Field Systems Designs Holdings plc Half-year Report
March 01 2018 - 1:00AM
UK Regulatory
TIDMFSD
FIELD SYSTEMS DESIGNS HOLDINGS PLC
INTERIM RESULTS
The Board of Field Systems Designs Holdings plc (FSD), 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 2017.
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 April 2020. The water utilities have now mostly concluded their MEICA
frameworks with different approaches to their mechanisms and methodologies of
spend. Sales volumes in the Water Industry have been strong during this period
and the spend is set to continue until AMP7.
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
March 2018.
Operating profits improved from the comparative period and the consolidated
results for the six months to 30 November 2017 show group turnover of
GBP12million (2016 GBP8.5million) with a group profit after tax of GBP168,000
(2016 GBP92,000).
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
28 February 2018
FIELD SYSTEMS DESIGNS HOLDINGS PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30 November 2017
2017 2016
GBP'000 GBP'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
====== ======
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, Mazars LLP.
FIELD SYSTEMS DESIGNS HOLDINGS PLC
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 30 November 2017
2017 2016
GBP'000 GBP'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 20 34
year
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
======= =======
END
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