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DJ Field Systems Designs Holdings plc Half-yearly Report

 
TIDMFSD 
 
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 2014. 
 
OVERVIEW 
 
The first six months of this financial year produced results reflecting tough 
trading conditions as turnover volumes reduced significantly. The current AMP5 
(Asset Management Programme) runs for five years from April 2010 and 
consequently is now in decline until AMP6 commences in April 2015. 
 
Gross profits again came under pressure due to difficulties in recovering 
additional value from variations to project works, particularly in the Water 
Sector as Water Utilities' Tier 1 contractors commence re-planning for the next 
Asset Management Programme. Nevertheless operating profits were maintained by 
improving gross margins against the prior year's operating experience. 
 
The consolidated results for the six months to 30 November 2014 show group 
turnover of GBP5.5million (2013 GBP7.3million) with a group profit after tax of 
GBP7,000 (2013 GBP5,000). 
 
OPERATIONS 
 
The Group remains reliant on the fortunes of the UK Water Industry and the 
current AMP5 runs for five years until next April in 2015. Industry investment 
has traditionally declined in the last year of the regulatory period and this 
time it has been no different as AMP6 approaches. 
 
The group has concentrated this period on pursuing turnkey projects by 
partnering with experienced contractors so as to use its Electrical and 
in-house Mechanical fabrication and erection capabilities (M&E) to fuel growth 
for the Group particularly in the EfW (Energy for Waste) Sector. 
 
OUTLOOK 
 
FSD's sales effort remains committed to industries outside of water and towards 
new technology sectors such as Energy for Waste and Gasification. These larger 
projects are often hampered by planning constraints which affect the 
programming of works; however FSD remains optimistic about its opportunities in 
these sectors over the next year. 
 
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 with a sound balance sheet that has been built up by 
retaining historical profits the directors believe that the group remains well 
positioned for the future. 
 
P J Haines 
 
Managing Director 
 
27 February 2015 
 
 
FIELD SYSTEMS DESIGNS HOLDINGS PLC 
 
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT 
for the six months ended 30 November 2014 
 
                                                2014            2013 
 
                                                GBP'000           GBP'000 
 
TURNOVER                                        5,511           7,305 
 
Cost of sales                                  (5,087)         (6,897) 
 
                                                _______         _______ 
 
GROSS PROFIT                                    424             408 
 
Net operating expenses                         (394)           (405) 
 
                                                _______         _______ 
 
OPERATING PROFIT                                30               3 
 
Net interest payable                            19              17 
 
                                                _______         _______ 
 
PROFIT / (LOSS) ON ORDINARY 
 
ACTIVITIES BEFORE TAXATION                      11             (14) 
 
Taxation                                         4             (19) 
 
                                                _______         _______ 
 
PROFIT ON ORDINARY 
 
ACTIVITIES AFTER TAXATION                        7               5 
 
Minority interest - equity                       -               - 
 
                                                _______         _______ 
 
RETAINED PROFIT ON ORDINARY 
 
ACTIVITIES AFTER TAXATION                        7               5 
 
                                                ======          ====== 
 
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 2014 
 
                                                2014            2013 
 
                                               GBP'000           GBP'000 
 
FIXED ASSETS 
 
Tangible assets                                1,648           1,769 
 
Intangible assets                                  -               3 
 
CURRENT ASSETS 
 
Stock                                             31              30 
 
Debtors                                        4,823           4,118 
 
Cash at bank and in hand                         485             774 
 
                                            ________        ________ 
 
                                               5,339           4,922 
 
                                            ________        ________ 
 
CREDITORS 
 
Amounts falling due within one                 4,449           4,214 
year 
 
                                            ________        ________ 
 
NET CURRENT ASSETS                               890             708 
 
                                            ________        ________ 
 
TOTAL ASSETS LESS CURRENT 
 
LIABILITIES                                    2,538           2,480 
 
Amounts falling due after more                    11              37 
than one year 
 
PENSION FUND LIABILITY                           242             223 
 
                                            ________        ________ 
 
                                               2,285           2,220 
 
                                             =======         ======= 
 
CAPITAL AND RESERVES 
 
Called up share capital                          569             569 
 
Share premium account                            159             159 
 
Reserves                                       1,557           1,492 
 
                                            ________        ________ 
 
SHAREHOLDERS' FUNDS                            2,285           2,220 
 
Minority interests                                 -               - 
 
                                            ________        ________ 
 
                                               2,285           2,220 
 
                                             =======         ======= 
 
 
 
END 
 

(END) Dow Jones Newswires

March 02, 2015 02:00 ET (07:00 GMT)