Financial Highlights

John Foster, Chief Executive said:

“I am pleased to report that profits have continued to rise alongside the achievement of record revenues;

It has been a busy year for the Group and one of notable recovery in a number of divisions. With a particularly improved performance from Momart and good trading at our other two operating businesses, FIC and PHFC, and a favourable outlook in the Falkland Islands in particular, we are delighted to be recommending an increased dividend for the full year.

"With our strong cash position, we continue to actively seek suitable acquisition opportunities, and are confident that we are well-positioned for the year ahead.”


  Year ended 31 March  
  2018
£'000
2017
£'000
Change
%
Turnover 43,830 40,494 8.2
Underlying operating profit 3,633 2,805 29.5
Share of Joint Venture underlying results 18 24 -25.0
Amortisation of intangiables - (136) -
Professional fees incurred on failed Takeover - (530) -
Other non-trading items 61 157 -61.1
Interest(net) inc. pension costs (416) (433) -3.9
Reported profit before tax 3,296 1,887 74.7
Diluted earnings per share before amortisation and non-trading items 19.7p 15.3p 28.5
Weighted average shares in issue 12,524,512 12,430,505 0.8

Group Financial Highlights

  • Group revenue at a record level of £43.8 million (2017: £40.5 million)
  • Underlying pre-tax profits at £3.24 million (2017: £2.40 million)
  • Reported pre-tax profits at £3.30 million (2017: £1.89 million)
  • Reported diluted earnings per share at 20.1 pence (2017: 11.5 pence)
  • Diluted EPS on underlying profits: 19.7 pence (2017: 15.3 pence)
  • Cash balances increased to £17.0 million (2017: £15.1 million).
  • Bank borrowings of £3.3 million (2017: £3.8 million)
  • The Board is recommending a full year dividend of 4.5 pence per share (2017: 4.0 pence per share), an increase of 12.5% over the prior year.

Operating Highlights

  • £1.34 million pre-tax profits, an increase of 23.2% (2017: £1.09 million)
  • Fishing and tourism resumed importance as drivers of economic activity, with an improved illex squid catch
  • FIC remained leading provider of retail, consumer and business support services in the Islands
  • Enhanced operational efficiency successfully combatted competition in the retail division
  • Total revenue up 16% to £21.2 million (2017: £18.4 million)
  • Continued growth from commercial galleries, auction houses and fine art collectors
  • Storage revenue increased despite two significant clients relocating
  • Notable UK museum exhibitions installed included: “Matisse in the Studio”, “Dali Duchamp” and “Charles I” at the Royal Academy; the Michelangelo exhibition at the National Gallery; “Scythian Nomads” at the British Museum; “Plywood” and “Opera” at the V&A; and “Soul of a Nation”, “Giacometti”, “Modigliani” and “Kabakov” at Tate Modern.
  • Revenues slightly up at £4.35 million (2017: £4.29 million) despite 3.6% fewer passengers
  • Strategic marketing of compelling travel deals to maintain passenger numbers
  • Measured increase of ticket prices to support profitability
  • Careful business management to counter local economic headwinds
  • Continued review of potential acquisitions for a high quality business to strengthen the Group and further increase its appeal to investors.
  • The outlook for an early development of the Sea Lion oil field in the Falklands looks increasingly positive. A final decision is expected from operator Premier Oil in the first half of 2019.
  • With a strong balance sheet and a supportive house bank and shareholder base, the board looks forward to the steady delivery of attractive investment returns as it executes its strategy of investment and growth.
  • The company will renew its focus on identifying complementary value enhancing acquisitions, on the basis of sensible purchase prices, clear synergies and a pathway to sustainable growth.

Operating Companies