FIELD SYSTEMS DESIGNS HOLDINGS PLC - Half-year Report PR Newswire

FIELD SYSTEMS DESIGNS HOLDINGS PLC                                               

INTERIM RESULTS

The Board of Field Systems Designs Holdings plc (FSD), a specialist installation and engineering Group providing mechanical and electrical installation in the water, power, and waste industries, announces its interim results for the six months to 30 November 2018.

OVERVIEW

The results for the first six months of this financial year reflect level turnover and reduced profits compared to the prior period, reflecting the continued impact of the Group’s dealings with its customer on Energy from Waste (EfW) projects where commercial difficulties are being encountered. The opening order book included two large projects from the EfW sector; these projects were on target to be completed during the 2018 financial year however programme extension persists.

Gross profit margins remain impacted by the ongoing difficulties in recovering value from variations and the costs associated with programme extension, a situation which is likely to remain until the projects can be completed, closed out, and the deserved recompense received for the efforts expended.

The current AMP6 (Sixth Asset Management Programme in the Water Industry) runs until April 2020. The water utilities have now mostly concluded their MEICA frameworks with different approaches to their mechanisms and methodologies of spend. Sales volumes in the Water Industry have been strong during this period.

Operating profits fell from the comparative period and the consolidated results for the six months to 30 November 2018 show group turnover of GBP11.8million (2017 GBP12million) with a group profit after tax of GBP46,000 (2017 GBP168,000).

There remains no pension fund deficit on a FRS102 accounting basis, having now met this encouraging milestone, however a significant deficit remains on the more stringent actuarial valuation basis whose results have been reviewed by the actuary as at March 2018 and are expected to be released shortly.

OUTLOOK

FSD’s sales effort remains committed to the water and EfW sectors. The Board expect the anticipated value of new orders in the water sector to become more uncertain as the remaining time to the end of the current AMP reduces and timing of new work in the EfW sector is difficult to predict. The order book however remains strong and the balance sheet sound. The directors believe that the group remains well positioned for the future.

N Billings

Managing Director

28 February 2019

FIELD SYSTEMS DESIGNS HOLDINGS PLC                                              

UNAUDITED COMPREHENSIVE INCOME STATEMENT

for the six months ended 30 November 2018


                                        2018     2017

                                        £’000    £’000

TURNOVER                                11,815   12,046

Cost of sales                           (11,188) (11,238)

                                        _______  _______

GROSS PROFIT                            627      808

Net operating expenses                  (567)    (596)

                                        _______  _______

OPERATING PROFIT                        60       212

Interest receivable and similar income  3        -

Interest payable and similar charges    (1)      (1)

                                        _______  _______

PROFIT ON ORDINARY

ACTIVITIES BEFORE TAXATION              62       211

Taxation                                16       43

                                        _______  _______

PROFIT ON ORDINARY

ACTIVITIES AFTER TAXATION               46       168

                                        ======   ======

Other comprehensive income              (40)     (30)

                                        _______  _______

TOTAL COMPREHENSIVE INCOME

FOR THE PERIOD                          6        138

                                        ======   ======

EARNINGS PER SHARE

Basic                                   0.9p     3.1p

                                        ======   ======



NOTES:

1.         The directors of Field Systems Designs Holdings plc accept responsibility for this announcement.

2.         This interim statement has neither been audited, nor reviewed by our auditors, Mazars LLP.

FIELD SYSTEMS DESIGNS HOLDINGS PLC                                             

UNAUDITED GROUP STATEMENT OF FINANCIAL POSITION

As at 30 November 2018


                                                  2018     2017

                                                 £’000    £’000

FIXED ASSETS

Tangible assets                                    575      539

CURRENT ASSETS

Stock                                               37       21

Debtors                                          7,770    7,346

Cash at bank and in hand                         4,184    3,341

                                              ________ ________

                                                11,991   10,708

                                              ________ ________

CREDITORS

Amounts falling due within one year              8,961    7,884

                                              ________ ________

NET CURRENT ASSETS                               3,030    2,824

                                              ________ ________

TOTAL ASSETS LESS CURRENT

LIABILITIES                                      3,605    3,363

CREDITORS

Amounts falling due after more than one year         8       20

PROVISION FOR LIABILITIES

Deferred tax                                        39       31

Post-Employment Employee Benefits                    -        -

                                              ________ ________

NET ASSETS                                       3,558    3,312

                                               =======  =======

CAPITAL AND RESERVES

Called up share capital                            569      569

Share premium account                              159      159

Reserves                                         2,830    2,584

                                              ________ ________

TOTAL SHAREHOLDERS’ EQUITY                       3,558    3,312

                                               =======  =======