This announcement contains inside information
for the purposes of Article 7 of the UK version of Regulation (EU)
No 596/2014 which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public
domain.
19 December
2024
FIH group plc
("FIH" or the "Group")
Results for the Six Months Ended 30
September 2024
FIH, the AIM quoted international specialist
services group with businesses in the Falkland Islands and the UK,
announces its unaudited results for the six months ended 30
September 2024 ("the period"). Comparisons shown below are for the
respective six months in 2023 unless otherwise stated.
Challenges in FIC
Construction Division and Consistent Performance
Elsewhere
Headlines
·
Revenue down 32% to £18.2 million (2023:
£26.7 million) due mainly to a combination of factors which have
severely impacted the trading performance of Falkland Building
Services ("FBS"), the construction division of Falkland Islands
Company ("FIC").
· Underlying
pre-tax loss of £5.9 million (2023: £0.6 million profit) for
largely the same reason.
· Momart and
Portsmouth Harbour Ferry Company ("PHFC") performance in line with
or slightly above prior year.
· Cash
position of £8.5 million as at 30 September 2024 (2023: £9.2
million) within net debt before lease liabilities of £3.3 million
(2023: £3.6 million).
· Interim
dividend maintained at 1.25 pence per share (2023: 1.25 pence per
share) reflecting confidence in the longer-term trading
outlook.
Outlook
· Action
plans are being progressed in FIC to address the challenges in FBS
but these challenges are expected to continue to significantly
impact the performance of the division for the remainder of the
year, albeit within the Group's existing resources.
·
The market continues to be challenging for
Momart, but the strong order book in Museum Exhibitions, coupled
with a series of proactive business development initiatives, should
improve the position over the remainder of the year.
· In
PHFC, opportunities to maximise secondary revenues continue to be
targeted and costs and fare pricing will continue to be carefully
managed.
· Whilst the Group
is currently navigating a challenging period, the longer-term
trading outlook remains positive.
Stuart Munro
Chief Executive, said:
"The last six months has been a challenging
period for the Group and whilst most of our businesses have
performed in line with or ahead of last year, the difficulties
experienced in the construction division of FIC have had a
significant adverse impact on our results. There is more work
ahead of us to address these issues, however demand for
accommodation in the Falklands Islands remains strong and the
longer-term trading outlook for the Group remains
positive."
Enquiries:
|
FIH group
plc
Stuart Munro, Chief Executive
Reuben Shamu, Chief Financial Officer
|
Tel: 01279 461630
|
|
Zeus - NOMAD and
Broker to FIH
Chris Fielding / James Bavister
|
Tel: 020 3829 5000
|
|
Novella
Communications
Tim Robertson / Chris Marsh
|
Tel: 020 3151 7008
|
|
|
The person responsible for arranging the
release of this announcement on behalf of the Company is Stuart
Munro Chief Executive of the Company.
Chairman's
Statement
Despite the majority of the businesses in the
Group performing consistently with prior year, the significant
challenges experienced in the construction division of FIC have
resulted in a disappointing overall Group result for the first half
of the year.
We are firmly focused on the work ahead of us
to address these issues, but the fundamentals of all of our
businesses remain strong and the longer-term trading outlook for
the Group remains positive.
Dividend
The interim dividend is maintained at 1.25
pence per share (2023: 1.25 pence per share) reflecting confidence
in the longer-term trading outlook. This will be paid on 14
February 2025 to shareholders on the register at the close of
business on 3 January 2025.
The Group has a Dividend Reinvestment Plan
("the 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
17 January 2025*
Nick
Henry
Chairman
19 December 2024
* Existing participants in the Plan will
automatically have the interim dividend reinvested. Details on the
Plan can be obtained from Link Group 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
Overview
Revenue of £18.2 million for the six months
ended 30 September 2024 was £8.5 million behind the same period
last year. Progress in Momart and PHFC was overshadowed by a
significant reduction in FIC, with most of the reduction in FBS,
FIC's housing and construction division.
The Group underlying pre-tax loss of £5.9
million was below the £0.6 million profit for the same period last
year, predominantly due to challenges in FBS.
Group Trading
Results for the Six Months Ended 30 September
2024
|
Group
revenues
Six months ended 30 September
|
|
2024
£m
|
2023
£m
|
Change
£m
|
|
|
|
|
|
|
|
Falkland Islands Company
|
|
6.2
|
15.2
|
(9.0)
|
|
Momart
|
|
9.7
|
9.3
|
0.4
|
|
Portsmouth Harbour Ferry
|
|
2.3
|
2.2
|
0.1
|
|
Total
revenue
|
|
18.2
|
26.7
|
(8.5)
|
|
|
|
|
|
|
|
Group
underlying pre-tax (loss) / profit*
|
|
|
|
|
|
Falkland Islands Company**
|
|
(6.4)
|
0.2
|
(6.6)
|
|
Momart**
|
|
0.1
|
-
|
0.1
|
|
Portsmouth Harbour Ferry**
|
|
0.4
|
0.4
|
-
|
|
Total
underlying pre-tax (loss) / profit*
|
|
(5.9)
|
0.6
|
(6.5)
|
|
Non-trading items (see note 3)
|
|
(0.2)
|
0.2
|
(0.4)
|
|
Reported
(loss)/ profit before tax
|
|
(6.1)
|
0.8
|
(6.9)
|
* Underlying pre-tax (loss) / profit is defined
as, profit before tax, before non-trading items.
** As in prior years the profits reported for
each operating company are stated after the allocation of head
office
management and plc costs which have been
applied to each subsidiary on a consistent basis.
Dividend
An interim dividend of 1.25 pence per share
(2023: 1.25 pence per share) will be paid on 14 February 2025 to
shareholders on the register at the close of business on 3 January
2025.
Group
Operating Company Performance
Falkland
Islands Company
Total revenue of £6.2 million was £9.0 million
below the same period last year, due mainly to a £9.1 million
reduction in FBS.
The majority of this variance related to the
contract to build a total of 70 houses for the Falkland Islands
Government ("FIG") and the Ministry of Defence ("MOD"). The
programme of works was changed to address the disruption caused by
the lack of power on the MOD Mount Pleasant Complex ("MPC"). As a
consequence, the assessment of percentage of completion of the
project was amended, resulting in a reduction to revenue recognised
in previous periods. In addition, there was an increase in the
forecast contract completion costs due to a combination of adverse
weather conditions and the departure of FBS management and the
challenges in replacing them.
Other shortfalls in revenue in FBS were from a
lack of work due to delayed and unsuccessful tenders.
The underlying operating loss of £6.4 million
was £6.6 million below the same period last year. This was due
mainly to the issues in FBS noted above, recognition of onerous
contract provisions and other related costs of sourcing labour,
circa £4.6 million of which is not expected to recur. The other
divisions taken together, were broadly in line with the prior
year.
|
FIC Operating
Results
Six months ended 30 September
|
2024
£m
|
2023
£m
|
Change
£m
|
|
Revenues
|
|
|
|
|
Retail
|
4.6
|
4.7
|
(0.1)
|
|
FBS (housing and construction)
|
(1.8)
|
7.3
|
(9.1)
|
|
Falklands 4x4
|
1.5
|
1.2
|
0.3
|
|
Support Services
|
1.4
|
1.5
|
(0.1)
|
|
Property Rental
|
0.5
|
0.5
|
-
|
|
Total FIC
revenue
|
6.2
|
15.2
|
(9.0)
|
|
FIC underlying
operating (loss) / profit
|
(6.4)
|
0.2
|
(6.6)
|
|
|
|
|
|
|
Net interest expense
|
-
|
-
|
-
|
|
FIC underlying
(loss) / profit before tax
|
(6.4)
|
0.2
|
(6.6)
|
Momart
Revenue of £9.7 million for the six months to
30 September 2024 was £0.4 million ahead of the prior year, with an
improvement in Museum Exhibitions compensating for small reductions
in Gallery Services and Storage.
The underlying operating profit of £0.3 million
was £0.1 million ahead of the same period last year, although the
current year result was suppressed slightly by recruitment
costs.
|
Momart
Operating Results
Six months ended 30 September
|
2024
£m
|
2023
£m
|
Change
£m
|
|
Revenues
|
|
|
|
|
Museum Exhibitions
|
5.2
|
4.6
|
0.6
|
|
Gallery Services
|
3.1
|
3.2
|
(0.1)
|
|
Storage
|
1.4
|
1.5
|
(0.1)
|
|
Total Momart revenue
|
9.7
|
9.3
|
0.4
|
|
|
|
|
|
|
Momart underlying operating profit
|
0.3
|
0.2
|
0.1
|
|
|
|
|
|
|
Net interest expense
|
(0.2)
|
(0.2)
|
-
|
|
Momart underlying profit before tax
|
0.1
|
-
|
0.1
|
Portsmouth
Harbour Ferry Company
Passenger numbers for the first half of the
year were 2% down against the same period last year. However, a
combination of inflationary fare rises last year and other income
of £0.1m meant overall revenue increased by £0.1 million to £2.3
million.
Underlying operating profit of £0.5 million was
in line with prior year.
|
PHFC Operating
Results
Six months ended 30 September
|
2024
£m
|
2023
£m
|
Change
£m
|
|
Revenues
|
|
|
|
|
Ferry fares
|
2.2
|
2.2
|
-
|
|
Other income
|
0.1
|
-
|
0.1
|
|
Total PHFC revenue
|
2.3
|
2.2
|
0.1
|
|
|
|
|
|
|
PHFC
underlying operating profit
|
0.5
|
0.5
|
-
|
|
|
|
|
|
|
Pontoon lease liability & vessel
loan expense
|
(0.1)
|
(0.1)
|
-
|
|
PHFC underlying profit before tax
|
0.4
|
0.4
|
-
|
Trading
Outlook
PHFC and Momart are performing in line with or
slightly above the prior year.
Whilst the market continues to be challenging
for Momart, given the global economic situation, the strong order book in Museum Exhibitions,
coupled with a series of proactive business development
initiatives, should improve the position over the remainder of the
year, albeit within the Group's existing
resources.
In PHFC, opportunities to maximise secondary
revenues continue to be targeted and costs and fare pricing will
continue to be carefully managed.
In FIC, action plans are being progressed to
address the challenges in FBS, but these challenges are expected to
continue to significantly impact the performance of the division
for the remainder of the year. In contrast, the second half of the
year benefits from the tourist season, which should boost both
direct and indirect revenues in a number of FIC business sectors,
including Retail and Penguin Travel in Support Services.
Demand for accommodation in the Falkland
Islands continues to be strong, with a shortage of suitable housing
units for both local residents and contractors on upcoming projects
and potential new business ventures. These provide FIC with
opportunities to grow by securing additional infrastructure
projects, expanding on retail and travel services to the tourism
market and investing further in the rental accommodation portfolio.
In addition, the breadth and depth of capabilities within FIC puts
the business in prime position to offer its services to those
seeking to develop or enhance both existing and new activities
(including the potential development of oil reserves) in the
Falkland Islands.
Whilst the Group is currently navigating a
challenging period, particularly in the Falkland Islands, where
discussions with the client on the resolution of the power issue at
MPC are still ongoing, the longer-term trading outlook remains
positive.
Group
Strategy
The Group is also evaluating strategic options
to maximise shareholder value for all divisions.
Stuart
Munro
Chief Executive
19 December 2024
Chief Financial
Officer's Review
Financial
Review
Revenue
Group revenue decreased by £8.5 million (32%)
to £18.2 million (2023: £26.7 million) with a reduction of £9.0
million in FIC, partially offset by improvements of £0.4 million in
Momart and £0.1 million in PHFC.
Operating
Loss
An operating loss of £5.6 million was £6.5
million below the prior year profit of £0.9 million, with small
improvements from revenue growth in Momart and PHFC offset by the
results of FBS in FIC.
Net Financing
Costs
The Group's net financing costs of £0.5 million
were £0.4 million higher than the prior year due mainly to the
movement in the fair value of the derivative instrument. The net
underlying finance expense of £0.3 million was in line with prior
year.
Reported
Pre-tax Result
The reported pre-tax result for the six months
ended 30 September 2024 was a loss of £6.1 million (2023: £0.8
million profit). The underlying pre-tax loss was £5.9 million
(2023: £0.6 million profit).
Taxation
Taxation charges on the period results for both
the six months ended 30 September 2024 and 30
September 2023 have been estimated on the basis of 25%
and 26% of profits arising in the UK and the Falkland Islands
respectively, resulting in a tax credit of £1.7 million (2023:
charge of £0.2 million).
Earnings per
Share
Diluted Earnings per Share ("EPS") derived from
reported losses was negative 34.9 pence (2023: positive +4.9
pence).
Balance Sheet
and Cash Flow
The Group's balance sheet remained strong with
total net assets of £40.8 million, down on the balances at 31 March
2024 of £45.1 million and 30 September 2023 of £44.8
million.
|
Net
Debt
|
|
|
|
|
|
|
30 September
2024
|
30
September 2023
|
31 March
2024
|
|
|
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
|
Bank loans*
|
(11.8)
|
(12.8)
|
(12.3)
|
|
|
Cash and cash equivalents
|
8.5
|
9.2
|
9.7
|
|
|
Net debt
|
(3.3)
|
(3.6)
|
(2.6)
|
|
|
Lease liabilities
|
(5.9)
|
(6.2)
|
(6.1)
|
|
|
Net debt after lease
liabilities
|
(9.2)
|
(9.8)
|
(8.7)
|
|
|
|
|
|
|
|
|
|
| |
*Includes a mortgage of £11.3
million on the Group's freehold premises in Leyton (31 March 2024:
£11.6 million).
Bank loans reduced to £11.8 million (31 March
2024: £12.3 million) following scheduled loan repayments of £0.5
million.
The Group's cash balance reduced by £1.2
million to £8.5 million (31 March 2024: £9.7 million) reflecting
scheduled interest, loan and lease repayments of £1.1 million,
capital expenditure of £0.9 million and a £0.8 million net cash
inflow from operating activities.
Working capital for the Group reduced with most
of that in FIC from decreased activity in the islands, with FBS in
particular accounting for significant reduction in contract
balances.
The Group's outstanding lease liabilities
totalled £5.9 million (31 March 2024: £6.1 million) with £4.5
million of the balance (31 March 2024: £4.6 million) relating to
the leases from Gosport Borough Council to PHFC for the Gosport
Pontoon and associated ground rent, which run until June
2061.
Overall, net debt before lease liabilities
increased to £3.3 million (31 March 2024: £2.6 million).
Reuben
Shamu
Chief Financial Officer
19 December 2024
Consolidated
Income Statement
For the Six
Months Ended 30 September 2024
|
Notes
|
Unaudited
Six Months to
30 September
2024
£'000
|
Restated
Unaudited
Six Months
to
30
September
2023
£'000
|
Audited
Year Ended
31 March
2024
£'000
|
|
|
|
|
|
|
|
2
|
Revenue
|
18,153
|
26,689
|
52,460
|
|
|
|
|
|
|
|
|
Cost of sales
|
(12,871)
|
(16,107)
|
(30,000)
|
|
|
Gross
profit
|
5,282
|
10,582
|
22,460
|
|
|
|
|
|
|
|
|
Operating
expenses
|
(10,819)
|
(9,677)
|
(18,444)
|
|
|
|
|
|
|
|
|
Operating
(loss) / profit before non-trading items
|
(5,537)
|
905
|
4,016
|
|
|
|
|
|
|
|
3
|
Non-trading items
|
(19)
|
(8)
|
(371)
|
|
|
Operating
(loss) / profit
|
(5,556)
|
897
|
3,645
|
|
|
|
|
|
|
|
4
|
Net finance expense*
|
(544)
|
(75)
|
(883)
|
|
|
|
|
|
|
|
|
(Loss) / profit
before tax
|
(6,100)
|
822
|
2,762
|
|
|
|
|
|
|
|
5
|
Taxation
|
1,727
|
(209)
|
(796)
|
|
|
|
|
|
|
|
|
(Loss) / profit
attributable to equity holders of the company
|
(4,373)
|
613
|
1,966
|
|
|
* Finance
expense includes a non-trading movement in the fair value of
derivative financial instruments of £(221,000) (Six months ended 30
September 2023: £238,000; year ended 31 March 2024:
(£244,000).
|
|
2
|
Underlying
(loss) / profit before tax
|
(5,860)
|
592
|
3,377
|
|
6
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(34.9)p
|
4.9p
|
15.7p
|
|
|
|
|
|
|
|
|
Diluted
|
(34.9)p
|
4.9p
|
15.7p
|
See note 6 for an analysis of earnings per share
on underlying profit (defined as profit after tax before
non-trading items).
Consolidated
Balance
Sheet
At 30 September
2024
|
Notes
|
Unaudited
30 September
2024
£'000
|
Unaudited
30
September
2023
£'000
|
Audited
31 March
2024
£'000
|
|
|
Non-current
assets
|
|
|
|
|
|
Intangible assets
|
4,429
|
4,480
|
4,407
|
|
|
Property, plant and equipment
|
38,270
|
38,725
|
38,664
|
|
|
Investment properties
|
7,714
|
7,825
|
7,710
|
|
|
Investment in joint venture
|
259
|
259
|
259
|
|
|
Hire purchase lease receivables
|
497
|
493
|
557
|
|
|
Deferred tax assets
|
2,071
|
459
|
428
|
|
|
Derivative financial instruments
|
1,113
|
1,804
|
1,328
|
|
|
Total
non-current assets
|
54,353
|
54,045
|
53,353
|
|
|
Current
assets
|
|
|
|
|
|
Inventories
|
5,815
|
6,851
|
6,698
|
|
|
Trade and other receivables
|
4,632
|
10,084
|
10,987
|
|
|
Hire purchase lease receivables
|
462
|
405
|
403
|
|
8
|
Cash and cash equivalents
|
8,480
|
9,184
|
9,650
|
|
|
Total current
assets
|
19,389
|
26,524
|
27,738
|
|
|
Total
assets
|
73,742
|
80,569
|
81,091
|
|
|
Current
liabilities
|
|
|
|
|
|
Trade and other payables
|
(8,994)
|
(9,857)
|
(11,112)
|
|
9
|
Interest bearing loans and
borrowings
|
(1,568)
|
(1,560)
|
(1,535)
|
|
|
Corporation tax payable
|
-
|
(834)
|
(185)
|
|
|
Total current
liabilities
|
(10,562)
|
(12,251)
|
(12,832)
|
|
|
Non-current
liabilities
|
|
|
|
|
9
|
Interest bearing loans and
borrowings
|
(16,110)
|
(17,465)
|
(16,847)
|
|
|
Deferred tax liabilities
|
(4,677)
|
(4,215)
|
(4,679)
|
|
|
Employee benefits
|
(1,631)
|
(1,873)
|
(1,647)
|
|
|
Total
non-current liabilities
|
(22,418)
|
(23,553)
|
(23,173)
|
|
|
Total
liabilities
|
(32,980)
|
(35,804)
|
(36,005)
|
|
|
Net
assets
|
40,762
|
44,765
|
45,086
|
|
|
|
|
|
|
|
|
Capital and
reserves
|
|
|
|
|
|
Equity share capital
|
1,251
|
1,251
|
1,251
|
|
|
Share premium account
|
17,590
|
17,590
|
17,590
|
|
|
Other reserves
|
703
|
703
|
703
|
|
|
Retained earnings
|
21,283
|
25,298
|
25,613
|
|
|
Hedging reserve
|
(65)
|
(77)
|
(71)
|
|
|
Total equity
|
40,762
|
44,765
|
45,086
|
Consolidated
Cash Flow Statement
For the Six
Months Ended 30 September 2024
|
Notes
|
Unaudited
Six Months to
30 September
2024
£'000
|
Restated
Unaudited
Six Months
to
30
September
2023
£'000
|
Audited
Year Ended
31 March
2024
£'000
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
(Loss) / Profit for the period after
taxation
|
(4,373)
|
613
|
1,966
|
|
|
Adjusted for:
|
|
|
|
|
|
Non-cash items:
|
|
|
|
|
|
Amortisation
|
16
|
8
|
20
|
|
|
Depreciation: Property, plant and
equipment
|
1,230
|
1,121
|
2,337
|
|
|
Depreciation: Investment
properties
|
18
|
102
|
219
|
|
|
Interest cost on pension scheme
liabilities
|
36
|
46
|
87
|
|
|
Equity-settled share-based payment
expenses
|
42
|
96
|
(93)
|
|
|
Fair value movement in derivative
financial instrument
|
221
|
(238)
|
244
|
|
|
Loss / (gain) on disposal of fixed
assets
|
3
|
18
|
35
|
|
|
Exchange (gains) /
losses
|
-
|
-
|
19
|
|
|
Bank interest
payable
|
193
|
208
|
403
|
|
|
Lease liability
finance expense
|
133
|
137
|
274
|
|
|
Decrease in hire
purchase leases receivable
|
1
|
180
|
118
|
|
|
Corporation and
deferred tax (credit) / expense
|
(1,727)
|
209
|
796
|
|
|
Non-cash items
|
166
|
1,887
|
4,334
|
|
|
|
|
|
|
|
|
Operating cash flow before changes in working
capital
|
(4,207)
|
2,500
|
6,300
|
|
|
|
|
|
|
|
|
Decrease in trade and other
receivables
|
6,355
|
105
|
(709)
|
|
|
Decrease in inventories
|
883
|
25
|
178
|
|
|
Decrease in trade and other
payables
|
(2,117)
|
(3,861)
|
(2,606)
|
|
|
Changes in working
capital
|
5,121
|
(3,731)
|
(3,137)
|
|
|
|
|
|
|
|
|
Cash generated from operations
|
914
|
(1,231)
|
3,163
|
|
|
Payments to pensioners
|
(52)
|
(51)
|
(319)
|
|
|
Corporation taxes (paid) /
received
|
(103)
|
24
|
(835)
|
|
|
Net
cash flow from operating activities
|
759
|
(1,258)
|
2,009
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
Purchase of property, plant and
equipment
|
(840)
|
(1,118)
|
(2,154)
|
|
|
Purchase of intangibles
|
(37)
|
(112)
|
(51)
|
|
|
Purchase of investment
properties
|
(22)
|
(5)
|
(7)
|
|
|
Proceeds from the sale of property,
plant and equipment
|
-
|
49
|
53
|
|
|
Net
cash flow from investing activities
|
(899)
|
(1,186)
|
(2,159)
|
Continued on next page.
|
|
Consolidated
Cash Flow Statement (continued)
For the Six
Months Ended 30 September 2024
|
Unaudited
Six Months to
30 September
2024
£'000
|
Unaudited
Six Months
to
30
September
2023
£'000
|
Audited
Year Ended
31 March
2024
£'000
|
|
Notes
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
Repayment of bank loans
|
(503)
|
(459)
|
(929)
|
|
|
Bank interest paid
|
(193)
|
(208)
|
(403)
|
|
|
Repayment of lease liabilities
principal
|
(201)
|
(368)
|
(681)
|
|
|
Lease liabilities interest
paid
|
(133)
|
(137)
|
(274)
|
|
|
Dividends paid
|
-
|
-
|
(819)
|
|
|
Net
cash flow from financing activities
|
(1,030)
|
(1,172)
|
(3,106)
|
|
|
|
|
|
|
|
|
Net
decrease in cash and cash equivalents
|
(1,170)
|
(3,616)
|
(3,131)
|
|
|
Cash and cash equivalents at start
of year
|
9,650
|
12,800
|
12,800
|
|
|
Exchange losses on cash
balances
|
-
|
-
|
(19)
|
|
8
|
Cash and cash equivalents at end of year
|
8,480
|
9,184
|
9,650
|
Consolidated
Statement of Comprehensive Income
For the Six
Months Ended 30 September 2024
|
|
Unaudited
Six Months to
30 September
2024
£'000
|
Unaudited
Six Months
to
30
September
2023
£'000
|
Audited
Year Ended
31 March
2024
£'000
|
|
|
|
|
|
|
|
(Loss) / profit for the period
|
(4,373)
|
613
|
1,966
|
|
|
|
|
|
|
|
|
Amortisation of hedge
reserve
|
6
|
7
|
13
|
|
|
Deferred tax on share options and
other financial liabilities
|
-
|
-
|
(28)
|
|
|
|
|
|
|
|
|
Items that are or may be reclassified
subsequently to profit or loss
|
6
|
7
|
(15)
|
|
|
|
|
|
|
|
|
Re-measurement of the FIC defined
benefit pension scheme
|
-
|
100
|
99
|
|
|
Movement on deferred tax asset
relating to the pension scheme
|
-
|
(25)
|
(26)
|
|
|
|
|
|
|
|
|
Items which will not ultimately be
recycled to the income statement
|
-
|
75
|
73
|
|
|
Total other comprehensive income
|
6
|
82
|
58
|
|
|
Total comprehensive (expense) / income
|
(4,367)
|
695
|
2,024
|
Condensed
Consolidated Statement of Changes in Shareholders'
Equity
For the Six
Months Ended 30 September 2024
|
|
Unaudited
Six Months to
30 September
2024
£'000
|
Unaudited
Six Months
to
30
September
2023
£'000
|
Audited
Year Ended
31 March
2024
£'000
|
|
|
|
|
|
|
Shareholders' funds at beginning of period
|
45,086
|
43,974
|
43,974
|
|
|
|
|
|
|
(Loss) / profit for the
period
|
(4,373)
|
613
|
1,966
|
|
Amortisation of hedge
reserve
|
6
|
7
|
13
|
|
Deferred tax on share options and
other financial liabilities
|
-
|
-
|
(28)
|
|
Re-measurement of the defined benefit
pension liability, net of tax
|
-
|
75
|
73
|
|
Total comprehensive (expense) /
income
|
(4,367)
|
695
|
2,024
|
|
Transactions with owners in their
capacity as owners:
|
|
|
|
|
Share-based payments
|
43
|
96
|
(93)
|
|
Dividends paid
|
-
|
-
|
(819)
|
|
Total transactions
with owners
|
43
|
96
|
(912)
|
|
Shareholders'
funds at end of period
|
40,762
|
44,765
|
45,086
|
Notes to the
Unaudited Interim Statements
1. Basis of
Preparation
This interim financial statement comprises the
condensed consolidated balance sheets at 30 September 2024, 30
September 2023 and 31 March 2024 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').
Cash flow forecasts for the Group have been
prepared covering the going concern period and the directors have
considered downside scenarios to the base case forecasts to reflect
emerging risks and uncertainties as a result of global economic
conditions. The base case and sensitised forecasts indicate that
the business will comply with its covenants and have sufficient
funds to meet its liabilities as they fall due throughout the going
concern period.
Consequently, the directors are
confident that the Group will have sufficient funds to continue to
meet its liabilities as they fall due for at least 12 months from
the date of issue of these interim financial statements and the
interim financial statements have therefore been prepared on a
going concern basis.
The interim financial information has been
prepared in accordance with the accounting policies set out in the
Group's 2024 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'.
Section 245
Statement
The comparative figures for the financial year
ended 31 March 2024 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 Ended 30 September 2024
|
|
|
|
|
General Trading
(Falkland Islands)
|
Ferry Services
(UK)
|
Art Logistics and
Storage
(UK)
|
Unallocated
|
Total
|
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
Revenue
|
6,114
|
2,324
|
9,715
|
-
|
18,153
|
|
|
|
|
|
|
|
|
|
|
Segment
operating (loss) / profit before net financing
costs
|
(6,312)
|
547
|
228
|
-
|
(5,537)
|
|
|
|
|
|
|
|
|
|
|
Non-trading items
|
-
|
-
|
(19)
|
-
|
(19)
|
|
|
|
|
|
|
|
|
|
|
(Loss) / profit before net financing
costs
|
(6,312)
|
547
|
209
|
-
|
(5,556)
|
|
|
|
|
|
|
|
|
|
|
Finance income
|
12
|
12
|
16
|
-
|
40
|
|
|
Finance expense
|
(37)
|
(122)
|
(204)
|
(221)
|
(584)
|
|
|
|
|
|
|
|
|
|
|
Segment (loss) / profit before tax
|
(6,337)
|
437
|
21
|
(221)
|
(6,100)
|
|
|
|
|
|
|
|
|
|
|
Assets and
liabilities
|
|
|
|
|
|
|
|
Segment assets
|
27,499
|
8,953
|
31,782
|
5,506
|
73,740
|
|
|
Segment liabilities
|
(8,741)
|
(6,483)
|
(16,899)
|
(855)
|
(32,978)
|
|
|
Segment net assets
|
18,758
|
2,470
|
14,883
|
4,651
|
40,762
|
|
|
|
|
|
|
|
|
|
|
Other segment
information
|
|
|
|
|
|
|
|
Capital
expenditure:
|
|
|
|
|
|
|
|
Property, plant and equipment
|
360
|
58
|
450
|
-
|
868
|
|
|
Investment properties
|
22
|
-
|
-
|
-
|
22
|
|
|
Computer software
|
25
|
-
|
12
|
-
|
37
|
|
|
Total capital
expenditure
|
407
|
58
|
462
|
-
|
927
|
|
|
Depreciation
and amortisation:
|
|
|
|
|
|
|
|
Property, plant and equipment
|
599
|
236
|
395
|
-
|
1,230
|
|
|
Investment properties
|
18
|
-
|
-
|
-
|
18
|
|
|
Computer software
|
-
|
-
|
16
|
-
|
16
|
|
|
Total depreciation and amortisation
|
617
|
236
|
411
|
-
|
1,264
|
|
|
|
|
|
|
|
|
|
|
Underlying
profit / (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
operating (loss) / profit before non-trading
items
|
(6,312)
|
547
|
228
|
-
|
(5,537)
|
|
|
Finance income
|
12
|
12
|
16
|
-
|
40
|
|
|
Finance expense
|
(37)
|
(122)
|
(204)
|
-
|
(363)
|
|
|
Underlying
(loss) / profit before tax
|
(6,337)
|
437
|
40
|
-
|
(5,860)
|
|
2. Segmental
Revenue and Profit Analysis (Continued)
Unaudited
- Six Months Ended 30 September 2023
|
|
|
|
|
General Trading
(Falkland Islands)
|
Ferry Services
(UK)
|
Art Logistics and
Storage
(UK)
|
|
Total
|
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
Revenue
|
15,172
|
2,231
|
9,286
|
-
|
26,689
|
|
|
|
|
|
|
|
|
|
|
Segment
operating profit before net financing costs
|
253
|
511
|
141
|
-
|
905
|
|
|
|
|
|
|
|
|
|
|
Non-trading items
|
-
|
(8)
|
-
|
-
|
(8)
|
|
|
|
|
|
|
|
|
|
|
Profit before net financing costs
|
253
|
503
|
141
|
-
|
897
|
|
|
|
|
|
|
|
|
|
|
Finance income
|
23
|
23
|
32
|
238
|
316
|
|
|
Finance expense
|
(46)
|
(130)
|
(215)
|
-
|
(391)
|
|
|
|
|
|
|
|
|
|
|
Segment profit / (loss) before tax
|
230
|
396
|
(42)
|
238
|
822
|
|
|
|
|
|
|
|
|
|
|
Assets and
liabilities
|
|
|
|
|
|
|
|
Segment assets
|
34,862
|
9,321
|
31,355
|
5,031
|
80,569
|
|
|
Segment liabilities
|
(10,563)
|
(7,123)
|
(17,672)
|
(446)
|
(35,804)
|
|
|
Segment net assets
|
24,299
|
2,198
|
13,683
|
4,585
|
44,765
|
|
|
|
|
|
|
|
|
|
|
Other segment
information
|
|
|
|
|
|
|
|
Capital
expenditure:
|
|
|
|
|
|
|
|
Property, plant and equipment
|
706
|
176
|
236
|
-
|
1,118
|
|
|
Investment properties
|
5
|
-
|
-
|
-
|
5
|
|
|
Computer software
|
59
|
-
|
53
|
-
|
112
|
|
|
Total capital
expenditure
|
770
|
176
|
289
|
-
|
1,235
|
|
|
Depreciation
and amortisation:
|
|
|
|
|
|
|
|
Property, plant and equipment
|
421
|
225
|
475
|
-
|
1,121
|
|
|
Investment properties
|
102
|
-
|
-
|
-
|
102
|
|
|
Computer software
|
-
|
-
|
8
|
-
|
8
|
|
|
Total depreciation and amortisation
|
523
|
225
|
483
|
-
|
1,231
|
|
|
|
|
|
|
|
|
|
|
Underlying
profit/(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
operating profit before non-trading items
|
253
|
511
|
141
|
-
|
905
|
|
|
Finance income
|
23
|
23
|
32
|
-
|
78
|
|
|
Finance expense
|
(46)
|
(130)
|
(215)
|
-
|
(391)
|
|
|
Underlying
profit / (loss)
before
tax
|
230
|
404
|
(42)
|
-
|
592
|
|
2. Segmental
Revenue and Profit Analysis (Continued)
Year Ended 31
March 2024
|
|
|
|
|
General Trading
(Falkland Islands)
|
Ferry Services
(UK)
|
Art Logistics and
Storage
(UK)
|
Unallocated
|
Total
|
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
Revenue
|
29,028
|
4,177
|
19,255
|
0
|
52,460
|
|
|
|
|
|
|
|
|
|
|
Segment
operating profit before net financing costs
|
1,766
|
856
|
1,394
|
0
|
4,016
|
|
|
|
|
|
|
|
|
|
|
Non-trading items
|
(53)
|
(8)
|
(310)
|
0
|
(371)
|
|
|
|
|
|
|
|
|
|
|
Profit before net financing costs
|
1,713
|
848
|
1,084
|
0
|
3,645
|
|
|
|
|
|
|
|
|
|
|
Finance income
|
38
|
38
|
49
|
-
|
125
|
|
|
Finance expense
|
(87)
|
(255)
|
(422)
|
(244)
|
(1,008)
|
|
|
|
|
|
|
|
|
|
|
Segment profit / (loss) before tax
|
1,664
|
631
|
711
|
(244)
|
2,762
|
|
|
|
|
|
|
|
|
|
|
Assets and
liabilities
|
|
|
|
|
|
|
|
Segment assets
|
35,959
|
9,602
|
31,533
|
3,997
|
81,091
|
|
|
Segment liabilities
|
(10,916)
|
(6,757)
|
(17,568)
|
(764)
|
(36,005)
|
|
|
Segment net assets
|
25,043
|
2,845
|
13,965
|
3,233
|
45,086
|
|
|
|
|
|
|
|
|
|
|
Other segment
information
|
|
|
|
|
|
|
|
Capital
expenditure:
|
|
|
|
|
|
|
|
Property, plant and equipment
|
1,333
|
364
|
715
|
-
|
2,412
|
|
|
Investment properties
|
7
|
-
|
-
|
-
|
7
|
|
|
Computer software
|
-
|
-
|
51
|
-
|
51
|
|
|
Total capital
expenditure
|
1,340
|
364
|
766
|
-
|
2,470
|
|
|
Depreciation
and amortisation:
|
|
|
|
|
|
|
|
Property, plant and equipment
|
854
|
499
|
747
|
237
|
2,337
|
|
|
Investment properties
|
219
|
-
|
-
|
-
|
219
|
|
|
Computer software
|
-
|
-
|
20
|
-
|
20
|
|
|
Total depreciation and amortisation
|
1,073
|
499
|
767
|
237
|
2,576
|
|
|
|
|
|
|
|
|
|
|
Underlying
profit/(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
operating profit before non-trading items
|
1,766
|
856
|
1,394
|
-
|
4,016
|
|
|
Finance income
|
38
|
38
|
49
|
-
|
125
|
|
|
Finance expense
|
(87)
|
(255)
|
(422)
|
-
|
(764)
|
|
|
Underlying
profit
before
tax
|
1,717
|
639
|
1,021
|
-
|
3,377
|
|
3. Non-trading
Items
|
|
Unaudited
Six Months
to
30
September
2024
£'000
|
Unaudited
Six Months
to
30
September
2023
£'000
|
Audited
Year Ended
31 March
2024
£'000
|
|
|
|
|
|
|
(Loss) / profit before tax as reported
|
(6,100)
|
822
|
2,762
|
|
|
|
|
|
|
Restructuring costs
|
19
|
8
|
228
|
|
Release of old credit
balances
|
-
|
-
|
(167)
|
|
Prior year PAYE and National
Insurance tax liabilities
|
-
|
-
|
310
|
|
Movement in fair value of derivative
financial instruments
|
221
|
(238)
|
244
|
|
Non-trading items
|
240
|
(230)
|
615
|
|
Underlying (loss) / profit before tax
|
(5,860)
|
592
|
3,377
|
Restructuring costs relate to employee
redundancies.
4. Finance
Income and Expense
|
|
Unaudited
Six Months
to
30
September
2024
£'000
|
Unaudited
Six Months
to
30
September
2023
£'000
|
Audited
Year Ended
31 March
2024
£'000
|
|
|
|
|
|
|
Bank interest receivable
|
40
|
78
|
125
|
|
Underlying finance income
|
40
|
78
|
125
|
|
|
|
|
|
|
Movement in fair value of derivative
financial instruments
|
-
|
238
|
-
|
|
Non-trading finance income
|
-
|
238
|
-
|
|
|
|
|
|
|
Total finance income
|
40
|
316
|
125
|
|
|
|
|
|
|
Interest payable on bank
loans
|
(193)
|
(208)
|
(403)
|
|
Net interest cost on the FIC defined
benefit pension scheme liability
|
(37)
|
(46)
|
(87)
|
|
Movement in fair value of derivative
financial instruments
|
(221)
|
-
|
(244)
|
|
Lease liabilities finance
charge
|
(133)
|
(137)
|
(274)
|
|
Total finance expense
|
(584)
|
(391)
|
(1,008)
|
|
|
|
|
|
|
Net
finance expense
|
(544)
|
(75)
|
(883)
|
|
|
|
|
|
5. Taxation
|
|
Unaudited
Six Months to
30 September
2024
£'000
|
Unaudited
Six Months
to
30
September
2023
£'000
|
Audited
Year Ended
31 March
2024
£'000
|
|
|
|
|
|
|
Current tax (credit) / charge
|
(84)
|
209
|
534
|
|
Adjustments to prior years
|
-
|
-
|
(202)
|
|
Deferred tax (credit) / charge
|
(1,643)
|
-
|
464
|
|
Total tax
(credit) / expense
|
(1,727)
|
209
|
796
|
The current tax credit has been estimated on
the basis of 25% and 26% of profits arising in the UK and the
Falkland Islands respectively (September 2023: 25% and 26% of
profits arising in the UK and the Falkland Islands
respectively).
6. Earnings
Per Share on Underlying Profit
To provide a comparison of earnings
per share on underlying performance, the calculation below sets out
basic and diluted earnings per share based on underlying
profits.
|
|
Unaudited
Six Months to
30 September
2024
Number
|
Unaudited
Six Months
to
30
September
2023
Number
|
Audited
Year Ended
31 March
2024
Number
|
|
|
|
|
|
|
(Loss) / profit on ordinary
activities after taxation
|
(4,373)
|
613
|
1,966
|
|
|
|
|
|
|
Average number of shares in
issue
|
12,519,900
|
12,519,900
|
12,519,900
|
|
Diluted weighted average number of shares
|
12,519,900
|
12,519,900
|
12,519,900
|
|
|
|
|
|
|
Basic earnings per share
|
(34.9)p
|
4.9p
|
15.7p
|
|
Diluted earnings per share
|
(34.9)p
|
4.9p
|
15.7p
|
To provide a comparison of earnings
per share on underlying performance, the calculation below sets out
basic and diluted earnings per share based on underlying
profits.
|
|
Unaudited
Six Months to
30 September
2024
£'000
|
Unaudited
Six Months
to
30
September
2023
£'000
|
Audited
Year Ended
31 March
2024
£'000
|
|
Underlying (loss) / profit before tax
(note 3)
|
(5,860)
|
592
|
3,377
|
|
|
|
|
|
|
Underlying taxation
|
1,722
|
(152)
|
(949)
|
|
Underlying (loss) / profit after
tax
|
(4,138)
|
440
|
2,428
|
|
Basic earnings per share on
underlying (loss) / profit
|
(33.1)p
|
3.5p
|
19.4p
|
|
Diluted earnings per share on
underlying (loss) / profit
|
(33.1)p
|
3.5p
|
19.4p
|
7.
Employee Benefits
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.
The Group's pension liability was recalculated
under IAS 19 at 31 March 2024, using assumptions at that point in
time. The movement in key inputs to the underlying calculation were
immaterial in the interim period to 30 September 2024, and so the
reported net liability remains the same, less payments made in the
period.
8.
Cash and Cash Equivalents
|
|
Unaudited
30 September
2024
£'000
|
Unaudited
30
September
2023
£'000
|
Audited
31 March
2024
£'000
|
|
Cash
and cash equivalents in the balance sheet
|
8,480
|
9,184
|
9,650
|
|
|
Unaudited
Six Months to
30 September
2024
£'000
|
Unaudited
Six Months
to
30
September
2023
£'000
|
Audited
Year Ended
31 March
2024
£'000
|
|
|
|
|
|
|
Net decrease in cash and cash
equivalents
|
(1,170)
|
(3,616)
|
(3,131)
|
|
Exchange gains / (losses)
|
-
|
-
|
(19)
|
|
Net decrease in cash and cash
equivalents after exchange losses
|
(1,170)
|
(3,616)
|
(3,150)
|
|
Bank loan repayments
|
503
|
459
|
929
|
|
Other non-cash changes
|
-
|
(118)
|
(258)
|
|
Lease liabilities
repayments
|
201
|
368
|
681
|
|
Decrease in interest bearing loans
and borrowings
|
704
|
709
|
1,352
|
|
|
|
|
|
|
Net increase in debt
|
(466)
|
(2,907)
|
(1,798)
|
|
Net debt brought forward
|
(8,732)
|
(6,934)
|
(6,934)
|
|
Net
debt
|
(9,198)
|
(9,841)
|
(8,732)
|
Net
debt
|
Cash balance
|
8,480
|
9,184
|
9,650
|
|
Less: Total interest-bearing loans
and borrowings
|
(17,678)
|
(19,025)
|
(18,382)
|
|
Net
debt
|
(9,198)
|
(9,841)
|
(8,732)
|
9. Interest-bearing Loans and
Borrowings
|
|
Unaudited
30 September
2024
£'000
|
Unaudited
30
September
2023
£'000
|
Audited
31 March
2024
£'000
|
|
Non-current liabilities
|
|
|
|
|
Secured bank loans
|
10,846
|
11,796
|
11,363
|
|
Lease liabilities
|
5,264
|
5,669
|
5,484
|
|
Total non-current interest-bearing loans and lease
liabilities
|
16,110
|
17,465
|
16,847
|
|
Current liabilities
|
|
|
|
|
Secured bank loans
|
979
|
1,001
|
963
|
|
Lease liabilities
|
589
|
559
|
572
|
|
Total current interest-bearing loans and lease
liabilities
|
1,568
|
1,560
|
1,535
|
|
Total liabilities
|
|
|
|
|
Secured bank loans
|
11,825
|
12,797
|
12,326
|
|
Lease liabilities
|
5,853
|
6,228
|
6,056
|
|
Total interest-bearing loans and lease
liabilities
|
17,678
|
19,025
|
18,382
|
10.
Capital Commitments
At 30 September 2024, the Group had capital
commitments of £213,000 which had not been provided for in the
financial statements, all within Momart.
At 30 September 2023, the Group had capital
commitments of £447,000 which had not been provided for in the
financial statements, comprising £408,000 in Momart and £39,000 in
PHFC.
|
Directors
|
|
Registered
Office
|
|
Nick Henry
|
Non-executive
Chairman
|
Kenburgh Court
|
|
Stuart Munro
|
Chief
Executive
|
133-137 South Street
|
|
Reuben Shamu
|
Chief
Financial Officer
|
Bishop's Stortford
|
|
Rob Johnston
|
Non-executive
Director
|
Hertfordshire CM23 3HX
|
|
Dominic Lavelle
|
Non-executive
Director
|
E: admin@fihplc.com
|
|
Holger Schröder
|
Non-executive
Director
|
W: www.fihplc.com
|
|
|
|
Registered number 03416346
|
|
|
|
|
|
Company
Secretary
|
|
|
|
|
|
|
|
AMBA Secretaries Limited
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Information
|
|
|
|
Stockbroker
and Nominated Adviser
Zeus Capital Limited
24 Martin Lane,
London EC4R 0DR
|
|
|
|
|
|
|
|
Solicitors
Shoosmiths LLP
1 Bow Churchyard,
London EC4M 9DQ
|
|
|
|
|
|
|
|
Auditor
Grant Thornton UK LLP
103 Colmore Row,
Birmingham,
Birmingham B3 3AG
|
|
|
|
|
|
|
|
Registrar
Link Group
10th Floor Central Square,
29 Wellington Street,
Leeds LS1 4DL
|
|
|
|
|
|
|
|
Financial
PR
Novella Communications
South Wing, Somerset House
London
WC2R 1LA
|
|
|
|
|
|
|
|
The Falkland
Islands Company
Stuart Munro, Director
T: 00 500 27600
E: info@fic.co.fk
W: www.falklandislandscompany.com
|
The Portsmouth
Harbour Ferry Company
Adam Brown, Director
T: 02392 524551
E: admin@gosportferry.co.uk
W: www.gosportferry.co.uk
|
Momart
Limited
Alison Jordan, Director
T: 020 7426 3000
E: enquiries@momart.com
W: www.momart.com
|
|
|
|
|
|
|
| |
www.fihplc.com