Field Systems Designs swings to annual profit as revenue surges

(Alliance News) - Field Systems Designs Holdings PLC said it swung to profit in its latest financial year as increased costs were outstripped by a revenue boost exceeding GBP5.0 million.

The Dorking, England-based company, which designs and installs mechanical and electrical services, reported a GBP286,605 profit for the year ended May 31, following its GBP1.9 million loss the year before.

Revenue soared by 70% to GBP13.8 million from GBP8.1 million. FSD said trading was "finally returning to a more normalised period of trading.

"The disruption caused by the COVID-19 virus is behind us; the impact of Brexit is contained; and although global uncertainties such as the Ukranian invasion remain of major concern, with its resultant impact on inflation; the future is looking more positive," the company added.

Field Systems Designs also said cost of sales increased 31% to GBP12.4 million from GBP9.5 million.

FSD said its cash balance at May 31 was GBP2.3 million, down from GBP3.2 million at the same time one year prior. However, FSD noted that it nonetheless "has a strong balance sheet and access to additional debt funding, and trades comfortably within its current working capital."

Looking ahead, FSD sees itself as being "in prime position to benefit from the resumption of a more normalised investment cycle." It expects business volume growth to continue, and anticipates "a buoyant trading period" in the not too distant future.

Field Systems Designs shares were untraded at 42.50 pence in London on Friday.

By Emma Curzon, Alliance News reporter

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