TIDMFIH
RNS Number : 0271T
FIH Group PLC
12 November 2019
12 November 2019
FIH group plc
("FIH" or the "Group")
Results for the six months ended 30 September 2019
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 2019
("the period"). Comparisons shown below are for the same period in
2018 unless otherwise stated.
Group Financial Highlights - Resilient performance despite
market pressures
-- Group revenue at GBP19.4 million (2018: GBP19.6 million)
-- Profit before tax at GBP1.25 million (2018: GBP1.35 million)
-- Diluted earnings per share: 7.6p (2018: 8.3p)
-- Bank borrowings at 30 September 2019: GBP16.4 million (31 March 2019: GBP12.8 million)
-- Cash balances at 30 September 2019: GBP9.6 million (31 March 2019: GBP6.2 million)
-- Increased interim dividend of 1.80 pence per share (2018: 1.65 pence per share)
Operating Highlights
Falkland Islands Company ("FIC") - Encouraging and profitable
trading led by solid growth across multiple divisions and strong
recovery in construction
-- Revenue up 13.9% at GBP9.08 million (2018: GBP7.97 million)
reflecting strong recovery in Falkland Building Services (FBS) (up
82% to GBP1.54 million)
-- Continued growth in Retail sales (up 6% to GBP4.45 million),
Falklands 4x4 (up 6.7% to GBP1.64 million) and Support Services (up
5.6% to GBP0.78 million) and positive revenue impact following
investment in Property Rental (up 32.3% to GBP0.3 million)
-- Profit before tax increased by 68% to GBP0.67 million (2018: GBP0.45 million)
-- Significant medium to long-term growth opportunities linked
to: land-based tourism, with a regular commercial flight from
Brazil due to commence this month; possible oil development, with a
decision on Sea Lion development expected from Premier Oil in 2020;
and opportunities from Falkland Island Government and Ministry of
Defence with emerging plans for local infrastructure
investment.
Portsmouth Harbour Ferry Company ("PHFC") - Revenue lower, with
passenger volumes impacted by aircraft carrier's summer
deployment
-- Total PHFC revenue decreased 1.2% to GBP2.31 million (2018:
GBP2.34 million) reflecting a 3.2% decline in passenger numbers,
outweighing the 3.0% annual increase in fares
-- Passenger volumes most markedly down while the Navy's new
aircraft carrier was away during the summer, but this is expected
to return before January 2020 along with HMS Prince of Wales
-- 17% increase in Cruising and Other income, to GBP0.17
million, with successful season of Solent leisure cruises
-- Cost controls ensured only marginal decrease in profit before
tax, to GBP0.49 million (2018: GBP0.51 million)
-- Medium and long-term potential for increased ferry passenger
volumes linked to mooted redevelopment of Gosport harbour's
transport hubs, including possible improved retail, leisure and
accommodation amenities.
Momart - Challenging commercial art market dented performance,
despite strength in high margin services
-- Overall revenue declined by 13.4% to GBP8.04 million (2018:
GBP9.28 million), impacted by uncertainty amongst high-net-worth
individuals and ensuing reduced activity by commercial clients in
the face of challenging UK and international art market
conditions
-- Revenue in art storage rose 3.3% to GBP1.04 million, with
success in securing new private and public sector storage clients,
which will continue to benefit in future periods
-- Notable exhibition activity included: "Mary Quant" and "Cars"
at the V&A; "Anthony Gormley" at the Royal Academy;
"Ashruburnipal" at the British Museum; "Olifur Eliasson" at Tate
Modern; and "Van Gogh" at Tate Britain.
John Foster, Chief Executive, said:
"It has been a challenging period for several business
divisions, and especially at Momart in the art sector, so we are
satisfied that the Group has delivered a resilient half year
performance overall.
"Supported by strength in the core Falklands business and tight
cost control, the Group's profit before tax was reasonably robust.
Meanwhile the Group's cash position remains strong, and we are
pleased to announce an increased interim dividend of 1.80 pence per
share.
"With a number of exciting medium to long-term growth
opportunities in each of our diverse businesses, the Board looks to
the future with confidence."
Enquiries:
FIH group plc
John Foster, Chief Executive Tel: 01279 461 630
WH Ireland Ltd. - NOMAD and Broker
to FIH
Adrian Hadden / Darshan Patel / Lydia Tel: 020 7220 1666
Zychowska
FTI Consulting - Communications adviser
to FIH
Alex Beagley / Eleanor Purdon Tel: 020 3727 1000
Chairman's Report
I have pleasure in presenting the FIH group's Interim results
for the 6 months ended 30 September 2019.
A detailed commentary on the results is provided in the Chief
Executive's Review below but I am pleased to report a satisfactory
first half performance with pre-tax profits of GBP1.25 million,
GBP0.1 million below last year, which reflects a slowing economic
backdrop and the global uncertainty which has created challenging
trading conditions particularly for the Group's fine art handling
business, Momart.
Although Group revenues were slightly lower by 0.8% at GBP19.4
million, Profit Before Tax held up reasonably well at GBP1.25
million. Momart experienced weaker demand in the commercial art
market where activity was dampened by concerns over Brexit and the
wider global investment outlook, but this was substantially offset
by increased activity in the Falkland Islands Company ("FIC").
Profits at the Group's passenger ferry business in Portsmouth
harbour were slightly down on the first half last year. In overall
terms, the first half results are considered satisfactory and the
Board was particularly pleased to see encouraging growth in the
Group's core business in the Falklands.
The Group's cash position remains strong and at 30 September
2019, the Group had cash on hand of GBP9.6 million, an increase of
GBP3.4 million since 31 March 2019. This increase in cash resources
resulted from the refinancing of a GBP10 million short-term
temporary bank facility and its replacement in June 2019 with a
GBP13.9 million long-term mortgage. This GBP3.9 million increase in
cash reserves has been offset by normal seasonal increases in
working capital and continued investment in the Group's business in
the Falklands.
Diluted earnings per share in the first half were 7.6 pence per
share (2018: 8.3 pence), and the Board is pleased to announce the
payment of an increased interim dividend of 1.80 pence per share
(2018: 1.65 pence), which will be paid on 24 January 2020 to
shareholders on the register at the close of business on 13
December 2019. The Group has a Dividend Reinvestment Plan that
allows shareholders to reinvest dividends to purchase additional
shares in the Group. For shareholders to apply the proceeds of this
and future dividends to the plan, application forms must be
received by the Group's Registrars by no later than Friday 3
January 2020*.
We look forward to seeing progress from the Group's businesses
and we continue to work on ways to maximise shareholder value over
the medium term.
Robin Williams
12 November 2019
* Existing participants in the Plan will automatically have the
interim dividend reinvested. Details on the Plan can be obtained
from Link Asset Services on 0371 664 0381 or at
www.signalshares.com. Calls are charged at the standard geographic
rate and will vary by provider. If you are outside the United
Kingdom, please call +44 371 664 0381. Calls outside the United
Kingdom will be charged at the applicable international rate. The
lines are open from 9.00am to 5.30pm, Monday to Friday excluding
public holidays in England and Wales.
Chief Executive's Review
Group overview
In the 6 months to 30 September 2019, the Group generated Profit
Before Tax of GBP1.25 million (2018: GBP1.35 million), GBP0.1
million lower than the prior year period, with overall revenue 0.8%
lower at GBP19.4 million. The overall result was achieved despite
markedly weaker demand in the global market for fine art, which saw
reduced activity at Momart. However, this slowdown at Momart was
largely offset by a notably stronger trading performance from FIC
in the Falklands, which saw improved profitability across the broad
spread of its trading activities. At the Group's remaining trading
business, Portsmouth Harbour Ferry Company ("PHFC"), a small
decline in passenger volumes of 3% led to a similar small drop in
the ferry company's profits.
The Group's balance sheet remained strong with GBP9.6 million of
cash on hand at 30 September 2019, up GBP3.4 million from the
GBP6.2 million at 31 March 2019. In June 2019, the Group increased
its liquidity by refinancing short-term debt facilities of GBP10
million by drawing down a GBP13.9 million long-term mortgage
facility secured on the Group's fine art warehouses at Leyton the
freehold of which was acquired in December 2018 at a cost of
GBP19.6 million. At the half year, bank borrowings were GBP16.4
million compared to GBP12.8 million at 31 March 2019, of which
short-term borrowings due within one year had fallen to GBP1.1
million from the GBP10.5 million year-end position. As a result of
normal seasonal increases in working capital and capital investment
in rental property in the Falklands, the Group's net bank
borrowings at 30 September (bank borrowings less cash) were GBP6.8
million, GBP0.2 million higher than the position at 31 March
2019.
For the first time, the Group's financial statements are being
drawn up under the new international accounting standard (IFRS 16)
which requires a company's operating lease liabilities to be shown
as liabilities on the balance sheet together with the related
assets which correspond to the right to use such assets over the
remaining life of the related lease contracts.
Unlike many companies, FIH does not have extensive operating
leases within its business units and the net impact on reserves of
accounting adjustments required to reflect the new standard amount
to less than 0.5% of the Group's net assets.
The effect of this new accounting treatment at 30 September 2019
is to increase lease liabilities by GBP3.1 million and increase
fixed assets by GBP2.9 million. The excess of liabilities of GBP0.2
million has been taken to reserves. Of the new lease liabilities
recognised under IFRS 16, only GBP0.1 million is due within one
year, with the balance due over a period of up to 42 years. Group
revenue and total cash flow are completely unaffected by the change
in presentation.
There is also no material impact annual on the Group's profit
and loss account.
An analysis by business is shown below:
Revenue
Six months ended 30 September 2019 2018 Change
GBP million GBP million %
Falkland Islands Company 9.08 7.97 13.9
Portsmouth Harbour Ferry 2.31 2.34 -1.2
Momart 8.04 9.28 -13.4
------------------------------- ------------- ------------- -------
Total Revenue 19.43 19.59 -0.8
------------------------------- ------------- ------------- -------
Profit Before Tax 2019 2018 Change
Six months ended 30 September GBP million GBP million %
Falkland Islands Company 0.70 0.45 55.1
Portsmouth Harbour Ferry 0.49 0.51 -3.0
Momart 0.06 0.39 -85.8
--------------------------------- -------------- -------------- -------
Profit Before Tax 1.25 1.35 -7.6
--------------------------------- -------------- -------------- -------
Diluted Earnings per Share
in pence 7.6p 8.3p -8.4
With a blended corporation tax rate prudently estimated at 23%
the Group's Profit Before Tax of GBP1.25 million gave Profits After
Tax of GBP0.96 million (2018: GBP1.04 million) and diluted earnings
per share (EPS) marginally lower than last year at 7.6 pence (2018:
8.3 pence).
Maintaining its renewed dividend policy, the Board is pleased to
confirm that an interim dividend of 1.80 pence per share will be
paid on 24 January 2020 to those shareholders on the register at
the close of business on 13 December 2019.
Operating Review
Falkland Islands Company (FIC)
Trading in FIC was encouraging with an overall 13.9% growth in
revenue to GBP9.08 million (2018: GBP7.97 million) led by the
expected strong recovery at Falkland Building Services (FBS) where
increased sales of kit homes helped lift revenue by GBP0.69 million
(+82%).Elsewhere there was continued revenue growth in FIC's retail
operations (+6.0%) and at Falklands 4x4 (+6.7%) and Support
Services (+5.6%). Following further investment to develop FIC sites
in central Stanley, income from the expanded portfolio of 58
residential properties increased by 32.3% to GBP0.3 million. Income
from Freight and Port Services experienced a modest fall of GBP0.05
million as a result of changes to the timing of military supply
vessels arriving in Stanley which should correct in future
periods.
With encouraging growth across all its major business units
FIC's trading profits increased by 62% to GBP0.67 million in what
is traditionally the much quieter austral winter. Increased
activity in Retail and at Falklands 4x4 also saw FIC's consumer
finance activities deliver a pleasing uplift in income of 20%
compared to the prior period.
Reflecting the solid growth across the broad spread of FIC's
businesses, Profit Before Tax increased by 60.3% to GBP0.70 million
an increase of GBP0.26 million compared to the prior period (2018:
GBP0.45 million).
FIC 2019 2018 Change
Six months ended 30 September GBP million GBP million %
Revenue
Retail 4.45 4.20 6.0
FBS (construction) 1.54 0.85 82.0
Falklands 4x4 1.64 1.54 6.7
Freight & Port Services 0.37 0.42 -12.2
Support services 0.78 0.73 5.6
Property Rental 0.30 0.23 32.3
Total FIC revenue 9.08 7.97 13.9
-------------------------------------- ------------- ------------- -------
Trading profit 0.67 0.41 62.1
Consumer Finance income 0.09 0.08 20.5
Interest income less IFRS 16 finance
expense - 0.02 -87.5
Pensions charge (0.06) (0.06) 0.0
Profit Before Tax 0.70 0.45 55.1
-------------------------------------- ------------- ------------- -------
FIC's H1 trading results do not reflect any income or positive
effect from the possible development of oil in the Falklands.
Further tenders to construct onshore facilities and provide local
services are expected to be issued by the lead operator, Premier
Oil, during the second half of the Group's financial year. Premier
is then expected to move towards completion of the tendering
process and following its securing of any additional finance needed
to support the development of its Sea Lion field, a final
investment decision by the Board of Premier on whether to proceed
with the development of Sea Lion is anticipated during the course
of 2020.
Elsewhere the Group is looking forward to the commencement of a
second commercial flight to the Falklands from Sao Paulo in Brazil
which is due to start on 20 November 2019. This regular mid-week
flight from a major international hub airport, once established has
the potential to significantly increase land-based tourism to the
Falklands and to provide a further major underpinning to the
long-term economic prosperity of the Falklands.
Beyond oil and tourism, the Group is well placed to become
involved in providing infrastructure investment and ongoing
services to support the future investment plans of the Falkland
Islands Government and Ministry of Defence. These are expected to
emerge gradually but should provide significant opportunities to
local businesses over the medium term.
Portsmouth Harbour Ferry Company
Revenue from core ferry activities were lower by 1.6% in the
period at GBP2.14 million (2018: GBP2.18 million), as the decline
in passenger volumes of 3.2% outweighed the 3.0% annual increase in
fares put through in June. The rate of decline varied over the
period but increased markedly during weeks when HMS Queen
Elizabeth, the navy's new aircraft carrier was away overseas during
the summer. With much of the dockyard now geared to supporting the
navy's flagship when she out of port there has been a marked
reduction in the numbers of servicemen and civilian support staff
working (and commuting) to and from the yard and this is a key
factor in explaining changes in ferry usage between periods.
At GBP3.70 for a daily adult return and GBP16.50 for a booklet
of flexible 10 trip tickets, the ferry continues to offer good
value for money for those commuters or shoppers seeking to travel
across the harbour in a convenient and stress-free manner.
HMS Queen Elizabeth is set to return to Portsmouth before the
end of the calendar year when it is expected she will be joined by
her sister ship, HMS Prince of Wales and this should help passenger
volumes. In the medium term the local council is seeking support
from UK central government to help redevelop the bus and taxi
transport hub on the Gosport side of the harbour. With new retail
and leisure facilities mooted and the possibility of new amenities
including a hotel, the redevelopment when it eventually comes
should provide a boost to ferry volumes although while the project
remains in long term planning little immediate benefit is expected
to emerge in the near term.
On a more positive note, a successful summer season of leisure
cruises in and around the Solent, saw cruise revenue increase by
17%, which more than offset a decline in advertising income. As a
result, cruising and other income increased by 5% to GBP0.17
million.
Taken together, ferry revenue and cruise and other income
amounted to GBP2.31 million a 1.2% decrease on the prior year
(2018: GBP2.18 million).
With operating costs tightly controlled, some of the revenue
declines were absorbed in costs savings. As a result, PHFC's
underlying profit before tax saw only a marginal decrease of
GBP0.02 million to GBP0.49 million (2018: GBP0.51 million)
PHFC: 2019 2018 Change
Six months ended 30 September GBP million GBP million %
Revenue
Ferry fares 2.14 2.18 -1.6
Cruising and Other income 0.17 0.16 +5.0
----------------------------------- ------------- ------------- -------
Total Ferry Revenue 2.31 2.34 -1.2
----------------------------------- ------------- ------------- -------
Trading profit 0.67 0.66 0.6
Bank and hire purchase interest
payable (0.15) (0.15) -4.4
IFRS 16 charges for rental leases (0.03) - 100.0
Profit Before Tax 0.49 0.51 -3.0
----------------------------------- ------------- ------------- -------
Momart
After a very encouraging performance in the year to 31 March
2019, Momart, the Group's art handling and logistics business,
faced a challenging period of trading. Despite some good progress
in securing new storage clients, overall revenue fell by 13.4% to
GBP8.04 million (2018: GBP9.28 million) and with substantially
fixed operating costs, this decline in revenue fed through to hit
profits. As a result, despite strong cost control, operating
profits at Momart, in its traditionally quieter first half, dropped
GBP0.14 million to GBP0.27 million (2018: GBP0.41 million) and
after mortgage interest on the bank loan taken out to finance the
purchase of the Leyton warehouse freehold of GBP0.18 million,
profit before tax was reduced to GBP0.06 million (2018: GBP0.39
million).
The much tougher trading conditions were however limited to
Momart's activities in support of commercial rather than public
sector funded art handling operations. From the outset, after a
sharp increase in last minute activity prior to the aborted Brexit
deadline in March at the end of the last financial year, from April
onwards commercial activity in the UK and international art market
slowed markedly. Slowing returns from investment in art and general
Brexit related and global uncertainty made private collectors more
cautious. This nervousness and uncertainty amongst high net worth
collectors quickly fed through into reduced activity by commercial
galleries and auction houses and throughout the period Momart
experienced a sharp fall in activity with its key commercial
clients. As a result, Gallery Services revenue fell by 26.5%
compared to the prior period, down GBP1.0 million to GBP2.7 million
(2018: GBP3.7 million) to a level not seen since 2015.
On a more positive note, activity in Momart's traditionally core
activity servicing public institutions and museums revenue held up
well and sales of Momart's own high margin services increased
whilst lower margin work subcontracted to overseas agents fell
back. Hence, despite the overall 6.5% fall in revenue from Museums,
(down to GBP4.3 million from GBP4.6 million in 2018) with a richer
mix of sales, contribution from Momart's museums business moved
forward in the period.
Notable museum exhibitions in the period included "Mary Quant"
and "Cars" at the V&A, Antony Gormley at the Royal Academy,
"Ashruburnipal" at the British Museum, "Olifur Eliasson" at Tate
Modern and "Van Gogh" at Tate Britain.
In storage good progress was made despite the loss of recurring
storage revenue last year from private clients' uncertainty about
Brexit, which lowered the base line of storage income at the start
of the period, Momart enjoyed encouraging success in securing new
private and public sector storage clients and this in turn helped
lift storage income by 3.3% to GBP1.04 million. Although modest in
its initial effect, this success in new client recruitment will
feed through into future periods and have a significant cumulative
impact.
Momart : 2019 2018 Change
Six months ended 30 September GBP million GBP million %
Revenue
Museums and public Exhibitions 4.30 4.61 -6.5
Commercial Galleries and Auction
Houses 2.70 3.67 -26.5
Art Storage 1.04 1.00 3.3
----------------------------------- ------------- ------------- -------
Total Revenue 8.04 9.28 -13.4
----------------------------------- ------------- ------------- -------
Trading profit 0.27 0.41 -35.5
Bank and hire purchase interest
payable (0.18) (0.02) 982.4
IFRS 16 charges for rental leases (0.03) - 100.0
Profit Before Tax 0.06 0.39 -85.8
----------------------------------- ------------- ------------- -------
Looking ahead, with global risk and economic uncertainty still
unresolved, some continued softness in the commercial art market is
expected. However, with a strengthening base of storage revenue and
a large museum order book some 50% ahead of the prior year these
positive elements should help underpin more robust trading in the
second half.
Balance Sheet and Cash Flow
During the six months to 30 September 2019, with operating
profits of GBP1.7 million and depreciation of GBP1.0 million, the
Group produced EBITDA of GBP2.7 million (2018: GBP2.3 million).
With increased investment on fixed assets in expanding FIC's
property portfolio in the Falklands, total capital expenditure in
the period increased to GBP1.3 million (2018: GBP1.0 million),
GBP0.3 million above depreciation. After GBP0.1 million of net
receipts from consumer finance debtors in the Falklands, operating
cash flow before changes in working capital but after capital
expenditure, was GBP2.8 million (2018: GBP2.5 million).
In the first 6 months of the new financial year, total
inventories increased by GBP1.0 million to GBP6.8 million from the
31 March 2019 starting point mainly linked to increased
construction work in progress for kit homes. However, debtor
collection was strong with receivables being reduced by GBP2.0
million and with normal reductions in trade creditors of GBP1.1
million from the position at year end, there was an overall
seasonal increase in working capital of GBP0.4 million in the 6
months to 30 September 2019 (2018: GBP1.9 million). GBP0.3 million
in corporation tax and GBP0.4 million in dividends was paid out and
after a GBP3.5 million net drawdown of bank and hire purchase
loans, the Group's net cash flow in the 6 months from 31 March 2019
amounted to an inflow of GBP3.4 million. As a result, closing cash
balances increased from GBP6.2 million to GBP9.6 million at 30
September 2019.
In addition to the Group's cash balances of GBP9.6 million, and
closing bank borrowings of GBP16.4 million, at 30 September 2019,
the Group also had hire purchase liabilities of GBP0.2 million (31
March 2019: GBP0.2 million), long-term finance lease liabilities in
respect of the Gosport Pontoon of GBP4.7 million (31 March 2019:
GBP4.7 million) and for the first time in the Group's balance
sheet, following the new presentation mandated by IFRS 16 there is
a liability for long-term rental leases of GBP3.1 million.
Potential Impact of Brexit
In general, the Board believes that the Group is not highly
exposed to any potential adverse outcomes arising from Brexit,
although the cross-border art handling activities of Momart and the
European art market in general would face disruption in the event
of a disorderly departure from the EU.
In the Falklands, FIC has almost no direct trading links with
the EU. However, the Falklands economy is heavily dependent on
income from squid and offshore fisheries, which account for 60% of
Falklands GDP and a significant proportion of the Islands' annual
squid catch is currently exported to Spain. In the event of
increased tariffs and friction at newly erected external borders,
some impact on the pattern of Falklands' trade could be expected to
arise, although in the longer term, it seems likely that Falklands'
exporters would find alternative solutions and / or alternative
markets which would minimise any long-term damage to the wider
Falklands economy. It should also be noted that the greater part of
Falklands' government licence income is linked to the illex squid
catch which is sold into markets in the Far East and has no
connection to the EU.
PHFC is much more focussed on its local market and has no direct
trading links with the European Union. European companies
manufacture some ferry components, but spare parts are available in
the UK market and little or no impact is anticipated.
As outlined above, Momart has the greatest exposure to a
disorderly Brexit. The European art market and national museums
benefit greatly from the current frictionless borders, which enable
art works for exhibition and sale to move seamlessly across Europe
and this in turn depends in particular on the free movement of
vehicles through the channel ports. If Brexit is well managed,
disruption should be relatively modest but contingency plans using
alternative routes onto the continent are being explored, albeit
there remains an unavoidable potential impact in the near term if
the UK and EU governments do not agree orderly transitional
arrangements.
Outlook
After a satisfactory trading in the first half, as highlighted
in last year's annual report, the Group is taking further steps to
strengthen its operational management teams at both FIC and at
Momart. At FIC, prospects for medium term growth are considered to
be better than at any time in the company's recent history and we
are actively recruiting experienced managers in construction,
support services and finance who will be needed to navigate the
challenges and make the most of the exceptional opportunities that
present themselves. At Momart, further work is being done to
strengthen the team and to secure effective succession to the
company's team of highly experienced specialists. This activity
will underpin the longer-term success of the Group's businesses
although in the near term, costs will increase.
At Momart, the weakness in the commercial markets is expected to
continue until some of the key uncertainties undermining investor /
collector confidence are resolved. However good progress is being
made in securing new storage clients and the outlook for Momart's
museum business is positive. Once through the choppy waters being
experienced in Gallery Services, with continued strength in its
core museum business, the leveraged impact on bottom line profits
of filling spare storage capacity and further strengthening of the
senior team, the medium-term outlook for Momart is considered to be
positive.
At PHFC, as ever much depends on the future trends in passenger
volumes. In the near term, we can expect to see the normal slower
trading in the quieter winter months. The arrival of the second
aircraft carrier later this year should help and in the medium
term, planning initiatives from the local council to support and
increase the use of public transport should also have a positive
impact. In the meantime, continuing marketing initiatives using
Facebook, and Instagram as well as traditional media will continue
to promote special offers and remind passengers of the economic and
environmental benefits of using the ferry service.
In the Falklands, the outlook is more encouraging with good
prospects for near-term and particularly healthy medium-term
growth. As we enter the second half of the financial year
housebuilding activity is continuing at record levels and the
longer days of the austral summer will see acceleration in housing
completions as FIC works through its first batch of 18 houses for
the Falkland Islands Government and undertakes further expansion of
its own residential portfolio. Retail remains well positioned and
with the commencement of the second flight from Brazil later in
November 2019 which will bring new supply chain opportunities and
increased freight capacity, the retail business will be able to
expand its product offering and take advantage of the expected
boost to the local economy that increased land-based tourism will
bring. With an increase also expected in the number of cruise ship
visitors this year, FIC's agency and tourist services should also
benefit. The unprecedented capital investment programmes now being
planned by the UK Ministry of Defence to renew its facilities and
modernise the base at Mount Pleasant, added to the substantial
expansion of the Falkland Islands Government's own infrastructure
investment programme, which includes plans for a new school, power
station and port, will also yield further specific opportunities
for FIC's expanding construction arm as well as driving wider
economic activity and sustained growth. With these powerful
elements supporting general economic growth in the Falklands,
further progress by FIC is expected in the second half and the
medium-term outlook appears very bright.
Beyond an expansion in tourism and a surge in government
infrastructure investment, prospects for the development for oil
production in Falklands' waters remain open. Despite global
uncertainty and the volatile price of oil, Premier Oil is
progressing its plans and the Group looks forward to participating
in the tender for onshore facilities in the second half of next
year and hearing news of its final investment decision on the
development of Sea Lion later in 2020.
However, even if Sea Lion does not progress, the Falklands
economy has a bright future and FIC is well placed to take
advantages of the historic opportunities in the South Atlantic as
they present themselves.
At a Group level in the immediate future, trading challenges at
Momart and the planned investment to strengthen the Group's
operating management will hold back progress in the second half as
will the absence of one-off credits which flattered last year's
results. However, a solid trading result for the full year is still
anticipated at a level sufficient to support the Board's
progressive but balanced policy of dividend growth. In the medium
term, we remain confident of a healthy recovery at Momart, solid
trading and strong cash flow from PHFC and continuing steady growth
at FIC over a sustained period.
The Board looks forward to the future with confidence.
John Foster John Foster
Chief Executive
12 November 2019
Condensed Interim Consolidated Income Statement
FOR THE 6 MONTHSED 30 SEPTEMBER 2019
Unaudited
6 months Unaudited* Audited
to 6 months to Year ended
30 September 30 September 31 March
2019 2018 2019
Notes GBP'000 GBP'000 GBP'000
------------------------------------- -------------- -------------- ------------------
2 Revenue 19,430 19,585 42,528
Cost of sales (11,131) (11,210) (24,777)
--------------------------------- -------------- -------------- ------------------
Gross profit 8,299 8,375 17,751
Other administrative expenses (6,699) (6,889) (13,546)
Consumer finance interest income 94 78 172
--------------------------------- -------------- -------------- ------------------
Administrative expenses (6,605) (6,811) (13,374)
Operating profit 1,694 1,564 4,377
Share of result of joint venture - - -
--------------------------------- -------------- -------------- ------------------
Profit before finance income
and expense 1,694 1,564 4,377
Finance income 3 24 36
Finance expense (447) (235) (555)
--------------------------------- -------------- -------------- ------------------
3 Net financing costs (444) (211) (519)
Profit before tax 1,250 1,353 3,858
4 Taxation (288) (311) (827)
Profit attributable to equity
holders of the Company 962 1,042 3,031
--------------------------------- -------------- -------------- ------------------
5 Earnings per share
Basic 7.7p 8.4p 24.4p
Diluted 7.6p 8.3p 24.1p
See note 5 for an analysis of earnings per share on underlying
profit (defined as profit after tax before non-trading items).
*The classification of costs in the six months to 30 September
2018 have been revised to be consistent with the current period, by
increasing "Cost of Sales" by GBP982,000, and decreasing "Other
administrative expenses" by GBP982,000,. There is no impact on the
overall reported profit position.
Condensed Consolidated Balance Sheet
AT 30 SEPTEMBER 2019
Unaudited Unaudited Audited
30 September 30 September 31 March
2019 2018 2019
GBP'000 GBP'000 GBP'000
----------------------------------------- -------------- -------------- ----------
Non-current assets
Intangible assets 11,739 11,799 11,766
Right to use assets 2,894 - -
Property, plant and equipment 38,439 18,907 38,664
Investment properties 5,843 4,348 5,239
Investment in joint venture 259 259 259
Debtors due in more than one
year 88 - 88
Hire purchase debtors 600 468 584
Deferred tax assets 721 738 721
---------------------------------------- -------------- -------------- ----------
Total non-current assets 60,583 36,519 57,321
Current assets
Inventories 6,787 5,795 5,756
Trade and other receivables 5,776 5,789 7,761
Hire purchase debtors 553 719 659
Cash and cash equivalents 9,561 15,620 6,184
---------------------------------------- -------------- -------------- ----------
Total current assets 22,677 27,923 20,360
TOTAL ASSETS 83,260 64,442 77,681
Current liabilities
Interest bearing loans and borrowings (1,182) (644) (10,645)
Lease liabilities (110) - -
Income tax payable (422) (387) (399)
Trade and other payables (8,610) (8,342) (9,621)
---------------------------------------- -------------- -------------- ----------
Total current liabilities (10,324) (9,373) (20,665)
---------------------------------------- -------------- -------------- ----------
Non-current liabilities
Interest bearing loans and liabilities (20,106) (7,439) (7,148)
Lease liabilities (2,992) - -
Employee benefits (2,784) (2,847) (2,772)
Deferred tax liabilities (2,529) (2,323) (2,529)
---------------------------------------- -------------- -------------- ----------
Total non-current liabilities (28,411) (12,609) (12,449)
TOTAL LIABILITIES (38,735) (21,982) (33,114)
Net assets 44,525 42,460 44,567
---------------------------------------- -------------- -------------- ----------
Capital and reserves
Equity share capital 1,250 1,245 1,250
Share premium account 17,590 17,488 17,590
Other reserves 1,162 1,162 1,162
Retained earnings 24,955 22,577 24,579
Hedging Reserve (432) (12) (14)
Total equity 44,525 42,460 44,567
---------------------------------------- -------------- -------------- ----------
Condensed Consolidated Cash Flow Statement
FOR THE 6 MONTHSED 30 SEPTEMBER 2019
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2019 2018 2019
Notes GBP'000 GBP'000 GBP'000
----------------------------------------------- -------------- -------------- ------------
Profit for the period 962 1,042 3,031
Adjusted for (i) Non-cash items:
Depreciation of rental leases 159 - -
Depreciation and amortisation 822 698 1,437
Gain on disposal of fixed assets 34 - 20
Equity-settled share-based payment expenses 49 38 69
---------------------------------------------- -------------- -------------- ------------
Non-cash items adjustment 1,064 736 1,526
(ii) Other items:
Net finance expense 444 211 519
Decrease in hire purchase debtors 90 247 191
Income tax expense 288 311 827
---------------------------------------------- -------------- -------------- ------------
Other adjustments 822 769 1,537
Operating cash flow before changes in
working capital 2,848 2,547 6,094
Decrease / (increase) in trade and other
receivables 1,985 1,642 (418)
(Increase) / decrease in trading inventories (972) (1,181) (1,128)
Increase in trade and other payables (1,429) (2,347) (924)
---------------------------------------------- -------------- -------------- ------------
Changes in working capital and provisions (416) (1,886) (2,470)
Cash generated from operations 2,432 661 3,624
Cash inflow on option exercises - 43 150
Cash outflow on nil cost option exercise (28) (29) (28)
Payments to pensioners (48) (52) (103)
Corporation taxes paid (265) (270) (560)
---------------------------------------------- -------------- -------------- ------------
Net cash from operating activities 2,091 353 3,083
Cash flows from investing activities
Purchase of property, plant and equipment (1,267) (1,044) (22,432)
Bank interest received 3 24 36
---------------------------------------------- -------------- -------------- ------------
Net cash flows from investing activities (1,264) (1,020) (22,396)
Cash flows from financing activities
Repayment of secured loans (10,266) (258) (514)
Lease payments under IFRS 16 principal (139) - -
Lease payments under IFRS 16 Interest (52) - -
Repayment of finance lease principal (60) (62) (131)
Finance lease interest paid (117) (117) (235)
Bank interest paid (216) (58) (234)
Bank loan drawn down 13,819 - 10,000
Proceeds from new hire purchase loans - 137 172
Dividends paid (419) (373) (579)
---------------------------------------------- -------------- -------------- ------------
Net cash flows from financing activities 2,550 (731) 8,479
---------------------------------------------- -------------- -------------- ------------
Net increase / (decrease) in cash and
cash equivalents 3,377 (1,398) (10,834)
Cash and cash equivalents at start of
year 6,184 17,018 17,018
---------------------------------------------- -------------- -------------- ------------
Cash and cash equivalents at end of year 9,561 15,620 6,184
---------------------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Comprehensive Income
FOR THE 6 MONTHSED 30 SEPTEMBER 2019
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2019 2018 2019
Notes GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ------------
Cash flow hedges - effective portion
of changes in fair value (418) 6 4
Items that are or may be reclassified
subsequently to profit or loss (418) 6 4
Actuarial gain on pension schemes
net of tax - - 27
--------------------------------------- -------------- -------------- ------------
Items which will not ultimately
be recycled to the income statement - - 27
Other comprehensive expense (418) 6 31
Profit for the period 962 1,042 3,031
Total comprehensive income 544 1,048 3,062
--------------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Changes in Shareholders'
Equity
FOR THE 6 MONTHSED 30 SEPTEMBER 2019
Unaudited
Unaudited 6 months Audited
6 months to to Year ended
30 September 30 September 31 March
2019 2018 2019
GBP'000 GBP'000 GBP'000
--------------------------------------- -------------- -------------- ------------
Shareholders' funds at beginning
of period 44,567 41,733 41,733
Profit for the period 962 1,042 3,031
Cash flow hedges - effective portion
of changes in fair value (418) 6 4
Re-measurement of the defined benefit
pension liability, net of tax - - 27
Dividends paid (419) (373) (579)
Total comprehensive income 125 675 2,483
Opening adjustment for the impact
of IFRS 15 (note 1) - - 160
Opening adjustment for the impact (188)
of IFRS 16 (note 1) - -
Shares issued on exercise of options (28) 43 150
Share-based payments granted to
employees 49 38 69
Employee options vested in the period - (29) (28)
Shareholders' funds at end of period 44,525 42,460 44,567
--------------------------------------- -------------- -------------- ------------
Notes to the Unaudited Interim Statements
1. Basis of preparation
This interim financial statement comprises the condensed
consolidated balance sheets at 30 September 2019, 30 September 2018
and 31 March 2019 and condensed consolidated statements of income,
comprehensive income, cash flows and changes in shareholders'
equity for the periods then ended and related notes of FIH group
plc (hereinafter 'the interim financial information').
The interim financial information has been prepared in
accordance with the accounting policies set out in the Group's 2019
annual financial statements. As permitted, these interim financial
statements have been prepared in accordance with AIM rules and not
in accordance with IAS34 'Interim Financial Reporting'.
Adoption of new accounting standards
The Group has adopted new international accounting standard IFRS
16: Leases for the first time in the financial statements to 30
September 2019. The application of IFRS 16 has not had any impact
on the results of the Group in the six months to 30 September 2018.
IFRS 16 requires a company's operating lease liabilities to be
shown on the balance sheet together with the related assets which
correspond to the right to use such assets over the remaining life
of the related lease contracts.
Unlike many companies, FIH group plc does not have extensive
operating leases within its business units and the accounting
adjustments required to reflect the new standard amount to less
than 0.5% of the Group's net assets.
The effect of this new accounting treatment at 30 September 2019
is to increase lease liabilities by GBP3.1 million and fixed assets
by GBP2.9 million. The excess of liabilities of GBP0.2 million has
been taken to reserves. Of the new lease liabilities recognised
under IFRS 16 only GBP0.1 million is due within one year with the
balance due over a period of up to 42 years.
IFRS 16: Leases
The Group assesses whether a contract contains a lease at
inception of the contract. A lease provides the right to use an
asset for a period of time in exchange for consideration, usually
cash payments. The lease liability is measured at the present value
of the future lease payments, discounted at the rate implicit in
the lease, or if that cannot be readily determined, at the lessee's
incremental borrowing rate specific to the terms of the lease.
Lease payments include: payments fixed at the start of the lease
and; variable lease payments dependent on an index, such as RPI;
and payments in an optional renewal period if the Group is
reasonably certain to exercise the option.
The lease liability is subsequently measured at amortised cost
using the effective interest rate method. It is re-measured, with a
corresponding adjustment to the right of use asset, when there is a
change in future lease payments resulting from a rent review. The
right of use asset is subsequently depreciated on a straight line
basis over the shorter of the lease term. Leases of low value
assets and short-term leases of 12 months or less are expensed to
the income statement as a charge is incurred.
There has been no change in the treatment of finance leases, to
either amounts due from lessees or to lessors under finance leases.
Finance lease income is allocated to accounting periods so as to
reflect a constant periodic rate of return. There has been no
change in the treatment of rental income from operating leases,
incurred in the Falklands and the rental portfolio income continues
to be recognised on a straight-line basis over the term of the
lease.
The March 2019 opening reserves were restated and increased by
GBP0.2 million under the new accounting standard, IFRS 15 which
requires the immediate recognition of insurance broking
commission.
The full revised accounting policies applicable from 1 April
2019 will be provided in the Group's consolidated financial
statements for the year ending 31 March 2020. Other amendments to
IFRSs that became effective for the period beginning on 1 April
2019 did not have any impact on the Group's accounting
policies.
The Interim Report was approved by the Board on 12 November
2019.
Section 245 Statement
The comparative figures for the financial year ended 31 March
2019 are not the Company's full statutory accounts for that
financial year. Those accounts have been reported on by the
Company's auditors and delivered to the Registrar of Companies. The
report of the auditor was unqualified, did not include a reference
to any matters to which the auditor drew attention by way of
emphasis without qualifying their report and did not contain a
statement under section 498 (2) or 498 (3) of the Companies Act
2006.
2. Segmental revenue and profit analysis
Unaudited - Six months to 30 September 2019
General Ferry Arts Unallocated Total
trading services logistics GBP'000 GBP'000
(Falklands) (Portsmouth) &
GBP'000 GBP'000 storage
(UK)
GBP'000
External revenue 9,084 2,314 8,032 - 19,430
================================== ============= ============== =========== ============= =========
Operating profit 762 667 265 - 1,694
Finance income 3 - - - 3
Finance expense (61) (177) (209) - (447)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (58) (177) (209) - (444)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment profit before tax 704 490 56 - 1,250
================================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 27,612 15,796 35,179 4,673 83,260
Segment liabilities (9,180) (9,122) (19,298) (1,135) (38,735)
Segment net assets 18,432 6,674 15,881 3,538 44,525
================================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and equipment 508 42 39 - 589
Investment properties 671 - - - 671
Computer equipment - - 7 - 7
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Capital expenditure 1,179 42 46 - 1,267
---------------------------------- ------------- -------------- ----------- ------------- ---------
Depreciation
Property, plant and equipment 230 217 274 - 721
Investment properties 67 - - - 67
Lease liabilities 12 12 135 - 159
Computer equipment - - 34 - 34
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Depreciation 309 229 443 - 981
================================== ============= ============== =========== ============= =========
2. Segmental revenue and profit analysis (continued)
Unaudited - Six months to 30 September 2018
General Ferry Arts Unallocated Total
trading services logistics GBP'000 GBP'000
(Falklands) (Portsmouth) &
GBP'000 GBP'000 storage
(UK)
GBP'000
External revenue 7,972 2,342 9,271 - 19,585
================================== ============= ============== =========== ============= =========
Operating profit 490 663 411 - 1,564
Finance income 24 - - - 24
Finance expense (60) (158) (17) - (235)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (36) (158) (17) - (211)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment profit before tax 454 505 394 - 1,353
================================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 24,269 15,400 15,119 9,654 64,442
Segment liabilities (8,129) (8,639) (4,976) (238) (21,982)
Segment net assets 16,140 6,761 10,143 9,416 42,460
================================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and equipment 468 11 219 - 698
Investment properties 346 - - - 346
Computer equipment - - - - -
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Capital expenditure 814 11 219 - 1,044
---------------------------------- ------------- -------------- ----------- ------------- ---------
Depreciation
Property, plant and equipment 205 225 192 - 622
Investment properties 43 - - - 43
Computer equipment - - 33 - 33
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Depreciation 248 225 225 - 698
================================== ============= ============== =========== ============= =========
2. Segmental revenue and profit analysis (continued)
Audited - Year to 31 March 2019
General Ferry Arts Unallocated Total
trading services logistics GBP'000 GBP'000
(Falklands) (Portsmouth) &
GBP'000 GBP'000 storage
(UK)
GBP'000
External revenue 17,554 4,367 20,607 - 42,528
================================== ============= ============== =========== ============= =========
Operating profit 1,565 1,082 1,730 - 4,377
Finance income 12 12 12 - 36
Finance expense (72) (310) (173) - (555)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (60) (298) (161) - (519)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment profit before tax 1,505 784 1,569 - 3,858
================================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 25,913 14,756 35,214 1,798 77,681
Segment liabilities (8,772) (8,237) (15,457) (648) (33,114)
Segment net assets 17,141 6,519 19,757 1,150 44,567
================================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and equipment 1,055 50 20,034 - 21,139
Investment properties 1,293 - - - 1,293
Total Capital expenditure 2,348 50 20,034 - 22,432
---------------------------------- ------------- -------------- ----------- ------------- ---------
Depreciation
Property, plant and equipment 395 437 440 - 1,272
Investment properties 99 - - - 99
Computer equipment - - 66 - 66
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Depreciation 494 437 506 - 1,437
================================== ============= ============== =========== ============= =========
3. Finance income and expense
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2019 2018 2019
GBP'000 GBP'000 GBP'000
Bank interest receivable 3 24 36
Total finance income 3 24 36
---------------------------------- -------------- -------------- ------------
Interest payable on bank loans (216) (58) (248)
Amortisation of loan arrangement
fees (2) - -
Interest cost on pension scheme
liabilities (60) (60) (72)
IFRS 16 Lease charges (52) - -
Finance lease interest payable (117) (117) (235)
Total finance expense (447) (235) (555)
---------------------------------- -------------- -------------- ------------
Net finance cost (444) (211) (519)
---------------------------------- -------------- -------------- ------------
4. Taxation
The taxation charge has been estimated to be 23.0% (September
2018: 23.0%).
5. Earnings per share
Earnings per share on underlying profit
To provide a comparison of earnings per share on underlying
performance, the table below sets out basic and diluted earnings
per share based on profits after tax before amortisation
('underlying profit after tax'):
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2019 2018 2019
GBP'000 GBP'000 GBP'000
Weighted average number of shares
in issue 12,503,482 12,442,331 12,451,125
Less: shares held under the ESOP* (3,267) (12,252) (9,964)
----------------------------------- -------------- -------------- ------------
Average number of shares in issue
excluding the ESOP* shares 12,500,215 12,430,079 12,441,161
Maximum dilution with regards
to share options 158,429 133,176 119,277
----------------------------------- -------------- -------------- ------------
Diluted weighted average number
of shares 12,658,644 12,563,255 12,560,438
=================================== ============== ============== ============
* The ESOP was the Employee Share Ownership Plan, which was
terminated on 9 August 2019.
5. Earnings per share (continued)
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2019 2018 2019
GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ------------
Profit before tax 1,250 1,353 3,858
Tax thereon (288) (311) (827)
Tax rate 23.0% 23.0% 21.4%
Profit after tax 962 1,042 3,031
======================================== ============== ============== ============
Basic earnings per share on underlying
profit 7.7p 8.4p 24.4p
Diluted earnings per share on
underlying profit 7.6p 8.3p 24.1p
---------------------------------------- -------------- -------------- ------------
6 Employee benefits
The Company has elected to follow precedent and decided not to
revalue its pension obligations at the half-year. The Group's
pension obligation, the Falkland Islands Company Limited Pension
Scheme, is unfunded and therefore not subject to valuation
volatility as a result of stock market fluctuations.
7 Analysis of cash, bank borrowings / Hire purchase and long-term leases
As at Movement As at 30 As at 30
1 GBP'000 September September
April 2019 2018
2019 GBP'000 GBP'000
GBP'000
Cash at bank and in hand 6,184 3,377 9,561 15,620
Current debt, due within one
year
Bank loans (10,530) 9,455 (1,075) (519)
Hire purchase (79) 9 (70) (90)
Pontoon Lease (36) (1) (37) (35)
Bank, HP & Pontoon debt (10,645) 9,463 (1,182) (644)
Rental lease liabilities - (110) (110) -
Total current debt (10,645) 9,353 (1,292) (644)
------------------------------------- --------- --------- ----------- -----------
Non-current debt, due after
one year
Bank loans (2,284) (13,010) (15,294) (2,552)
Hire purchase (169) 34 (135) (175)
Pontoon Lease (4,695) 18 (4,677) (4,712)
Bank, HP & Pontoon debt (7,148) (12,958) (20,106) (7,439)
Rental lease liabilities - (2,992) (2,992) -
Total non-current debt (7,148) (15,950) (23,098) (7,439)
------------------------------------- --------- --------- ----------- -----------
Bank debt and Cash
Bank Debt (12,814) (3,555) (16,369) (3,071)
Cash 6,184 3,377 9,561 15,620
Cash less bank loans (6,630) (178) (6,808) 12,549
------------------------------------- --------- --------- ----------- -----------
Hire purchase and lease liabilities
Hire Purchase (248) 43 (205) (265)
Pontoon Lease (4,731) 17 (4,714) (4,747)
Rental lease liabilities - (3,102) (3,102) -
Total hire purchase and lease
liabilities (4,979) (3,042) (8,021) (5,012)
Total net debt (11,609) (3,220) (14,829) 7,537
------------------------------------- --------- --------- ----------- -----------
8 Capital commitments
At 30 September 2019 the Group had capital commitments of
GBP430,000 for six bespoke trucks on order at Momart, which has not
been provided for in these financial statements.
At 30 September 2018 the Group had a capital commitment of
GBP45,000 for the purchase and fit-out of a Vito van by Momart,
which has not been provided for in these financial statements.
Directors Registered Office
John Foster Chief Executive Kenburgh Court
Robin Williams Non-executive Chairman 133-137 South Street
Jeremy Brade Non-executive Director Bishop's Stortford
Rob Johnston Non-executive Director Hertfordshire CM23 3HX
T: 01279 461630
Company Secretary E: admin@fihplc.com
Carol Bishop W: www.fihplc.com
Registered number 03416346
Corporate Information
Stockbroker and Nominated Adviser
W.H. Ireland Limited
24 Martin Lane,
London EC4R 0DR
Solicitors
BDB Pitmans LLP
50 Broadway,
Westminster,
London SW1H 0BL
Auditor
KPMG LLP
St. Nicholas House,
Park Row,
Nottingham NG1 6FQ
Registrar
Link Asset Services
The Registry, 34 Beckenham Road,
Beckenham,
Kent BR3 4TU
Financial PR
FTI Consulting
200 Aldersgate
London EC1A 4HD
The Falkland Islands Company The Portsmouth Harbour Momart Limited
Kevin Ironside, Director Ferry Company Kenneth Burgon, Director
T: 00 500 27600 Clive Lane, Director Alan Sloan, Director
E: info@fic.co.fk T: 02392 524551 T: 020 7426 3000
W:www.falklandislandscompany.com E: admin@gosportferry.co.uk E: enquiries@momart.com
W: www.gosportferry.co.uk W: www.momart.com
www.fihplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR FFWFMFFUSEDF
(END) Dow Jones Newswires
November 12, 2019 02:00 ET (07:00 GMT)
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