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IN BRIEF: Field Systems boosts revenue as water industry ups spending

1st Mar 2024 17:27

Field Systems Designs Holdings PLC - Dorking, England-based company which designs and installs mechanical and electrical services - Says pretax profit has doubled in the six months to November 30, rising to GBP84,000 from GBP42,000 annually. Turnover has increased to GBP8.8 million from GBP6.7 million. In both cases the "continued increase...reflects the improvement in the inflow of work from the UK Water Industry AMP7 delivery programme," which started in April 2020 and under which "order intake and consequential turnover are improving rapidly". Cash balance is GBP2.2 million as of November 30, down from GBP3.2 million one year prior, and basic earnings have risen to 1.6 pence from 1.0p per share.

Company says it has benefitted from increased spending by the water industry, leaving it with over GBP14 million in secured orders. Explains that "government agencies are increasing their pressure on solving residual environmental problems and consequently water companies are starting to accelerate their expenditure under AMP7 for the remainder of the cycle until 2025". Adds that it is "in prime condition for the longer-term opportunities ahead".

Current stock price: 42.50 pence

12-month change: flat

By Emma Curzon, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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