PS&C cuts losses after offloading security arm

PS&C cuts losses after offloading security arm

Looks towards simplified and refocussed business

Robert Hogeland (PS&C)

Robert Hogeland (PS&C)

Credit: PS&C

Consulting firm PS&C Limited has eased into its recovery after cutting its half year losses by almost a half.

The firm, which recently sold its security arm to Tesserent for $16 million, closed the period ending 31 December 2019 with a loss after tax of $5.6 million, an improvement from last year’s $9.7 million.

Although revenue saw a marginal shrink of $800,000 down to $26 million, the company remained positive about its prospects as a “simplified and re-focussed” business, predicting full year revenue of $50 million.

EBITDA took a hit falling from $1.7 million for the 2018 half year to $1.2 million in the latest results. 

Having divested its Allcom Networks arm in November 2018, the publicly listed company will now simply offer recruitment and professional services from Melbourne using a fee-for-service model.

The results come off the back of PS&C’s acquisition of consultancy Respring, owner of the site, which will become the company’s first digital asset.

PS&C’s half year results come off the back of a $53 million loss for the previous financial year, which followed a write off of $49 million in goodwill.

This was immediately followed by the resignation by PS&C CEO Glenn Fielding, who had led the company since 2017.

Robert Hogeland, who was the managing director of Seisma, a company acquired by PS&C, has been leading the firm since then.

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