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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Field Systems Designs Holdings plc | AQSE:FSD | Aquis Stock Exchange | Ordinary Share | GB0004510409 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.50 | 40.00 | 45.00 | 42.50 | 42.50 | 42.50 | 0.00 | 06:57:47 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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 design and installation services in the water, power, and waste industries, announces its interim results for the six months to 30 November 2019. OVERVIEW The results for the first six months of this financial year reflect reduced turnover and profitability 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 and litigation costs incurred to recover amounts properly due. Gross profit margins remain impacted by the ongoing difficulties in recovering value from variations and the costs associated with programme extensions, 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, when AMP7 is due to start. The Group is now looking ahead to refreshing the pre-qualification process as framework plans by water utilities are rolled forward into AMP7. Some water utilities have now concluded their determinations under AMP7, whilst others are still negotiating their budgets with OFWAT. Sales volumes in the Water Industry are expected to be strong during AMP7 however this delay in agreeing an acceptable level of investment spend is causing uncertainty and delaying contract activity in the early period of the programme. Operating profits fell from the comparative period and the consolidated results for the six months to 30 November 2019 show group turnover of GBP11.5million (2018 GBP11.8million) with a group loss after tax of GBP(2,000); (2018 profit: GBP46,000). There remains no pension fund deficit on a FRS102 accounting basis; or on the more stringent ongoing actuarial valuation basis which was reviewed by the actuary as at March 2018. OUTLOOK FSD's sales effort is committed to maximising its market share in the water sector. The Board now expect the anticipated value of new orders in the water sector to be uncertain over the forthcoming year, as the new AMP commences and timing of work is difficult to predict, however the directors believe that the group still remains well positioned for the future. N Billings Managing Director 28 February 2020 FIELD SYSTEMS DESIGNS HOLDINGS PLC UNAUDITED COMPREHENSIVE INCOME STATEMENT for the six months ended 30 November 2019 2019 2018 GBP'000 GBP'000 TURNOVER 11,547 11,815 Cost of sales (11,002) (11,188) _______ _______ GROSS PROFIT 545 627 Net operating expenses (552) (567) _______ _______ OPERATING (LOSS)/PROFIT (7) 60 Interest receivable and similar income 7 3 Interest payable and similar charges (2) (1) _______ _______ (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (2) 62 Taxation - 16 _______ _______ (LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION (2) 46 ====== ====== Other comprehensive loss (45) (40) _______ _______ TOTAL COMPREHENSIVE (DEFICIT)/ INCOME FOR THE PERIOD (47) 6 ====== ====== EARNINGS PER SHARE Basic - 0.9p ====== ====== 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 2019 2019 2018 GBP'000 GBP'000 FIXED ASSETS Tangible assets 676 575 CURRENT ASSETS Stock 15 37 Debtors 7,323 7,770 Cash at bank and in hand 4,339 4,184 ________ ________ 11,677 11,991 ________ ________ CREDITORS Amounts falling due within one year 8,401 8,961 ________ ________ NET CURRENT ASSETS 3,276 3,030 ________ ________ TOTAL ASSETS LESS CURRENT LIABILITIES 3,952 3,605 CREDITORS Amounts falling due after more than one year 16 8 PROVISION FOR LIABILITIES Deferred tax 67 39 Post-Employment Employee Benefits - - ________ ________ NET ASSETS 3,869 3,558 ======= ======= CAPITAL AND RESERVES Called up share capital 569 569 Share premium account 159 159 Reserves 3,141 2,830 ________ ________ TOTAL SHAREHOLDERS' EQUITY 3,869 3,558 ======= ======= END
(END) Dow Jones Newswires
February 28, 2020 10:35 ET (15:35 GMT)
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