John Foster, CEO said:
“I am pleased to report on another year of profitable trading for the Group.
A less buoyant trading environment in the Falklands saw profits fall back as expected but both UK businesses made progress despite challenging market conditions. The Group’s balance sheet remains strong.
"We are actively seeking to strengthen our non-executive board and hope to appoint a permanent non-executive chairman for shareholders to approve at the Company’s Annual General Meeting on 31 August 2017. Further announcements will follow.
"The Board is also pleased to recommend the reinstatement of a dividend, at an affordable level, to provide an attractive running yield for shareholders as well as retaining the majority of profits to fund organic growth and help finance acquisitions.
"FIH group is well-positioned for the future, and remains committed to following its strategy to deliver long-term sustainable growth, through continued organic growth and enhancing value for shareholders through selective, well-priced acquisitions."
|Year ended 31 March|
|Underlying operating profit||2,805||3,307||-15.2%|
|Share of Joint Venture underlying results||24||200||-88.0%|
|Interest(net) inc. pension costs||-433||-429||0.9%|
|Underlying profit before tax||2,396||3,078||-22.2%|
|Takeover bid & defence costs||-530||-||-|
|Gain on sale of FOGL shares||-||388||-|
|Impairment of Joint Venture assets||-||-330||-|
|Amortisation of intangiables||-136||-136||0.0%|
|Profit on sale of vessel||157||60||161.7%|
|Reported profit before tax||1,887||2,799||-32.6%|
|Diluted earnings per share on underlying profit||15.3p||19.2p||-20.2%|
|Weighted average shares in issue||12,430,505||12,383,712||0.4%|
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.