PHSC Reports Swing to Pretax Profit for Fiscal 2023

Shares Soared 38%

PHSC, the London-listed consultancy services and security solutions provider, announced a significant swing to pretax profit for fiscal 2023, which resulted in a surge in their shares. The company highlighted that it did not incur any impairments during this period and revealed that its board is currently deliberating on a third share buyback program.

Shares of PHSC rose by 5.50 pence, or 38%, reaching 20 pence at 0717 GMT.

Financial Performance

For the year ended March 31, PHSC reported a pretax profit of £304,598 ($389,367). This marks a notable turnaround from the previous year's loss of £577,798. It is important to note that, in fiscal 2022, the company experienced a goodwill impairment of £793,418 associated with its security division.

Furthermore, the company's revenue decreased slightly to £3.4 million, compared to the previous year's £3.6 million.

Dividend Proposal

In light of their improved financial outlook, the board of PHSC has recommended a final dividend of 1.0 pence per share. This brings the total dividend for the year to 1.5 pence, up from 1.0 pence in the previous year.

Future Outlook

Despite a slow start to the first quarter, PHSC remains optimistic about fiscal 2024. They believe it has the potential to be another successful year. To counteract the additional costs they are currently facing, the company intends to implement price increases to their fee rates wherever feasible.