Phsc plc
PHSC plc is an AIM-listed (company no. 04121793) UK specialist services group helping organisations manage risk, strengthen compliance and operate with greater confidence. It operates through four areas - Safety (health & safety consultancy, occupational hygiene, statutory inspections), ISO Systems (ISO consultancy, auditing, certification-readiness), Security (retail-focused product protection, CCTV, footfall counting via B2BSG) and PHSC Academy (training) - delivered through a number of UK trading subsidiaries.
11 annual reports read, FY2016 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (11)
FY2027Next report expected 8 Aug 2027
- Open the reportJSONComing soonSixty seconds on the FY2026 report
PHSC plc helps UK organisations manage health and safety, quality standards and retail security. In the year to 31 March 2026, revenue edged up to £3.3m from £3.2m, but the loss before tax widened to £383k from £127k the year before. The safety business grew, and sales in the second half of the year were ahead of the first, but the security business had a difficult year. Profit was also hit by one-off costs of £129,593, mostly from reorganising the board, and a £147,861 write-down in the value of a business it had bought. A gain from selling a spare property partly offset these. Cash at the year end was £385k, down from £435k, and the company had no borrowings. No money was raised from shareholders and no dividend was paid for the year. Management called it "a year of transition, reset and early progress" but not a full recovery, and plans to build more regular, repeatable income. The directors believe the company has enough money to keep going, and the auditor signed off the accounts without qualification.
From the reportevery line sits on the page it namesWhat drove revenueSafety division momentum
Safety division revenue growth of 12.8%, the clearest area of divisional progress, reflecting quality of client relationships and continued demand for practical health and safety support
page 7AndSecond-half commercial execution
H2 revenue was 10% ahead of H1, reflecting improving commercial focus, planning and execution
page 6What moved the marginheadwindNon-recurring board reorganisation and legal/professional costs of £129,593
Non-recurring costs relating to Group restructure, which management does not expect to repeat in the current financial year
page 14AndheadwindGoodwill impairment of RSA Environmental Health Limited
£147,861 goodwill impairment recognised as forecast RSA profits were insufficient to support carrying value
page 52What management saidFY26 was a year of transition, reset and early progress. It was not a year of full recovery, and the statutory financial results make clear that there is still work to be done.
page 6After the year endNone disclosed - the Directors' Report states there have been no events since the financial year end that are required to be disclosed in the report
page 19The dividendNo interim dividend was declared at the half year, and no final dividend is proposed for FY26, citing underperformance in H1 and the need for ongoing targeted investment. The Board keeps dividend policy under review, with any return to dividends dependent on business performance and availability of sufficient distributable reserves.
page 19Going concern and the auditDirectors adopted the going concern basis. Despite a net cash outflow from operating activities (reflecting non-recurring costs of £129,593 and Security division underperformance), the Board is satisfied that existing cash reserves, augmented by proceeds from the January 2026 sale of the Raunds property, plus a £50,000 overdraft facility (secured by debenture, next reviewed October 2026 and not relied upon as a primary funding source), provide sufficient resources for the foreseeable future (forecasts to 31 July 2027). Auditor Crowe U.K. LLP (Darren Rigden, Senior Statutory Auditor) gave an unmodified/unqualified opinion that the financial statements give a true and fair view, with three Key Audit Matters: goodwill impairment, impairment of investments in subsidiaries (parent only), and recovery of intercompany balances.
page 18The risks it names first- People risk - shortage of qualified/experienced professionals creating recruitment, retention and succession risk; reliance on technical expertise and trusted client relationshipsp.15
- Technology risk - dependence on systems for service delivery, client management, scheduling and reporting; failure to implement/adopt new systems (CRM etc.) could weaken operational efficiency and pipeline visibilityp.15
- Cyber, data protection and information security risk, including AI-related risks around accuracy, confidentiality and data protection in client-facing workp.15
- Regulatory and marketplace risk - changes in regulation, enforcement priorities or client spending could reduce demand for servicesp.16
Read from C001005-AR-2026-ch.
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