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Field Systems Designs Holdings PLC on Friday announced it swung to a profit in the half-year to November 30, as revenue more than doubled.
Field Systems is a Dorking, England-based mechanical and electrical design and installation services for water, power, and waste industries.
The company said it swung to an interim pretax profit of £42,000 from a loss of £1.5 million a year ago. Revenue soared to £6.7 million from £2.6 million. Cost of sales increased slower, by 69% to £6.2 million from £3.7 million.
Looking ahead, Field aims to mitigate increases in commodity and energy costs and challenges in supply chains. It added that positive public announcements from main water utilities confirm that the proposed 2020 to 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,’ Managing Director Nigel Billings said.
Field Systems turned to basic earnings per share of 1.0 pence from a loss of 23.5p.
Field Systems shares were flat at 41 pence each in London on Friday morning.
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