PHSC PLC (LON:PHSC) shares zipped higher on Wednesday morning after the health and safety services provider posted a rise in first-half earnings thanks to the sale of one of its offices in Essex.
The company, which provides health and safety training courses and risk assessments among other things, bagged £150,000 from the disposal of the property, which used to be the headquarters of its asbestos management arm.
That sale meant underlying earnings (EBITDA) rose to £285,000 in the six months ended September 30, compared with £197,000 at the half-way stage in 2017.
The bottom line boost came despite a tail-off in group turnover, which fell to £2.90mln (H1 17: £3.72mln), largely due to a reduction in revenues from the group’s security division.
But PHSC, which saw its cash balance jump to £583,000 (H1 17: £129,000) in the period, unveiled a 0.5p interim dividend, as a result of the one-off gain from the property disposal.
Looking ahead, PHSC is expecting a quiet month or so for its core security division, which is heavily weighted towards the retail sector.
With Christmas just around the corner, it is unlikely that many stores will want extensive work carried out as they approach their busiest time of year.