Financial Highlights

"Overall, we are pleased with the performance of the Group, in a year where we have seen a return to more normal trading levels in the Falklands, against the former period’s uplift from oil exploration and in the UK, a solid performance from our ferry business and a record string of contract wins at Momart. The outlook for the second half of the year remains positive. In the Falklands we expect a return to quieter more normalised “pre-oil” trading and in the UK, the focus will be on securing new long term tenants for Momart’s newly opened art storage facilities."

Edmund Rowland, Chairman of FIH

  6 months to September 2016
£'000
6 months to September 2015
£'000
Change
%
Turnover 19,771 17,727 +11.5
Underlying operating profit 1,138 1,114 +2.2
Share of Joint Venture underlying results 25 106 -76.4
Profit before finance income and expense 1,163 1,220 -4.7
Interest(net) inc. pension costs (111) (123) -9.8
Underlying profit before tax 1,052 1,097 -4.1
Gain on sale of FOGL shares - 388 -
Amortisation of non-trading intangiables (36) (72) -50.0
Reported profit before tax 1,016 1,413 -28.1%
Diluted earnings per share on underlying profit 6.5p 6.8p -4.4
Weighted average shares in issue 12,416,472 12,410,749 -


FIH, the AIM quoted group that owns essential services businesses in the UK and Falkland Islands, is pleased to announce its unaudited results for the six months ended 30 September 2016 (“the period”). Comparisons shown below are for the same period in 2015 unless otherwise stated.

Group Financial Highlights

  • Group revenue £19.77 million (2015: £17.73 million)
  • Profit Before Tax £1.02 million (2015: £1.41 million)
  • Underlying Profit Before Tax* £1.05 million (2015: £1.10 million)
  • Diluted earnings per share based on underlying earnings were 6.5p (2015: 6.8p)
  • Bank borrowings at 30 September 2016 were £3.1 million (30 September 2015: £3.5 million)
  • Group cash balances of £12.5 million at 30 September 2016 (30 September 2015: £10.8 million).

* Underlying Profit Before Tax is shown after bank interest and financing costs and excludes non-trading items and non-cash charges for the amortisation of intangible assets

Operating Highlights

  • Overall 8.5% rise in FIC’s turnover to £8.56 million (2015: £7.89 million)
  • Underlying Profit Before Tax declined to more normal levels of £0.52 million (2015: £0.73 million) following the departure of the Eirik Raude drilling rig and onshore support workers
  • Overall retail sales down by 1.9% reflecting weakened consumer demand, but encouraging progress in Home Living and Building following recent investment
  • Falklands 4x4 revenues +21.7% to £1.52 million (2015: £1.25 million) with strong demand for the last production run of the rugged Land Rover Defender.
  • Profits broadly in line with the prior year; revenue +1% to £2.28 million (2015: £2.26 million)
  • Passenger volumes down 4.7%, with external pressure from cheap petrol and subsidised Park & Ride scheme in addition to disruption from rebuilding of harbour rail/bus passenger interchange in Portsmouth
  • Tight cost-control minimised decline in profitability : PBTa £0.36 million (2015: £0.39 million) with 2% increase in operating costs from rising fuel prices and increased vessel depreciation
  • Performance expected to remain solid. Completion of Portsmouth passenger interchange early in 2017 and arrival of new carrier in May 2017 expected to boost local demand.
  • Total revenue +17.8% to £8.93 million (2015: £7.58 million). Record levels of revenue from museums and 6.8% growth in sales revenue from Galleries and Private Clients
  • Underlying Profit Before Tax improved to £0.17 million (2015: £0.02 million loss)
  • Notable exhibitions included: Abstract Expressionism at the Royal Academy; Sunken Cities at the British Museum; Painters’ Paintings at the National Gallery; William Eggleston at the National Portrait Gallery; You Say You Want a Revolution at the V&A and The Radical Eye at Tate Modern
  • Headwinds from increased competition and pricing pressure in the museum sector in particular. Museum order book at start of H2 has returned to an equivalent level to that of prior year, with lower margins
  • Longer term outlook for private client services is good following completion of new state-of-the-art unit at Leyton which adds 33% to storage space.

Operating Companies