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Annual Report 2008

01 September 2008

Directors’ report for the year ended
31March 2008 (continued)
Financial review
Results for the year

PHS has increased turnover by 12.5% to £305.8m (2007: £271.9m) and operating profit before exceptional costs
by 12.3% to £88.2m (2007: £78.5m). Exceptional items relating to the integration of acquisitions of £2.0m
(2007: 1.0m) were incurred in the year, leading to an increase of 11.1% in operating profit to £86.2m (2007:
£77.6m).
The adjusted pre-tax result for the financial year before interest payable on shareholder loan notes and one-off
amortisation charges has increased by 3.8% to £12.2m (2007: £11.8m). Net interest payable for the financial year is
£124.4m (2007: £110.9m), resulting in a pre-tax loss of £38.2m (2007: £33.3m). Included in the interest charge, are
amounts payable on shareholder loan notes of £38.3m (2007: £45.1m) and one-off accelerated amortisation charges
relating to issue costs arising from a refinancing of the group during the year of £12.2m (2007: £nil).
Before interest payable on shareholder loan notes and one-off amortisation charges, the result is a profit of £12.6m
(2007: £7.5m). The tax credit for the period was £0.3m (2007: £4.3m), resulting in a loss for the financial year after
taxation of £37.9m (2007: £37.6m).

For a full version of this report, download a copy of our 2008 Annual Report.

Annual Report 2008: PHS Group Holdings1.pdf (194k)

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