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 2013.

OVERVIEW

The first six months of this financial year produced results reflecting
extremely tough trading conditions, as despite maintaining turnover in line
with last year, operating profits were subdued.

Gross profits came under intense pressure due to difficulties in recovering
value from additional project works as the Water Utilities and their Tier 1
contractors continue to focus on cost alone and are now also re-planning for
the next Asset Management Programme, AMP6.

The consolidated results for the six months to 30 November 2013 show group
turnover of GBP7.3million unchanged from last year with a group profit after
tax of GBP5,000 (2012 GBP24,000).

OPERATIONS

The Group remains reliant on the fortunes of the UK Water Industry and the
current AMP5 runs for five years to April 2015. Industry investment has
traditionally declined in the last year of the regulatory period and despite
talk of an `early start' to AMP6 it remains to be seen whether it will be any
different this time around.

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) and fuel growth
for the Group.

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 beset with planning constraints which plays havoc with
programming of works, however FSD remains optimistic about its opportunities in
these sectors over the next 24 months.

The Board expect volumes in the water sector to come under pressure, and
difficult trading conditions to continue until there is more certainty over the
timing of release of work under AMP6. However a sound balance sheet has been
built up by retaining historical profits and consequently the directors believe
that the group remains well positioned for the future.

P J Haines

Managing Director

28 February 2014

FIELD SYSTEMS DESIGNS HOLDINGS PLC

UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT

for the six months ended 30 November 2013

                                                   2013            2012
                                                  £'000           £'000

TURNOVER                                          7,305           7,294

Cost of sales                                   (6,897)         (6,841)

                                                _______         _______

GROSS PROFIT                                        408             453

Net operating expenses                            (405)           (424)

                                                _______         _______

OPERATING PROFIT                                      3              29

Net interest payable                                 17              18

                                                _______         _______

(LOSS)/PROFIT ON ORDINARY

ACTIVITIES BEFORE TAXATION                         (14)              11

Taxation                                           (19)             (8)

                                                _______         _______

PROFIT ON ORDINARY

ACTIVITIES AFTER TAXATION                             5              19

Minority interest - equity                            -               5

                                                _______         _______

RETAINED PROFIT ON ORDINARY

ACTIVITIES AFTER TAXATION                             5              24


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

EARNINGS PER SHARE

Basic                                              0.1p            0.4p

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

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, Grant Thornton UK LLP.

FIELD SYSTEMS DESIGNS HOLDINGS PLC

UNAUDITED CONSOLIDATED BALANCE SHEET

As at 30 November 2013

                                                2013            2012
                                               £'000           £'000

FIXED ASSETS

Tangible assets                                1,769           1,622

Intangible assets                                  3              23

CURRENT ASSETS

Debtors                                        4,148           4,988

Cash at bank and in hand                         774           1,064

                                            ________        ________

                                               4,922           6,052

                                            ________        ________

CREDITORS

Amounts falling due within one                 4,214           5,360
year

                                            ________        ________

NET CURRENT ASSETS                               708             692

                                            ________        ________

TOTAL ASSETS LESS CURRENT

LIABILITIES                                    2,480           2,337

Amounts falling due after more                    37               -
than one year

PENSION FUND LIABILITY                           223             199

                                            ________        ________

                                               2,220           2,138

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

CAPITAL AND RESERVES

Called up share capital                          569             569

Share premium account                            159             159

Reserves                                       1,492           1,407

                                            ________        ________

SHAREHOLDERS' FUNDS                            2,220           2,135

Minority interests                                 -               3

                                            ________        ________

                                               2,220           2,138

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