Field Systems Designs Holdings plc Half-year Report

 
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 2020. 
 
OVERVIEW 
 
The results for the first six months of this financial year show significantly 
reduced turnover and profitability compared to the prior period, reflecting the 
serious impact of COVID-19 on the release of work in the UK Water Industry. 
 
The consolidated results for the six months to 30 November 2020 show group 
turnover of GBP5.7million (2019 GBP11.5million) with a group loss after tax of 
GBP(209,000); (2019 GBP(2,000). 
 
The Water Industry's sixth Asset Management Programme (AMP6) came to a close in 
April 2020, and FSD fully engaged itself in refreshing the pre-qualification 
process as framework plans by water utilities were rolled forward into AMP7. 
The impact of COVID-19, and conflicts between water utilities and OFWAT in 
challenging their 2020-2025 expenditure budgets, have caused new orders 
expected by FSD under AMP7 to be severely delayed. 
 
The unexpected fall in order intake and turnover has created an excess in 
labour resources which whilst mitigated by the government furlough scheme still 
placed a heavy cost burden on the group with no productive output in return. 
This, together with carrying overheads no longer relative to the volume of 
business, has resulted in heavy losses. 
 
Gross profit margins from ongoing works fell due to the disruption and 
additional costs of working under stringent safety rules, the contractual 
stance adopted by customers struggling with their own projects creating 
difficulties for FSD in recovering value from variations and programme 
extensions, and price competition in winning a share of any remaining projects 
works. 
 
On a positive note whilst FSD could never have predicted the devastation caused 
by this pandemic, the company has over many years taken steps to ensure the 
group maintained a healthy balance sheet and so the level of cash in the bank 
should see the Group through these tough times 
 
OUTLOOK 
 
The anticipated value of new orders in the water sector remains uncertain over 
the forthcoming year; there are some signs of new AMP7 projects finally being 
prepared for release after nearly 12 months of stagnation, although the timing 
of work is difficult to predict. 
 
There remain months of tough trading conditions ahead as this delay in an 
acceptable level of industry spend continues to hold back contract activity in 
2021. 
 
N Billings 
Managing Director 
28 February 2021 
 
 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
UNAUDITED COMPREHENSIVE INCOME STATEMENT 
for the six months ended 30 November 2020 
 
                                                      2020           2019 
 
                                                     £'000          £'000 
 
TURNOVER                                             5,748         11,547 
 
Cost of sales                                      (5,492)       (11,002) 
 
                                                   _______        _______ 
 
GROSS PROFIT                                           256            545 
 
Net operating expenses                               (537)          (552) 
 
                                                   _______        _______ 
 
OPERATING LOSS                                       (281)            (7) 
 
Interest receivable and similar income                  16              7 
 
Interest payable and similar charges                   (2)            (2) 
 
                                                   _______        _______ 
 
LOSS ON ORDINARY 
 
ACTIVITIES BEFORE TAXATION                           (267)            (2) 
 
Taxation                                                58              - 
 
                                                   _______        _______ 
 
LOSS ON ORDINARY 
 
ACTIVITIES AFTER TAXATION                            (209)            (2) 
 
                                                    ======         ====== 
 
Other comprehensive loss                              (19)           (45) 
 
                                                   _______        _______ 
 
TOTAL COMPREHENSIVE DEFICIT 
 
FOR THE PERIOD                                       (228)           (47) 
 
                                                    ======         ====== 
 
EARNINGS PER SHARE 
 
Basic                                               (3.7)p              - 
 
                                                    ======         ====== 
 
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, Shipleys LLP. 
 
 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
UNAUDITED GROUP STATEMENT OF FINANCIAL POSITION 
As at 30 November 2020 
 
                                                        2020           2019 
 
                                                       £'000          £'000 
 
FIXED ASSETS 
 
Tangible assets                                          502            676 
 
CURRENT ASSETS 
 
Stock                                                     83             15 
 
Debtors                                                3,835          7,323 
 
Cash at bank and in hand                               5,599          4,339 
 
                                                    ________       ________ 
 
                                                       9,517         11,677 
 
                                                    ________       ________ 
 
CREDITORS 
 
Amounts falling due within one year                    6,012          8,401 
 
                                                    ________       ________ 
 
NET CURRENT ASSETS                                     3,505          3,276 
 
                                                    ________       ________ 
 
TOTAL ASSETS LESS CURRENT 
 
LIABILITIES                                            4,007          3,952 
 
CREDITORS 
 
Amounts falling due after more than one                   21             16 
year 
 
PROVISION FOR LIABILITIES 
 
Deferred tax                                              59             67 
 
Post-Employment Employee Benefits                          -              - 
 
                                                    ________       ________ 
 
NET ASSETS                                             3,927          3,869 
 
                                                     =======        ======= 
 
CAPITAL AND RESERVES 
 
Called up share capital                                  569            569 
 
Share premium account                                    159            159 
 
Reserves                                               3,199          3,141 
 
                                                    ________       ________ 
 
TOTAL SHAREHOLDERS' EQUITY                             3,927          3,869 
 
                                                     =======        ======= 
 
 
 
END 
 
 

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March 01, 2021 02:00 ET (07:00 GMT)