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PHSC has seen a £1.15 million fall in revenue for the year ended 31 March 2021, largely impacted by the Coronavirus pandemic, according to it s unaudited management accounts.
The company has it had been "heavily reliant" upon the Coronavirus Job Retention Scheme in the first half, but less so in the second half, and income under that scheme along with grant funding totalled approximately £440,000 for the financial year to 31 March 2021.
Its health and safety division saw increased activity over the financial year in certain operational segments, such as risk assessment, but was unable to service many clients in the leisure and education sectors due to the requirement for their premises to close or to operate at a reduced capacity as a result of COVID-19 restrictions.
The security division, which is primarily a supplier to the retail sector, continued to suffer as a consequence of lockdown and the closure of non-essential retail, however, with grant funding and the Coronavirus Job Retention Scheme contribution, it was able to operate at breakeven. There were also certain corporate failures of clients such as Debenhams and Edinburgh Woollen Mill, which resulted in the write-off of certain amounts due to the group.
Current bank balances (as at 12 May 2021) stand at approximately £1.2 million, providing the group with a strong cash position.