FIELD SYSTEMS DESIGNS HOLDINGS PLC - Half-yearly Report

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 2010 and
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 2014 show 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 UK Water 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 2015


FIELD SYSTEMS DESIGNS HOLDINGS PLC

UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30 November 2014

                                                2014            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 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 2014

                                                2014            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

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