FIELD SYSTEMS DESIGNS HOLDINGS PLC - Half-year Report
Announcement provided byField Systems Designs Holdings plc · FSD
FIELD SYSTEMS DESIGNS HOLDINGS PLC
The Board of
The results for the first six months of this financial year reflect level turnover and reduced profits compared to the prior period, reflecting the continued impact of the Group’s dealings with its customer on Energy from Waste (EfW) projects where commercial difficulties are being encountered. The opening order book included two large projects from the EfW sector; these projects were on target to be completed during the 2018 financial year however programme extension persists.
Gross profit margins remain impacted by the ongoing difficulties in recovering value from variations and the costs associated with programme extension, a situation which is likely to remain until the projects can be completed, closed out, and the deserved recompense received for the efforts expended.
The current AMP6 (Sixth Asset Management Programme in the Water Industry) runs until
Operating profits fell from the comparative period and the consolidated results for the six months to
There remains no pension fund deficit on a FRS102 accounting basis, having now met this encouraging milestone, however a significant deficit remains on the more stringent actuarial valuation basis whose results have been reviewed by the actuary as at
FSD’s sales effort remains committed to the water and EfW sectors. The Board expect the anticipated value of new orders in the water sector to become more uncertain as the remaining time to the end of the current AMP reduces and timing of new work in the EfW sector is 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.
FIELD SYSTEMS DESIGNS HOLDINGS PLC
UNAUDITED COMPREHENSIVE INCOME STATEMENT
for the six months ended
2018 2017 £’000 £’000 TURNOVER 11,815 12,046 Cost of sales (11,188) (11,238) _______ _______ GROSS PROFIT 627 808 Net operating expenses (567) (596) _______ _______ OPERATING PROFIT 60 212 Interest receivable and similar income 3 - Interest payable and similar charges (1) (1) _______ _______ PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 62 211 Taxation 16 43 _______ _______ PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 46 168 ====== ====== Other comprehensive income (40) (30) _______ _______ TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 6 138 ====== ====== EARNINGS PER SHARE Basic 0.9p 3.1p ====== ======
1. The directors of
2. This interim statement has neither been audited, nor reviewed by our auditors,
UNAUDITED GROUP STATEMENT OF FINANCIAL POSITION
2018 2017 £’000 £’000 FIXED ASSETS Tangible assets 575 539 CURRENT ASSETS Stock 37 21 Debtors 7,770 7,346 Cash at bank and in hand 4,184 3,341 ________ ________ 11,991 10,708 ________ ________ CREDITORS Amounts falling due within one year 8,961 7,884 ________ ________ NET CURRENT ASSETS 3,030 2,824 ________ ________ TOTAL ASSETS LESS CURRENT LIABILITIES 3,605 3,363 CREDITORS Amounts falling due after more than one year 8 20 PROVISION FOR LIABILITIES Deferred tax 39 31 Post-Employment Employee Benefits - - ________ ________ NET ASSETS 3,558 3,312 ======= ======= CAPITAL AND RESERVES Called up share capital 569 569 Share premium account 159 159 Reserves 2,830 2,584 ________ ________ TOTAL SHAREHOLDERS’ EQUITY 3,558 3,312 ======= =======
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