28th Nov 2024 14:29
(Alliance News) - Field Systems Designs Holdings PLC on Thursday reported strong full-year profit and revenue figures as management anticipate further growth in the order book.
The Dorking, England-based company which designs and installs mechanical and electrical services said its pretax profit for the financial year ended May 31 soared by 71% to GBP490,282 from GBP286,605 the prior year.
Revenue climbed by 29% to GBP17.8 million from GBP13.8 million over the same period as the firm "returned to a normalised period of trading", with revenue reflecting the reduced impact of Covid-19 coupled with an improvement in the inflow of work from the UK water industry AMP7 delivery programme.
Divisionally, Water & Sewage treatment performed well with revenue up 27% to GBP17.4 million from GBP13.8 million the prior year. The firm noted that GBP8.8 million of this was generated by transactions with two customers.
Shares in the Aquis-listed firm were flat at 42.50 pence on Thursday afternoon in London.
Chair Derek Bird said: "With the power industry currently uncertain as to how future demands should be met, our focus has been almost entirely on the water industry. The water utilities, whilst also suffering setbacks from the Covid outbreak, are now very active meeting the demands of a growing population.
"FSD, having sustained our reputation in the water industry during the last 30 years are recognised as a technically skilled business, both flexible and able to deliver to programme, and a competent quality installer with the strength and depth of resources to perform.
"The board expect continued growth in the level of our order book and will continue to build, train and create a workforce to meet those demands."
By Christopher Ward, Alliance News reporter
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