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 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 
 

(END) Dow Jones Newswires

February 28, 2019 08:57 ET (13:57 GMT)