PHSC

Phsc PLC

Industrial Goods and Services First-pass screen £0.82m

330/1000 Overall fit

AI beneficiary 35% 35

Operating leverage 25% 28

Valuation 25% 30

Downside protection 15% 42

First-pass take

Revenue declined 15% to £3.22m, EBITDA collapsed 91% (£510k→£44k), and the company posted a £126k loss. AI/software initiatives are early-stage with no revenue contribution; Safety Division mentions 'implementing' AI tools and Security Division has an AI camera 'in development.' Leadership transition (CEO departed Jan 2025, strategic reset underway) adds uncertainty. While net cash (~£334k after lease liabilities) provides cushion, cash reserves declined 11% YoY and going concern depends on a £50k overdraft facility subject to review Oct 2025.

Flags

loss-makingrevenue-declineno-valuation-datagoodwill-impairmentsmargin-compressioncash-burnstrategic-resetcyclical-exposuremanagement-turnoverrefinancing-risk