(PHSC) PHSC

24 January 2012

PHSC PLC

Trading Update

PHSC plc ("the Company"), a leading provider of health, safety, hygiene and
environmental consultancy services to the public and private sectors, is
pleased to announce an update to the market on its performance up to the end of
the third quarter of its financial year.

Consolidated Group sales and EBITDA (per management accounts, unaudited) for
the nine months ended 31 December 2011 were as below:

Group sales and other income: GBP 3,240,847.

EBITDA: GBP 226,711.

Net assets stood at GBP 5,225,566. This included cash of approximately GBP
764,000 (2010: GBP 496,671).

Stephen King, CEO, said: "Despite a reduction in total revenues of around 11%
from the levels recorded at this stage in 2010/11, we have managed to achieve
an improvement in margins. Profits for the first nine months stood at GBP
226,711 before depreciation, amortisation of goodwill and tax, compared with
GBP 198,889 at the end of the third quarter in the previous financial year.

"The business continues to generate healthy cashflow. Our cash balance will
reduce by around 13 per cent once the final payment for the acquisition of
Quality Leisure Management Limited ("QLM") is made. The final payment is yet to
be calculated but it is based on QLM's adjusted earnings. A sum of GBP 100,000
was budgeted for in the purchase agreement and we do not expect a huge
deviation from that figure.

"In our last Annual Report I said that whilst conditions remain very difficult,
we anticipated an improvement to profits in 2011/12. Provided that performance
over our final quarter continues in a similar vein as the year to date, and
there is no reason to think this will not happen, we will deliver full-year
results in line with those management expectations."

-Ends-

For further information please contact:

PHSC plc
Stephen King 01622 717700
Stephen.king@phsc.co.uk
www.phsc.plc.uk

Northland Capital Partners Limited
(Nominated Adviser & Broker)
Gavin Burnell / Rod Venables 020 7796 8800
Alice Lane (Broking)



END

29 November 2011

PHSC PLC

("PHSC", "the Company" or "Group")

Interim Report 2011

GROUP CHIEF EXECUTIVE OFFICER'S STATEMENT

for the six months ended 30 September 2011

Financial Highlights

* Group turnover (consolidated) for the period was £2.135m compared with £
2.387m for the same period last year.

* EBITDA of £114k, compared with £106k for the same period last year.

* Basic earnings per share at the interim stage are 0.64p compared with 0.61p
achieved in the corresponding period last year.

* Net cash generated by operating activities was £242k (£120k generated in
the same period last year).

* Overall cash and cash equivalents stood at £805k at the end of the period
compared with £749k at the year ended 31 March 2011. Cash has increased
despite £207k paid out in dividends.

* Net asset value (unaudited) of £5.133m or 49p pence per Ordinary Share
compared to a current share price (mid) of 16p pence

Trading overview

The Group continues to trade profitably but does so against a backdrop of a
difficult marketplace where there appear to be fewer opportunities for
additional work and reductions in margins for new work that is won.

Each subsidiary has seen a reduction in revenues but has been able to
marginally improve the bottom line at the interim stage by prudent management
of costs. Financial statistics are given for each trading subsidiary later in
this statement.

The Board believes that the second half of the year will be significantly
better than the first, something that has consistently happened in previous
years. This is due to various factors, including the pattern of public sector
spending.

We have taken the decision to relocate our subsidiary Envex Company Limited
from rented offices in Berkshire to the Group-owned office of Adamson's
Laboratory Services Ltd in Essex. There will be net savings after the cost of
office closure has been offset against lower future overheads.

Costs of running the parent company have decreased by about 12% from £228,500
to £200,300 for the first half year as a result of directors agreeing to lower
salaries and other contributory factors. The Board continues to seek ways to
achieve savings.

Outlook

Whilst the level of long-term contracts continues to be fairly stable, the
volume of ad-hoc work is unpredictable and visibility is never more than a few
months ahead. The Board, however, remains reasonably optimistic that the
Company's performance over the full year will be broadly in line with what was
achieved in the previous year.

In our Annual Report we said that cost-cutting may lead to an overall
improvement in margins but cautioned that in a volatile marketplace there can
be no certainty. There are presently no signs of any increase in the level of
confidence that our clients have in their own prospects, meaning they are
cautious about allocation of budgets to services such as those we provide.

Dividend prospects

As in previous years, the Board is not recommending payment of an interim
dividend, but expects to propose an appropriate final dividend at the end of
the year.

Our special dividend of 1.0p, giving a total dividend of 2.0p per Ordinary
Share, drew positive responses from the majority of investors. The Board is not
averse to considering a similar distribution in relation to the current year,
subject to this being judged appropriate in all the circumstances.

Despite a cash outflow of £207k pertaining to the dividend payment mentioned
above, the Company's cash reserves stood £56k higher at the end of the period
compared with 31 March 2011.

Net Asset Value

As at 30 September 2011, the Company had net assets of £5.133m (unaudited) as
per these interim accounts. There were 10,381,973 Ordinary Shares in issue at
that date which equates to a net asset value (NAV) per share of 49 pence. At 16
pence per share the Ordinary Shares of the Company are currently trading at
approximately a 67% discount to the net asset value.

Performance by Trading Subsidiaries

Profit/loss figures for individual subsidiaries are stated before tax and
inter-company charges (including the costs of operating the plc which are
recovered through management charges to trading subsidiaries), interest paid
and received, depreciation and amortisation.

Adamson's Laboratory Services Limited
Invoiced sales of £947,271 yielding a profit of £18,929 (the figures for the
same period last year were £978,607 and £7,206).

Envex Company Limited
Invoiced sales of £65,136 yielding a profit of £8,761 for the period (the
figures for the same period last year were £85,336 and £27,420).

Inspection Services (UK) Limited
Invoiced sales of £126,111 yielding a profit of £10,901 (the figures for the
same period last year were £123,272 and £12,359).

Personnel Health and Safety Consultants Limited
Invoiced sales of £392,777 yielding a profit of £175,102 (the figures for the
same period last year were £462,650 and £202,706).

RSA Environmental Health Limited
Invoiced sales of £246,057 yielding a profit of £11,658 (the figures for the
same period last year were £367,847 and £15,942).

Quality Leisure Management Limited
Invoiced sales of £357,816 yielding a profit of £83,162 (the figures for the
same period last year were £369,239 and £62,104).

Stephen King - Group Chief Executive Officer



For further information please contact:

PHSC plc
Stephen King 01622 717700
www.phsc.plc.uk

Northland Capital Partners Limited
(Nominated Adviser and Broker)
Gavin Burnell / Rod Venables 020 7796 8800


Group Statement of Comprehensive Six Six Year
Income months months
ended
ended ended

30 Sept 30 Sept 31 Mar
11 10 11

Note Unaudited

£'000 £'000 £'000

Continuing operations

Revenue 2,135 2,387 4,814

Cost of sales (1,147) (1,324) (2,636)



Gross profit 988 1,063 2,178

Other income 2 4 66

Administrative expenses (899) (987) (1,917)



Profit from operations 91 80 327

Finance income 5 1 1

Finance costs - - -



Profit before taxation 96 81 328

Corporation tax expense (29) (19) (89)

Profit after taxation and total
comprehensive income

from continuing operations 67 62 239

Profit after taxation and total 67 62 239
comprehensive income

Attributable to:

Equity holders of the Group 67 62 239

Earnings per share for profit after tax and
total comprehensive income from continuing
operations

attributable to the equity holders of the
Group during the period


Basic 4 0.64p 0.61p 2.33p


Group Statement of Financial Position 30 Sept 30 Sept 31 Mar
11 10 11

Unaudited

Note £'000 £'000 £'000

Non-current assets

Property, plant and equipment 3 795 829 817

Goodwill 3,315 3,313 3,315

Deferred tax asset 1 5 1

4,111 4,147 4,133

Current assets

Inventories 2 2 2

Trade and other receivables 1,096 1,481 1,382

Cash and cash equivalents 805 587 749

1,903 2,070 2,133

Total assets 6,014 6,217 6,266

Current liabilities

Trade and other payables 598 643 756

Current corporation tax payable 102 47 56

Short term provisions 100 250 100

800 940 912

Non-current liabilities

Long-term provisions - 100 -

Deferred taxation liabilities 81 80 81

81 180 81

Total liabilities 881 1,120 993

Net assets 5,133 5,097 5,273

Capital and reserves attributable to
equity

holders of the Group

Called up share capital 1,038 1,038 1,038

Share premium account 1,497 1,497 1,497

Capital redemption reserve 144 144 144

Retained earnings 2,454 2,418 2,594

5,133 5,097 5,273

Group Statement of Changes
in Equity

Share Share Capital Retained Total
Capital
Premium Redemption Earnings

Reserve

£'000 £'000 £'000 £'000 £'000

Balance at 1 April 2010 1,038 1,497 144 2,449 5,128

Profit for the period - - - 62 62
attributable to equity
holders

Dividends - - - (93) (93)



Balance at 30 September 2010 1,038 1,497 144 2,418 5,097

Balance at 1 April 2011 1,038 1,497 144 2,594 5,273

Profit for the period - - - 67 67
attributable to equity
holders

Dividends - - - (207) (207)



Balance at 30 September 2011 1,038 1,497 144 2,454 5,133

Group Statement of Cash Flows Six Six Year
months months

ended ended ended

30 Sept 30 Sept 31 Mar
11 10 11

Unaudited

£'000 £'000 £'000

Cash flows from operating activities

Cash generated from operations 242 120 616

Tax refunded/(paid) 17 (146) (203)

Net cash generated from/(used by) 259 (26) 413
operating activities

Cash flows used in investing activities

Purchase of property, plant and equipment (1) (17) (33)

Purchase of subsidiary companies - 11 (250)

Disposal proceeds fixed assets - 1 1

Interest received 5 1 1

Net cash used in investing activities 4 (4) (281)

Cash flows used in financing activities

Dividends paid to group shareholders (207) (93) (93)

Net cash used in financing activities (207) (93) (93)

Net increase/(decrease) in cash and cash 56 (123) 39
equivalents

Cash and cash equivalents at beginning of 749 710 710
year

Cash and cash equivalents at end of year 805 587 749

Notes to the cash flow statement

Cash generated from operations

Operating profit - continuing operations 91 80 327

Depreciation charge 23 25 51

Loss on sale of fixed assets - 1 10

Decrease in trade and other receivables 285 235 335

Decrease in trade and other payables (157) (221) (107)

Cash generated from operations 242 120 616

Notes to the Financial Statements

1.

These interim financial statements for the period ended 30 September 2011 have
been prepared in accordance with International Financial Reporting Standards
(IFRSs). The Group financial statements consolidate the financial statements of
PHSC plc and all its subsidiary undertakings made up to 30 September 2011.

All companies in the Group use sterling as presentational and functional
currency.

The information presented within these interim financial statements is in
compliance with IAS 34 "Interim Financial Reporting". This requires the use of
certain accounting estimates and requires that management exercise judgement in
the process of applying the Group's accounting policies. The areas involving a
high degree of judgement or complexity, or areas where the assumptions and
estimates are significant to the interim financial statements are disclosed
below:

(a) Provisions

The Group recognises a provision where a legal or constructive obligation
exists at the balance sheet date and a reliable estimate can be made of the
likely outcome. A £100,000 liability has been provided within short term
provisions relating to the payment due on the second anniversary of the
acquisition of Quality Leisure Management.

(b) Impairment of goodwill

The Group Chief Executive Officer's Statement refers to the difficulty in
evaluating future trading volumes and profitability in respect of each
subsidiary company in the current economic climate. For this reason the Board
is to defer any decision regarding the impairment of goodwill until the year
end.

The financial information contained in this report, which has not been audited,
does not constitute statutory accounts as defined by Section 434 of the
Companies Act 2006. The Group's statutory financial statements for the year
ended 31 March 2011, prepared under IFRS have been filed with the Registrar of
Companies. The auditors' report for the 2011 financial statements was
unqualified and did not contain a statement under Section 498 (2) or (3) of the
Companies Act 2006.

Notes to the Financial Statements
(continued)

30 Sept 30 Sept 31 Mar 11
11 10

Unaudited

2 Segmental Reporting £'000 £'000 £'000

Revenue

PHSC plc - - -

Personnel Health & Safety 393 463 928
Consultants Ltd

RSA Environmental Health Limited 246 368 661

Adamson's Laboratory Services Ltd 947 979 2,095

Envex Company Ltd 65 85 177

Inspection Services Ltd 126 123 247

Quality Leisure Management Ltd 358 369 706

2,135 2,387 4,814

Profit/(loss) after taxation

PHSC plc (13) - 9

Personnel Health & Safety 77 95 134
Consultants Ltd

RSA Environmental Health Limited 4 6 4

Adamson's Laboratory Services Ltd (53) (89) (1)

Envex Company Ltd 2 16 32

Inspection Services Ltd 4 4 5

Quality Leisure Management Ltd 46 30 56

67 62 239

Total assets

PHSC plc 4,334 4,280 4,035

Personnel Health & Safety 670 697 746
Consultants Ltd

RSA Environmental Health Limited 584 605 602

Adamson's Laboratory Services Ltd 1,027 1,237 1,335

Envex Company Ltd 89 93 110

Inspection Services Ltd 148 161 167

Quality Leisure Management Ltd 200 186 309

7,052 7,259 7,304

Adjustment of goodwill (1,038) (1,042) (1,038)

6,014 6,217 6,266


Notes to the Financial Statements 30 Sept 11 30 Sept 10 31 Mar 11
(continued)

Unaudited

3 Property, plant and equipment £'000 £'000 £'000

Cost or valuation

Brought forward 1,158 1,159 1,159

Additions 1 17 33

Disposals - (11) (34)

Carried forward 1,159 1,165 1,158

Depreciation

Brought forward 341 320 320

Charge 23 25 51

Disposals - (9) (30)

Carried forward 364 336 341

Net book value 795 829 817

4 Earnings per share

The calculation of the basic earnings per share is based on the following
data:

Earnings 30 Sept 11 30 Sept 10 31 Mar 11

£'000 £'000 £'000

Unaudited

Continuing activities 67 62 239

Number of shares 30 Sept 11 30 Sept 10 31 Mar 11

Weighted average number of shares for the
purpose

of basic earnings per share 10,381,973 10,276,019 10,381,973

Effect of dilutive warrants - 29,949 -

Weighted average number of shares for the
purpose

of diluted earnings per share - 10,305,968 -



END

21 October 2011

PHSC plc

Notification of Shareholding

PHSC plc (the "Company") announces that following the disaggregation exemption
notified to the FSA under the Disclosure and Transparency Rules on 17 October
2011, AXA SA and its subsidiary notifying Group entities, acting independently
from their parent and from each other, no longer have any reportable holdings
in PHSC plc on a Group aggregated basis. However, AXA Investment Managers SA
retains a holding of 641,509 ordinary shares in the Company on a Group
disaggregated basis as an independent Group subsidiary. This holding represents
6.18% of the issued ordinary share capital of PHSC plc.

For further information please contact:

PHSC plc

Stephen King 01622 717700

www.phsc.plc.uk

Northland Capital Partners Limited

Gavin Burnell / Rod Venables 020 7796 8800

Katie Shelton (Broking)



END

7 September 2011

PHSC plc

Result of AGM

The directors wish to announce that at the Annual General Meeting of PHSC plc
held at The Old Church, 31 Rochester Road, Aylesford, Kent ME20 7PR today at
10.00am all the resolutions proposed were duly passed.

For further information please contact:

PHSC plc

Stephen King 01622 717700

www.phsc.plc.co.uk

Northland Capital Partners Limited

Gavin Burnell / Rod Venables 020 7796 8800

Katie Shelton (Broking)



END