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 and maintenance services in the water, power, waste, security, commercial and transport industries, announces its interim results for the six months to 30 November 2017.

OVERVIEW

The results for the first six months of this financial year reflect increased turnover and profits compared to the prior period, reflecting continued improved trading conditions.

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 and the spend is set to continue until AMP7.

The opening order book included several large projects using Incineration, Gasification and Biomass technologies, from the Energy from Waste (EfW) sector. These projects are on target to be completed during the 2018 financial year. Despite FSD now working on its 10th EfW project, the recent decisions by prominent Engineering, Procurement and Construction (EPC) contractors to not pursue further opportunity from the EfW sector has reduced the EfW opportunities available to FSD in the short-term.

Gross profit margins were reduced from the prior period reflecting the ongoing difficulties in recovering value from variations and programme extensions, a situation which is likely to remain all the time that significant customer-driven changes in scope and programme extensions persist.

There remains no pension fund deficit on a FRS102 accounting basis, having met this encouraging milestone last year, however a significant deficit remains on the more stringent actuarial valuation basis which will next be reviewed in March 2018.

Operating profits improved from the comparative period and the consolidated results for the six months to 30 November 2017 show group turnover of GBP12million (2016 GBP8.5million) with a group profit after tax of GBP168,000 (2016 GBP92,000).

OUTLOOK

FSD’s sales effort is committed to both the water sector and towards new markets including EfW. The Board expect volumes in the water sector to continue to improve, but the timing of release of EfW work is more 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.

P J Haines
Managing Director
28 February 2018



FIELD SYSTEMS DESIGNS HOLDINGS PLC                                              

UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30 November 2017


                                          2017    2016

                                         £’000   £’000

TURNOVER                                12,046   8,473

Cost of sales                         (11,238) (7,902)

                                       _______ _______

GROSS PROFIT                               808     571

Net operating expenses                   (596)   (449)

                                       _______ _______

OPERATING PROFIT                           212     122

Interest payable and similar charges         1       8

                                       _______ _______

PROFIT ON ORDINARY

ACTIVITIES BEFORE TAXATION                 211     114

Taxation                                    43      22

                                       _______ _______

PROFIT ON ORDINARY

ACTIVITIES AFTER TAXATION                  168      92

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

Other comprehensive income                (30)    (12)

                                       _______ _______

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR[LH1]                          138      80

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

EARNINGS PER SHARE

Basic                                     3.1p    1.7p

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




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 CONSOLIDATED BALANCE SHEET
As at 30 November 2017


                                                  2017     2016

                                                 £’000    £’000

FIXED ASSETS

Tangible assets                                    322      958

Investment property                                217      756

CURRENT ASSETS

Stock                                               21       19

Debtors                                          7,346    5,399

Cash at bank and in hand                         3,341    2,287

                                              ________ ________

                                                10,708    7,705

                                              ________ ________

CREDITORS

Amounts falling due within one year              7,884    6,454

                                              ________ ________

NET CURRENT ASSETS                               2,824    1,251

                                              ________ ________

TOTAL ASSETS LESS CURRENT

LIABILITIES                                      3,363    2,965

CREDITORS

Amounts falling due after more than one year        20       34

PROVISION FOR LIABILITIES

Deferred tax                                        31        4

Post-Employment Employee Benefits                    -        -

                                              ________ ________

NET ASSETS                                       3,312    2,927

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

CAPITAL AND RESERVES

Called up share capital                            569      569

Share premium account                              159      159

Reserves                                         2,584    2,199

                                              ________ ________

SHAREHOLDERS’ EQUITY                             3,312    2,927

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