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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 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 
 
                                                     GBP'000          GBP'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 
 
                                          GBP'000         GBP'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            4,939         4,449 
year 
 
                                       ________      ________ 
 
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 
 
                                        =======       ======= 
 
 
 
END 
 

(END) Dow Jones Newswires

February 29, 2016 12:31 ET (17:31 GMT)