FIELD SYSTEMS DESIGNS HOLDINGS PLC - Half-yearly Report
Announcement provided byField Systems Designs Holdings plc · FSD
FIELD SYSTEMS DESIGNS HOLDINGS PLC INTERIM RESULTS
The Board of Field Systems Designs Holdings plc, 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 2014. OVERVIEW The first six months of this financial year produced results reflecting tough trading conditions as turnover volumes reduced significantly. The current AMP5 (Asset Management Programme) runs for five years from April 2010and consequently is now in decline until AMP6 commences in April 2015. Gross profits again came under pressure due to difficulties in recovering additional value from variations to project works, particularly in the Water Sector as Water Utilities' Tier 1 contractors commence re-planning for the next Asset Management Programme. Nevertheless operating profits were maintained by improving gross margins against the prior year's operating experience. The consolidated results for the six months to 30 November 2014show group turnover of GBP5.5million(2013 GBP7.3million) with a group profit after tax of GBP7,000(2013 GBP5,000). OPERATIONS The Group remains reliant on the fortunes of the UKWater Industry and the current AMP5 runs for five years until next April in 2015. Industry investment has traditionally declined in the last year of the regulatory period and this time it has been no different as AMP6 approaches. The group has concentrated this period on pursuing turnkey projects by partnering with experienced contractors so as to use its Electrical and in-house Mechanical fabrication and erection capabilities (M&E) to fuel growth for the Group particularly in the EfW (Energy for Waste) Sector. OUTLOOK FSD's sales effort remains committed to industries outside of water and towards new technology sectors such as Energy for Waste and Gasification. These larger projects are often hampered by planning constraints which affect the programming of works; however FSD remains optimistic about its opportunities in these sectors over the next year. The Board expect volumes in the water sector to improve, but the timing of release of work under AMP6 is difficult to predict. The order book however remains strong and with a sound balance sheet that has been built up by retaining historical profits the directors believe that the group remains well positioned for the future. P J Haines Managing Director 27 February 2015FIELD SYSTEMS DESIGNS HOLDINGS PLC UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 November 20142014 2013 £'000 £'000 TURNOVER 5,511 7,305 Cost of sales (5,087) (6,897) _______ _______ GROSS PROFIT 424 408 Net operating expenses (394) (405) _______ _______ OPERATING PROFIT 30 3 Net interest payable 19 17 _______ _______ PROFIT / (LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 11 (14) Taxation 4 (19) _______ _______ PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 7 5 Minority interest - equity - - _______ _______ RETAINED PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 7 5 ====== ====== EARNINGS PER SHARE Basic 0.1p 0.1p ====== ====== NOTES: 1. The directors of Field Systems Designs Holdings plcaccept 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 20142014 2013 £'000 £'000 FIXED ASSETS Tangible assets 1,648 1,769 Intangible assets - 3 CURRENT ASSETS Stock 31 30 Debtors 4,823 4,118 Cash at bank and in hand 485 774 ________ ________ 5,339 4,922 ________ ________ CREDITORS Amounts falling due within one 4,449 4,214 year ________ ________ NET CURRENT ASSETS 890 708 ________ ________ TOTAL ASSETS LESS CURRENT LIABILITIES 2,538 2,480 Amounts falling due after more 11 37 than one year PENSION FUND LIABILITY 242 223 ________ ________ 2,285 2,220 ======= ======= CAPITAL AND RESERVES Called up share capital 569 569 Share premium account 159 159 Reserves 1,557 1,492 ________ ________ SHAREHOLDERS' FUNDS 2,285 2,220 Minority interests - - ________ ________ 2,285 2,220 ======= =======
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