Field Systems Designs Share Discussion Threads

[jonwig] 07/12/2020 20:29

Annual results:



These are rather good, considering this year's problems.
It's interesting that their DB pension surplus is bigger than their profit, but they can't touch it.
(Rising interest rates will reduce it, though.)

No trades and no share price change in over a year. No dividends in the eight years I've held, though the share price has doubled (offer - bid).
Book value (tangible) is 73p, share price 43p.
You'd think somebody would be interested!

[jonwig] 01/11/2019 08:49

Cheers Norbert.

Liquidity? Yes, look at the trades (see NEX link). And when I bought, it was quoted 10 - 20.

[norbert colon] 01/11/2019 08:09

Hi JonI did own a small position in these last year as they seemed to show some promise but the lack of dividend and lumpy end markets (plus awful liquidity) were enough for me.Shouldn't be listed and being part of a larger contractor in the water or EfW sector would make much more sense.Good luck

[jonwig] 01/11/2019 07:12

The full year results;



NTAV is 70p, share price 43p, PER 5.5x. Dividend? (Wot's that?) Somebody buy them out please.

[jonwig] 01/11/2018 09:38

A new trade:

01/11/2018 09:24 10,000 47

[jonwig] 01/11/2018 05:49

@ Norbert - I did ring up a couple of years ago but got no call back. I even thought of going to the AGM in Dorking, but from North Yorkshire, maybe not!

They once said (post #1) they couldn't bid for water contracts without good asset backing so I guess that's the reason for no divis.

Actually, I bought eight years ago when the spread was 10-20 and you could only get 5,000 even then. It's improved a bit since but I've not added.

[norbert colon] 31/10/2018 21:34

They could easily afford to pay a 3p divi (covered 3 x) which would yield 6.7% and make these an investment more worth holding. Have you spoken to mgt and asked about this?

[norbert colon] 31/10/2018 18:59

Yep another solid set of results. Shame it's hugely illiquid. I only managed a tiny holding after already pushing the price up earlier in the year.

[jonwig] 31/10/2018 17:57

Final results for 2018:



Eps of 9.1p on a share price of 45p (offer) so a PER of 5x. Net assets of 62p (all tangible). Strong niche position in water industry and now waste energy. Dividend - What's a dividend?

Someone ought to buy them for 100p at least.

[rhomboid] 01/11/2017 09:09

Cracking results, tried to buy but no stock around, I agree tone of announcement is v different for some reason

[jonwig] 01/11/2017 07:36

Final results:



These are surely the most detailed presentation they've ever given (usually a couple of lines). Are they up to something? (A bit small for an AIM IPO, but maybe a trade sale.

Share price over 30p now, and spread tighter than when I bought. (33-36 at 9am.)

EDIT: 34-37 and 5,000 buy on 02/11.

[jonwig] 28/5/2016 05:40

Hi, Rhomboid.

Yes, though not one of my most rational picks.

At the time, I thought it was a crazy bargain, but the spread is sometimes ridiculous and it was impossible to pick up a meaningful holding (5,000 shares was all they could get). Selling would cost me about £50 in brokerage, as there's no online dealing.

The company seems to be well-regarded in the water industry, but has no pricing power. It does seem to be trying to diversify! The directors/major shareholders must be wondering when the dividends will start, so your idea of a trade sale might be the answer.

[rhomboid] 27/5/2016 16:49

Hi Jonwig

Are you still holding? Looking at Directors age I'm wondering whether the exit here will be a trade sale. Still looks very cheap but can't see a route out again if I buy!

[jonwig] 19/10/2012 17:28

Another trade today - that's eight in the last three years:

19/10/2012 13:24 1,243 @ 20.00
31/05/2012 12:18 1,500 @ 18.00
02/03/2012 11:29 5,000 @ 20.00
17/01/2012 16:11 3,000 @ 16.70
25/10/2011 14:38 15,000 @ 16.70
16/11/2010 14:14 5,000 @ 15.30
04/11/2010 16:05 10,000 @ 15.00
23/09/2009 15:50 10,000 @ 20.00

FY results due any day.

[jonwig] 12/9/2012 11:19

Field Systems Designs Holdings PLC : Formation of New Mechanical Di...
08/17/2012 | 11:18am US/Eastern
Formation of New Mechanical Division at FSD

Field Systems Designs (FSD) are delighted to announce the setting-up of a Mechanical division to supplement our existing Electrical capabilities.

The new division, FSD Mech, will benefit from the assets and experience of B-Meck Ltd, who sadly recently went into administration. The staff that now forms part of FSD Mech had an enviable record in successfully delivering projects. The foundation of their project delivery model is the wealth of knowledge and experience in supplying clients with the fabrication and installation of pipe work and light steel fabrication.

The FSD Mech team, headed up by Nigel Smith, will be continuing to offer clients in the water, petrochemical and process industries their Design, Fabrication and Installation services from their Halesowen factory.

The addition of a Mechanical capability means that FSD are now able to offer our clients a comprehensive turnkey project delivery where required, ensuring cost-effective, flexible, streamlined delivery which will ensure our clients receive the best possible service.



B-Meck collapse:



Can't find info on payment terms, if any.

[jonwig] 31/5/2012 11:48

A buyer of 1500 shares @ 18p. Likely to be the maximum size within the quote.

Likely to go unlisted when PLUS folds in a few months. Can't see them going onto AIM.

EDIT (01/06): ICAP acquires the PLUS Exchange, so delisting probably not necessary.

[jonwig] 03/3/2012 08:53

Summary of AMP5, which will, hopefully, begin to drive big profit rises for FSD, April 2010 - April 2015:

[jonwig] 02/3/2012 11:52

With 5.7m shares in issue at 14.5p (mid) that's a MCap of £827,000.

At 30 November last, net assets were £2.024m, or 35p/share. There's no debt or intangibles, and the small pension deficit is shrinking. A new freehold doesn't appear to have been revalued for a couple of years and can be partly sublet.

Eps for the current year should be at least 2.4p annualising the first half, or around 5.5p if last year is matched. (Contracts are lumpy.)
So P/E will be somewhere between 2 and 6 times.

Enterprise Value is negative as net cash at H1 was £1.3m.

There's currently no dividend, as the company needs sufficient asset backing in order to bid for larger contracts in AMP5. However, that's reviewed annually.

Hardly ever traded, so I had to pay 20p to get 5,000 shares. Not one of my more serious ventures.

[jonwig] 02/3/2012 11:50

.



Quote and financials:


5.693m shares in issue.

FIELD SYSTEMS DESIGNS (FSD) is a specialist electrical engineering company engaged in the design, project management, procurement, installation, commissioning and maintenance of electrical, instrumentation and electronic process control systems primarily in the water, power, rail, and transport industries.

FSD were formed in 1994 as part of a MBO and, therefore, despite our young age the company has inherited years of valuable industry experience across an expanse of disciplines. Over 2000 projects have been successfully completed since inception, with overall project cost effectiveness being enhanced through near seamless integration and team-working with the customer, our supply chain and other contracting disciplines.

FSD's focus on safety, continual improvement, self-investment and training enables us to provide an added- value and professional electrical installation service. This has been an important factor in our success to date, with relationships built up on trust over a number of years providing a stable environment for partnering schemes and target price projects to develop.

FSD’s depth of experience gives us the unique ability to respond both quickly and effectively to a wide and diverse range of technical demands using a closely integrated project team, undertaking from major international projects to smaller more specialised schemes.

In March 2009, FSD set out to broaden its customer base by establishing FSD Electrical Services (FSDe) to focus purely on the commercial and rail sectors. FSDe provides full and extensive electrical contracting services, effectively managing and delivering small and large scale projects in London and throughout the UK.