result of acquisition payments," the company said.The firm added that it was on track to meet its EBITDA 2013/14 target of between £700,000 and £750,000.Shares rose 7.81% to 34.50p at 10:23 on Thursday.RD