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PSC on course to meet earnings target despite disruption

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PSC Insurance Group says its business is performing according to guidance set before the virus pandemic broke out in March and remains on course to meet its earnings forecast for this financial year.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) in the 10 months to April “remains in line with expectations”, and is about 35% higher from a year earlier, the broker says in a trading update.

With two months to go before the current financial year ends, the business expects to achieve more than $57 million in underlying EBITDA, as previously flagged at its recent AGM.

As an added measure, PSC said it has undertaken a review of “the costs in the business and have tightened those where appropriate” in light of the current economic situation.

“The benefit of these changes will largely flow into the FY2021 year results,” PSC says. “We have positive expectations for revenue and know that it will also benefit from the first full year of contribution from the acquisitions made in [this financial year].”