PHSC warns of 'adverse impact' from Covid-19 lockdowns

Environmental consultancy group PHSC warned on Wednesday that the Covid-19 pandemic had an "adverse impact" on its recently wrapped up trading year, though not to a "material extent".

While PHSC said the financial consequences of the outbreak would not be seen until 2020-21, the group warned that the extent of the damage caused by the coronavirus was "very difficult to quantify" at this stage due to the uncertainty of how the UK economy will emerge from the current restrictions.

As a result of the outbreak, PHSC has sought to reduce its costs and has taken advantage of Downing Street's coronavirus job retention scheme, with approximately half of its staff furloughed at any one time.

The AIM-listed group added that different subsidiaries had been affected in different ways - with units that ordinarily supply the leisure industry and the education sector being hit hard due to the aforementioned premises all effectively being closed.

For the year ended 31 March, PHSC said it expects group revenues to have slipped from £5.21m to approximately £4.43m, while underlying earnings were projected to have grown from £116,000 to £280,000.

As of 1000 BST, PHSC shares were down 10% at 9p.