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 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 Utilitiesand 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 2013show group turnover of GBP7.3millionunchanged 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 UKWater 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 2014FIELD SYSTEMS DESIGNS HOLDINGS PLC UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 November 20132013 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 plcaccept responsibility for this announcement. 2. This interim statement has neither been audited, nor reviewed by our auditors, Grant Thornton UKLLP. FIELD SYSTEMS DESIGNS HOLDINGS PLC UNAUDITED CONSOLIDATED BALANCE SHEET As at 30 November 20132013 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 ======= =======
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