- PSC Insurance Group (PSI) is in line with its 2020 financial goals, despite the current market disruptions from COVID-19
- The company is expecting to achieve its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) goal it set at the start of the financial year
- Currently, April’s revenue is above the prior year and May and June are expected to be big months for the business in both Australia and the U.K.
- The company will provide a further update on its finances in May
- On market close, PSC is up 10.1 per cent and is selling shares for $2.40 each
PSC Insurance Group (PSI) is in line with its 2020 financial goals, despite the current market disruptions from COVID-19.
The company is expecting to achieve its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) goal it set at the start of the financial year.
Cash collections throughout the year, including March and beginning of April, is consistent with PSC’s normal rate.
Currently, April’s revenue is above the prior year and May and June are expected to be big months for the business in both Australia and the U.K.
The company will provide a further update on its finances in May.
“We remain committed to our guidance for the full year as indicated at our AGM being an Underlying EBITDA of over $57 million,” the company said.
PSC says it is creating various solutions for clients that are facing difficulties, however, the clients needing this support is quite small.
The company’s employees are currently working from home and is assisting clients in remote locations.
In February, the company purchased Perth based company, Ultimate Saftey Solutions Australia (USSA), for $698,000. USSA is a health, safety, environment and quality consultancy business, which has been operating since 2007.
On market close, PSC is up 10.1 per cent and is selling shares for $2.40 each.