Trading update

24 January 2012

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.

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:

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

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