Summary mid-year update

The directors of PCS Group Topco Limited are pleased to present a mid-year update for 2023.

The year’s trading has started strongly, and the business has performed well despite the current macro-economic environment, with results in line with management expectations going into the year.

Focus for the first half of the year has been on integration and stabilisation of the combined businesses post-acquisition by the new owners. The Phase 1 integration is fully on track, as we move confidently onto Phase 2. The Company has continued to leverage its expertise, heritage, and values to provide clients with critical and essential cleaning, security, and other facilities services, and continued to evolve to meet the changing needs of our clients. Inflationary pressures have been managed effectively across the business, supported by strong contracting disciplines and margin protection initiatives.

Under new ownership, the Group is well positioned for the future and will continue to adapt to changing markets and environments to make the most of the opportunities for growth in its priority sectors, geographies, and service lines, continuing to provide consistent and reliable support for our clients and grow with them as the global economy recovers.

The business continues the track record of positive cash generation. The stringent management of cash, whilst meeting all obligations, continues to be a source of strength for the business and the directors are confident that the performance in the second half of the year will continue to be positive.