Field Systems Designs Holdings plc Half-year Report
29 February 2020 - 2:35AM
UK Regulatory
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)
Field Systems Designs (AQSE:FSD)
Historical Stock Chart
From Dec 2024 to Jan 2025
Field Systems Designs (AQSE:FSD)
Historical Stock Chart
From Jan 2024 to Jan 2025
