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 
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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March 01, 2018 02:00 ET (07:00 GMT)