Field Systems Designs Holdings plc Half-year Report
2023年2月24日 - 4:00PM
ＲＮＳを含む英国規制内ニュース （英語）
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 2022.
OVERVIEW
The results for the first six months of this financial year show significantly
improved turnover and profitability compared to the prior period.
The consolidated results for the six months to 30 November 2022 show group
turnover of GBP6.7million; (2021 GBP2.6million) with a group profit after tax
of GBP57,000; (2021 Loss GBP(1,270,000).
COVID-19 had a serious impact on the release of work in the UK Water Industry
over the two-year period to 31 May 2022. The unexpected fall in order intake
and turnover due to the pandemic created an excess in labour resources which
placed a cost-burden on the group with no productive output in return. Key
personnel were retained in anticipation of workflows from the Water companies
which never materialised.
The Group sustained poor annual trading results to 31 May 2022, however this
marked the turning point for the Group, and the tide began to turn during the
first half of the new financial year with turnover more than doubling, and with
a return to profit.
The group still maintains a healthy balance sheet and the level of cash remains
robust.
COVID-19
The global pandemic had a major impact on the release of work in the primary
market of the group being the UK Water Process industry.
The UK water utilities have asset management programmes (AMPs) governed by
OFWAT which run in 5-year cycles where generally supplier frameworks are
created to deliver their infrastructure and maintenance investment. FSD has
established itself as a key supplier in the industry with membership of
multiple frameworks and preferred supplier agreements.
The last 5-year investment programme (AMP6) ended in April 2020, just as the
virus hit the world's economies. Normally at this stage of the five-year cycle
FSD would have experienced a marked step-up in investment, however concerns
over COVID-19 caused UK Water Utilities to cease their new investment plans to
preserve their cash resources and to protect the health of their staff, thereby
ceasing engineering design work, and delaying the start of impending projects.
The impact on FSD was that the next investment cycle (AMP7) was effectively
delayed by two years. FSD suffered financially from the decision to retain its
skilled resources, as despite receiving assurances regarding the success of our
tender proposals, and having been given expectations for a heightened level of
activity, our order intake and turnover fell.
OUTLOOK
There has been much recent negative media publicity regarding the performance
of the Water Industry and their failure to maintain their infrastructure.
The global Coronavirus crisis is now easing, and the pressure from government
agencies to solve residual environmental problems is increasing, consequently
water companies are starting to accelerate their expenditure under AMP7 for the
remainder of the cycle until 2025.
The positive public announcements from the main water utilities confirm that
the proposed 2020-2025 budgets remain to be spent. The regulatory bodies will
insist on this given that the infrastructure investment is desperately needed
to keep our UK population watered and the environment clean.
FSD expects to be a benefactor of this rapid growth and the Board look forward
to better performance and trading results ahead. The expectation is for an
improvement in the second half of the 2023 Financial Year, as order intake
gains momentum, followed by a further increase in turnover for the May 2024
Year-end, and thereafter, as normality returns.
There are clear signs of new AMP7 projects finally being released; the order
book has been filling since the New Year to pre-COVID levels and with secured
orders of over £9 million the outlook is now positive. The trading conditions
ahead look promising for FSD and having been nominated on frameworks and
allocated a number of key projects the Group now prepares itself for a busy
period of activity as it faces a steep incline in project awards.
FSD has strengthened its management team by making new Board director
appointments and has retained the majority of its experienced workforce so as
to react swiftly as business volumes return.
We acknowledge the current inflationary pressures in the UK economy and will
continue to focus on maintaining margins from our operations, and mitigating
increases in associated commodity and energy costs, as well as other challenges
in our supply chain.
N Billings
Managing Director
23 February 2023
FIELD SYSTEMS DESIGNS HOLDINGS PLC
UNAUDITED COMPREHENSIVE INCOME STATEMENT
for the six months ended 30 November 2022
2022 2021
£'000 £'000
TURNOVER 6,744 2,639
Cost of sales (6,222) (3,672)
_______ _______
GROSS PROFIT/(LOSS) 522 (1,033)
Net operating expenses (484) (491)
_______ _______
OPERATING PROFIT/(LOSS) 38 (1,524)
Interest receivable and similar income 5 7
Interest payable and similar charges (1) (1)
_______ _______
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION 42 (1,518)
Taxation (15) 248
_______ _______
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES AFTER TAXATION 57 (1,270)
====== ======
Other comprehensive loss - -
_______ _______
TOTAL COMPREHENSIVE SURPLUS/
(DEFICIT) FOR THE PERIOD 57 (1,270)
====== ======
EARNINGS PER SHARE
Basic 1.0p (23.5)p
====== ======
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, Shipleys LLP.
FIELD SYSTEMS DESIGNS HOLDINGS PLC
UNAUDITED GROUP STATEMENT OF FINANCIAL POSITION
As at 30 November 2022
2022 2021
£'000 £'000
FIXED ASSETS
Tangible assets 345 389
CURRENT ASSETS
Stock 45 123
Debtors 2,703 2,276
Cash at bank and in hand 3,151 3,709
________ ________
5,899 6,108
________ ________
CREDITORS
Amounts falling due within one year 4,345 4,083
________ ________
NET CURRENT ASSETS 1,554 2,025
________ ________
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,899 2,414
CREDITORS
Amounts falling due after more than one 17 2
year
PROVISION FOR LIABILITIES
Deferred tax - 33
Post-Employment Employee Benefits - -
________ ________
NET ASSETS 1,882 2,379
======= =======
CAPITAL AND RESERVES
Called up share capital 569 569
Share premium account 159 159
Reserves 1,154 1,651
________ ________
TOTAL SHAREHOLDERS' EQUITY 1,882 2,379
======= =======
END
(END) Dow Jones Newswires
February 24, 2023 02:00 ET (07:00 GMT)
Field Systems Designs (AQSE:FSD)
過去 株価チャート
から 10 2024 まで 11 2024
Field Systems Designs (AQSE:FSD)
過去 株価チャート
から 11 2023 まで 11 2024
