Field Systems Designs Holdings plc Half-year Report
February 28 2019 - 7:57AM
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 in the water, power, and waste industries, announces its interim
results for the six months to 30 November 2018.
OVERVIEW
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 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.
Operating profits fell from the comparative period and the consolidated results
for the six months to 30 November 2018 show group turnover of GBP11.8million
(2017 GBP12million) with a group profit after tax of GBP46,000 (2017
GBP168,000).
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 March 2018 and are expected to be released shortly.
OUTLOOK
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.
N Billings
Managing Director
28 February 2019
FIELD SYSTEMS DESIGNS HOLDINGS PLC
UNAUDITED COMPREHENSIVE INCOME STATEMENT
for the six months ended 30 November 2018
2018 2017
GBP'000 GBP'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
====== ======
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 GROUP STATEMENT OF FINANCIAL POSITION
As at 30 November 2018
2018 2017
GBP'000 GBP'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 8 20
year
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
======= =======
END
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