FIELD SYSTEMS DESIGNS HOLDINGS PLC - Half-yearly Report

FIELD SYSTEMS DESIGNS HOLDINGS PLC                                               

INTERIM RESULTS

The Board of Field Systems Designs Holdings plc, 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 2015.

OVERVIEW

The first six months of this financial year produced results reflecting improved trading conditions as turnover volumes increased significantly. The current AMP6 (Sixth Asset Management Programme) has now commenced and runs for five years until April 2020. The key to the Group’s success during AMP6 will be its continued participation as part of the various frameworks being formulated by the Water Utilities to select their preferred supply chain. There have been some early project works awarded so far this year from Thames Water following the Group’s success on re-joining their framework.

The majority of turnover during the period came from the Energy from Waste (EfW) Incineration sector with the continuation of the Greatmoor EfW project where we are currently delivering the turbine and some balance-of-plant projects. In the same industry sector we acted during the period as the main electrical contractor on the Tyseley EfW project in Birmingham which uses gasification technology.

Despite the improved turnover gross profits again came under pressure due to difficulties in recovering additional value from variations and programme extensions, consequently gross margins fell against the prior year’s operating experience. Nevertheless overall operating profits improved and the consolidated results for the six months to 30 November 2015 show group turnover of GBP8.3million (2014 GBP5.5million) with a group profit after tax of GBP68,000 (2014 GBP7,000).

OUTLOOK

FSD’s sales effort is committed to both the water sector and towards new technology sectors such as Energy for Waste and Gasification. Both new work in the EfW sector and other water frameworks continue to be pursued.

The Board expect volumes in the water sector to improve, but the timing of release of work under AMP6 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.

P J Haines

Managing Director

29 February 2016

FIELD SYSTEMS DESIGNS HOLDINGS PLC                                              

UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT

for the six months ended 30 November 2015

                               2015    2014

                              £’000   £’000

TURNOVER                      8,311   5,511

Cost of sales               (7,819) (5,087)

                            _______ _______

GROSS PROFIT                    492     424

Net operating expenses        (394)   (394)

                            _______ _______

OPERATING PROFIT                 98      30

Net interest payable              7      19

                            _______ _______

PROFIT ON ORDINARY

ACTIVITIES BEFORE TAXATION       91      11

Taxation                         23       4

                            _______ _______

PROFIT ON ORDINARY

ACTIVITIES AFTER TAXATION        68       7

                             ======  ======

EARNINGS PER SHARE

Basic                          0.1p    0.1p

                             ======  ======

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 CONSOLIDATED BALANCE SHEET

As at 30 November 2015

                                                  2015     2014

                                                 £’000    £’000

FIXED ASSETS

Tangible assets                                  1,680    1,648

CURRENT ASSETS

Stock                                               39       31

Debtors                                          4,792    4,823

Cash at bank and in hand                         1,113      485

                                              ________ ________

                                                 5,944    5,339

                                              ________ ________

CREDITORS

Amounts falling due within one year              4,939    4,449

                                              ________ ________

NET CURRENT ASSETS                               1,005      890

                                              ________ ________

TOTAL ASSETS LESS CURRENT

LIABILITIES                                      2,685    2,538

Amounts falling due after more than one year
                                                    44       11

PENSION FUND LIABILITY                             234      242

                                              ________ ________

                                                 2,407    2,285

                                               =======  =======

CAPITAL AND RESERVES

Called up share capital                            569      569

Share premium account                              159      159

Reserves                                         1,679    1,557

                                              ________ ________

SHAREHOLDERS’ FUNDS                              2,407    2,285

                                               =======  =======