FIELD SYSTEMS DESIGNS HOLDINGS PLC - Half-year Report
Announcement provided byField Systems Designs Holdings plc · FSD
The Board of
The results for the first six months of this financial year reflect increased turnover and profits compared to the prior period, reflecting continued improved trading conditions.
The current AMP6 (Sixth Asset Management Programme in the Water Industry) runs until
The opening order book included several large projects using Incineration, Gasification and Biomass technologies, from the Energy from Waste (EfW) sector. These projects are on target to be completed during the 2018 financial year. Despite FSD now working on its 10th EfW project, the recent decisions by prominent Engineering, Procurement and Construction (EPC) contractors to not pursue further opportunity from the EfW sector has reduced the EfW opportunities available to FSD in the short-term.
Gross profit margins were reduced from the prior period reflecting the ongoing difficulties in recovering value from variations and programme extensions, a situation which is likely to remain all the time that significant customer-driven changes in scope and programme extensions persist.
There remains no pension fund deficit on a FRS102 accounting basis, having met this encouraging milestone last year, however a significant deficit remains on the more stringent actuarial valuation basis which will next be reviewed in
Operating profits improved from the comparative period and the consolidated results for the six months to
FSD’s sales effort is committed to both the water sector and towards new markets including EfW. The Board expect volumes in the water sector to continue to improve, but the timing of release of EfW work is more 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.
P J Haines
FIELD SYSTEMS DESIGNS HOLDINGS PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended
2017 2016 £’000 £’000 TURNOVER 12,046 8,473 Cost of sales (11,238) (7,902) _______ _______ GROSS PROFIT 808 571 Net operating expenses (596) (449) _______ _______ OPERATING PROFIT 212 122 Interest payable and similar charges 1 8 _______ _______ PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 211 114 Taxation 43 22 _______ _______ PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 168 92 ====== ====== Other comprehensive income (30) (12) _______ _______ TOTAL COMPREHENSIVE INCOME FOR THE YEAR[LH1] 138 80 ====== ====== EARNINGS PER SHARE Basic 3.1p 1.7p ====== ======
1. The directors of
2. This interim statement has neither been audited, nor reviewed by our auditors,
UNAUDITED CONSOLIDATED BALANCE SHEET
2017 2016 £’000 £’000 FIXED ASSETS Tangible assets 322 958 Investment property 217 756 CURRENT ASSETS Stock 21 19 Debtors 7,346 5,399 Cash at bank and in hand 3,341 2,287 ________ ________ 10,708 7,705 ________ ________ CREDITORS Amounts falling due within one year 7,884 6,454 ________ ________ NET CURRENT ASSETS 2,824 1,251 ________ ________ TOTAL ASSETS LESS CURRENT LIABILITIES 3,363 2,965 CREDITORS Amounts falling due after more than one year 20 34 PROVISION FOR LIABILITIES Deferred tax 31 4 Post-Employment Employee Benefits - - ________ ________ NET ASSETS 3,312 2,927 ======= ======= CAPITAL AND RESERVES Called up share capital 569 569 Share premium account 159 159 Reserves 2,584 2,199 ________ ________ SHAREHOLDERS’ EQUITY 3,312 2,927 ======= =======
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