FIELD SYSTEMS DESIGNS HOLDINGS PLC - Half-year Report
Announcement provided by
Field Systems Designs Holdings plc · FSD01/03/2018 07:00
INTERIM RESULTS
The Board of
OVERVIEW
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
OUTLOOK
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
Managing Director
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
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Other comprehensive income (30) (12)
_______ _______
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR[LH1] 138 80
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EARNINGS PER SHARE
Basic 3.1p 1.7p
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NOTES:
1. The directors of
2. This interim statement has neither been audited, nor reviewed by our auditors,
UNAUDITED CONSOLIDATED BALANCE SHEET
As at
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
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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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