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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Fih Group Plc | LSE:FIH | London | Ordinary Share | GB00BD0CWJ91 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 240.00 | 230.00 | 250.00 | 240.00 | 240.00 | 240.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Ferries | 52.71M | 3.12M | 0.2494 | 9.62 | 30.05M |
From May 2019 to May 2024
TIDMFIH
RNS Number : 3981P
FIH Group PLC
17 November 2016
17 November 2016
FIH group plc
("FIH" or the "Group")
Results for the six months ended 30 September 2016
FIH, the AIM quoted group that owns essential services businesses in the UK and Falkland Islands, is pleased to announce its unaudited results for the six months ended 30 September 2016 ("the period"). Comparisons shown below are for the same period in 2015 unless otherwise stated.
Group Financial Highlights
-- Group revenue GBP19.77 million (2015: GBP17.73 million) -- Profit Before Tax GBP1.02 million (2015: GBP1.41 million) -- Underlying Profit Before Tax* GBP1.05 million (2015: GBP1.10 million) -- Diluted earnings per share based on underlying earnings were 6.5p (2015: 6.8p)
-- Bank borrowings at 30 September 2016 were GBP3.1 million (30 September 2015: GBP3.5 million)
-- Group cash balances of GBP12.5 million at 30 September 2016 (30 September 2015: GBP10.8 million).
* Underlying Profit Before Tax is shown after bank interest and financing costs and excludes non-trading items and non-cash charges for the amortisation of intangible assets
Operating Highlights
Falkland Islands Company ("FIC") - Return to normal profit and performance levels
-- Overall 8.5% rise in FIC's turnover to GBP8.56 million (2015: GBP7.89 million)
-- Underlying Profit Before Tax declined to more normal levels of GBP0.52 million (2015: GBP0.73 million) following the departure of the Eirik Raude drilling rig and onshore support workers
-- Overall retail sales down by 1.9% reflecting weakened consumer demand, but encouraging progress in Home Living and Building following recent investment
-- Falklands 4x4 revenues +21.7% to GBP1.52 million (2015: GBP1.25 million) with strong demand for the last production run of the rugged Land Rover Defender.
Portsmouth Harbour Ferry Company ("PHFC") - Stable performance with cost measures largely mitigating external challenges
-- Profits broadly in line with the prior year; revenue +1% to GBP2.28 million (2015: GBP2.26 million)
-- Passenger volumes down 4.7%, with external pressure from cheap petrol and subsidised Park & Ride scheme in addition to disruption from rebuilding of harbour rail/bus passenger interchange in Portsmouth
-- Tight cost-control minimised decline in profitability : PBTa GBP0.36 million (2015: GBP0.39 million) with 2% increase in operating costs from rising fuel prices and increased vessel depreciation
-- Performance expected to remain solid. Completion of Portsmouth passenger interchange early in 2017 and arrival of new carrier in May 2017 expected to boost local demand.
Momart - Strong sales growth with key contract wins, despite pressures on global art market
-- Total revenue +17.8% to GBP8.93 million (2015: GBP7.58 million). Record levels of revenue from museums and 6.8% growth in sales revenue from Galleries and Private Clients
-- Underlying Profit Before Tax improved to GBP0.17 million (2015: GBP0.02 million loss)
-- Notable exhibitions included: Abstract Expressionism at the Royal Academy; Sunken Cities at the British Museum; Painters' Paintings at the National Gallery; William Eggleston at the National Portrait Gallery; You Say You Want a Revolution at the V&A and The Radical Eye at Tate Modern
-- Headwinds from increased competition and pricing pressure in the museum sector in particular. Museum order book at start of H2 has returned to an equivalent level to that of prior year, with lower margins
-- Longer term outlook for private client services is good following completion of new state-of-the-art unit at Leyton which adds 33% to storage space.
Edmund Rowland, Chairman of FIH, said:
"Overall, we are pleased with the performance of the Group, in a year where we have seen a return to more normal trading levels in the Falklands, against the former period's uplift from oil exploration and in the UK, a solid performance from our ferry business and a record string of contract wins at Momart.
"The outlook for the second half of the year remains positive. In the Falklands we expect a return to quieter more normalised "pre-oil" trading and in the UK, the focus will be on securing new long term tenants for Momart's newly opened art storage facilities. Group cash reserves are strong and the long term prospects for all 3 group businesses are sound. Our strategy will be to continue to invest for long term growth whilst seeking out quality acquisitions in complementary areas of business that will help increase the Group's scale, earnings potential, and sustainable long term returns for shareholders."
- Ends -
Enquiries:
FIH group plc Edmund Rowland, Chairman Tel: 0207 087 7970 John Foster, Chief Executive Tel: 01279 461630 ----------------------------------- --------------------- WH Ireland Ltd. - NOMAD and Broker to FIH Tel: 0207 220 1666 Adrian Hadden / Nick Prowting ----------------------------------- --------------------- FTI Consulting Edward Westropp / Eleanor Purdon Tel: 020 3727 1000 ----------------------------------- ---------------------
Chairman's and Chief Executive's Review
Group overview
The Group's trading results for the six months to 30 September 2016 were in line with expectations with underlying profitability being maintained at prior year levels despite the expected slow-down in the Falklands economy following the departure of the Eirik Raude exploration drilling rig.
Overall Group revenues grew by 11.5% but with the absence of GBP0.4 million of non-trading profits seen last year from the sale of the Group's remaining shares in Falkland Oil and Gas ("FOGL"), Profit Before Tax was lower by GBP0.4 million at GBP1.0 million (2015: GBP1.4 million). At a trading level, after a strong recovery by Momart, underlying profit before tax was GBP1.05 million, a similar level to that seen in H1 last year (2015: GBP1.10 million).
An analysis by business is shown below:
Hot Features
Premium
Revenue
Six months ended 30 September 2016 2015 Change
GBP million GBP million %
Falkland Islands Company
("FIC") 8.56 7.89 8.5
Portsmouth Harbour Ferry
("PHFC") 2.28 2.26 1.0
Momart 8.93 7.58 17.8
------------------------------- ------------- ------------- -------
Total Revenue 19.77 17.73 11.5
------------------------------- ------------- ------------- -------
Underlying Profit Before 2016 2015
Tax* GBP million GBP million Change
Six months ended 30 September %
Falkland Islands Company 0.52 0.73 -28.4
Portsmouth Harbour Ferry 0.36 0.39 -6.8
Momart 0.17 (0.02) -
-------------------------------- -------------- -------------- -------
Total Underlying Profit Before
Tax 1.05 1.10 -4.1
Amortisation (0.03) (0.07) -50.0
Profit on sale of FOGL shares - 0.38
-------------------------------- -------------- -------------- -------
Profit Before Tax 1.02 1.41 -28.1
-------------------------------- -------------- -------------- -------
As expected, profits in the Group's Falklands' business, FIC, returned to more normal levels as the local economy cooled and lucrative oil related revenue fell back following the end of the current round of oil exploration in Falklands' waters in early summer 2016. Despite an increase in lower margin sales of vehicles and housing, overall profitability at FIC returned to more normal levels with a pre-tax contribution of GBP0.52 million (2015: GBP0.73 million). At the Group's passenger ferry business, PHFC contribution was marginally lower at GBP0.36 million (2015: GBP0.39 million) due to increased costs linked to the arrival of the new vessel, Harbour Spirit. On a positive note, profits at the Group's art handling business, Momart, saw a welcome recovery, increasing by GBP0.19 million from a break even result last year, as the benefits of recent investments in sales and marketing began to emerge.
Diluted earnings per share (EPS) based on reported earnings were 6.3p (2015: 9.5p) and based on underlying earnings, diluted EPS were 6.5p (2015: 6.8p). At 30 September 2016, the Group had cash balances of GBP12.5 million (31 March 2016: GBP14.0 million) and bank borrowings of GBP3.1 million (31 March 2016: GBP3.3 million).
* Underlying Profit Before Tax is shown after the allocation of central overheads and related financing costs and excludes non-trading items and non-cash charges for the amortisation of intangible assets.
Operating Review
Falkland Islands Company (FIC)
In 2015, the arrival of the Eirik Raude drilling rig and its onshore rig support workers, saw activity lift sharply and profits in FIC rise by 31%. With the cessation of drilling and the departure of the rig in early 2016, profits at FIC returned to more normal levels falling back by 28.4% to GBP0.52 million (2015: GBP0.73 million) in line with the GBP0.55 million contribution seen in H1 2014.
The effects of the rig's departure were also exacerbated by a dramatic decline in the illex squid catch in Spring 2016, which led to a sharp reduction in profits from FIC's Fishing Agency as well as a further weakening in general consumer confidence in Stanley. With exploration drilling ended for the time being, H1 2016 saw a fall in southbound freight volumes and a decline in oil related demand for property rentals and vehicle hire. As a result, monthly rental rates in Stanley fell by 35% as corporate oil services tenants departed. Retail sales also came under pressure despite the completion of new customer parking facilities at the Crozier Place mini-retail park and the creation of a new in-shop café which helped boost sales at Home Living. With a much quieter Falklands economy, wholesale income from sales to local pubs and small retailers fell back sharply. Despite encouraging progress at Home Living and Home Builder, reflecting the positive impact of recent investment, overall retail sales decreased by 1.9% and with pressure on prices caused by weakening demand, retail gross margins also experienced a squeeze. These factors taken together led to a significant fall in profitability at FIC's largest business unit in H1 and the decline in retail contribution was the largest single factor in the reduction in FIC's pre-tax contribution.
FIC 2016 2015 Change Six months ended 30 September GBP million GBP million % Revenue Retail 4.26 4.34 -1.9 Falklands 4x4 1.52 1.25 21.7 Freight & Port Services 0.57 0.41 38.4 Support services 0.54 0.67 -19.6 Property Rental 0.21 0.27 -24.3 FBS (construction) 1.46 0.95 54.7 ----------------------------------- ------------- ------------- ------- Total FIC revenue 8.56 7.89 8.5 ----------------------------------- ------------- ------------- ------- FIC underlying profit before tax, before joint venture 0.50 0.62 -20.3 Share of results of Joint venture 0.02 0.11 -76.4 ----------------------------------- ------------- ------------- ------- Underlying Profit Before Tax 0.52 0.73 -28.4 ------------------------------ ----- ----- ------
Despite the impact of the oil rig's departure, in areas unrelated to oil there were some encouraging increases in activity leading to an overall rise in FIC's turnover of 8.5% to GBP8.56 million (2015: GBP7.89 million).
In contrast to the decline seen in property rental and vehicle hire income, strong demand for the last production run of the rugged Land Rover Defender helped boost Falklands 4x4 revenues, with total vehicle sales increasing to 43 units vs 34 in H1 2015. Total 4x4 sales increased by 21.7% to GBP1.52 million (2015: GBP1.25 million). At Falklands Building Services (FBS), a continuing pipeline of government subsidised plots saw FBS turnover increase by 54.7% to GBP1.46 million (2015: GBP0.95 million) as FIC's construction arm completed 9 new homes in Stanley for mainly first time buyers. FIC's insurance broking and other support services all performed satisfactorily and a significant reduction in FIC's central administration costs helped mitigate the impact of the cessation of exploration drilling.
Supporting FIC's retail operations and 4x4 vehicle sales FIC's HP and vehicle leasing activities continued to expand with finance income rising by 26% to GBP123,000 (2015: GBP98,000).
SAtCO, the construction Joint Venture with Trant Engineering, was also heavily affected by the departure of the rig. Crane rental income declined sharply, ending in May 2016 and the 250 tonne crawler crane was shipped to the UK where it was sold in early November 2016. Despite modest continuing income from local government contracts, FIC's share of the JV's after tax contribution fell from GBP106,000 to GBP25,000. The contribution from SAtCO is included in the reported profits of FIC of GBP0.52 million.
Profit Before Tax from FIC in H1 decreased to GBP0.52 million (2015: GBP0.73 million).
In contrast to the record profits generated by FIC in H2 last year, the second half of the current year is also expected to see a return to more normal trading levels.
Portsmouth Harbour Ferry Company
The overall trading performance of the Group's passenger ferry business, PHFC, continues to be stable with profits broadly in line with the prior year. Overall ferry revenues increased by 1% to GBP2.28 million (2015: GBP2.26 million), in contrast to the small decline seen last year. Annual fare increases averaging 5% were put through in June 2016 and were again balanced by promotional discounts over the summer to stimulate increased ferry usage. However, passenger numbers continued to come under pressure as the ongoing impact of cheap petrol and Portsmouth Council's heavily subsidised Park & Ride scheme (offering regular commuters and shoppers a combined bus and car parking ticket for only GBP2) was further increased by the disruption caused by the rebuilding of the rail/bus passenger interchange on the Portsmouth side of the harbour. As a result, passenger volumes declined by 4.7% in H1 compared to last year. With these volume declines largely offset by increased fares, H1 ferry revenues were essentially unchanged at GBP2.3 million.
PHFC : 2016 2015 Change Six months ended 30 September GBP million GBP million % Revenue Ferry fares 2.16 2.15 0.7 Cruising and Other income 0.12 0.11 8.0 -------------------------------- ------------- ------------- ------- Total Ferry Revenue 2.28 2.26 1.0 Underlying Profit Before Tax 0.36 0.39 -6.8
Ferry operating expenses were again tightly controlled but with rising fuel prices and increased vessel depreciation, overall ferry operating costs increased by 2%.
With this small increase in costs and stable revenues, after the allocation of Group overheads and financing charges (PBTa), ferry profitability saw a small decline to GBP0.36 million (2015: GBP0.39 million).
Momart
Momart, the Group's art handling and logistics business saw an encouraging increase in revenue of 17.8%, lifting total H1 sales from GBP7.58 million last year to GBP8.93 million.
Momart : 2016 2015 Change Six months ended 30 September GBP million GBP million % Revenue Museums & Exhibitions 5.06 3.90 29.6 Commercial Galleries and Auction Houses 2.88 2.70 6.8 Art Storage 0.99 0.98 1.3 ---------------------------------- ------------- ------------- ------- Total Revenue 8.93 7.58 17.8 ---------------------------------- ------------- ------------- -------
Underlying profit Before Tax 0.17 (0.02) -
Museum sales showed strong growth with a string of large contract wins in late 2015 manifesting themselves in a 29.6% increase in H1 sales, taking total Museum & Exhibition revenues in the 6 months to 30 September 2016, to a record level of GBP5.06 million (2015: GBP3.90 million).
Helped by the sharp rise in Museum revenue and an encouraging 6.8% growth in revenue from Galleries and Private Clients, underlying PBT at Momart recovered from an operating loss of GBP0.02 million in the prior year, to a profit of GBP0.17 million.
Although the increase in Museum sales was encouraging, museum budgets in the UK and overseas are under intense and increasing pressure with ever more emphasis being placed on price in the tender process. In order to win high profile museum contracts, Momart has had to maintain its innovative, efficient and expert approach whilst at the same time paying ever more attention to fine tuning pricing leading to margins and contract profitability becoming increasingly squeezed.
Notable museum exhibitions delivered for UK clients in the period included the installation of "Abstract Expressionism" at the Royal Academy, "Sunken Cities" at the British Museum, "Painters Paintings" at the National Gallery, "William Eggleston" at National Portrait Gallery "You Say You Want a Revolution" " at the V&A and "The Radical Eye" at Tate Modern.
After such a strong run, Momart's success was always likely to be challenged by competitors and whereas the large exhibition order book entering H1 at 31 March 2016 was at record levels, over 37% ahead of the prior year, the relative strength of this order book at the start of H2 (30 September 2016) has fallen back to an equivalent position to that of the prior year, albeit because of continued fierce competition and pricing pressure, these new contracts have been won at lower margins.
Revenues from commercial galleries and auction houses (Gallery Services) again showed a year on year increase building on the 5.6% rise seen in H1 last year, moving up by a further 6.8% this year to GBP2.88 million (2015: GBP2.70 million). This growth was achieved despite a cooling in the global commercial art market as evidenced by lower sales prices and reduced activity at art auctions in Europe and the US which was reflected in decreased work from leading auction houses. Revenues from private clients and sales to commercial galleries rose as Momart placed renewed focus on building new and existing client relationships and leveraging its recent investment in marketing and sales. In this less price sensitive area of the market margins too showed some improvement and despite a more modest increase in revenue, Gallery Services increased its contribution to Momart's overall gross profitability at a similar level to that of Momart's Museum Exhibition business.
With existing storage facilities at capacity pending the completion of the new state of the art unit at Leyton, which will add 33% to existing storage space in H2, overall storage revenue was flat in H1 at GBP0.99 million (2015: GBP0.98 million).
Although overheads remain tightly controlled, Momart continued to increase expenditure on marketing and business development. Recent marketing activity included the sponsoring of the International Art Fair Survey launched by the Art Newspaper, further improvements to the website and closer collaboration with trusted partners in joint promotional activities as well as additional digital marketing initiatives. Momart's partnership arrangements with the Christie's-owned online Collection Management portal, "Collectrium", were maintained and we continue to see significant long term potential growth prospects with this new digital platform for private collectors.
The global commercial art market continues to offer good long term prospects for growth despite the slowing in investor activity and softening of prices seen in recent months. Although near term challenges remain particularly in the Museum sector, the longer-term outlook for private client services particularly linked to state of the art storage facilities are good and the Group remains committed to the further development of its market leading art handling and storage business.
Balance Sheet and Cash Flow
During the six months to 30 September 2016, total capital expenditure amounted to GBP0.9 million, including GBP0.6 million spent on the new storage facilities at Momart and GBP0.1 million spent on refurbishing the pontoon in Portsea for PHFC.
Total inventories decreased by GBP0.2 million to GBP6.1 million (September 2015: GBP6.3 million) reflecting continuing improvements in Retail stock control offset by a small increase in construction activity. Retail inventories in Stanley have fallen GBP0.3 million to GBP3.8 million (September 2015: GBP4.1 million).
Operating cash flow (Operating Profit plus amortisation & depreciation) at GBP1.9 million was in line with the prior period (September 2015: GBP1.9 million), however the Group's cash balances decreased by GBP1.5 million to GBP12.5 million at 30 September 2016 due to capital investment of GBP0.9 million, and an increase in trade debtors at Momart.
At 30 September 2016, the Group had cash balances of GBP12.5 million (31 March 2016: GBP14.0 million) and bank borrowings of GBP3.1 million (31 March 2016: GBP3.3 million). In addition the Group had hire purchase liabilities of GBP0.3 million (31 March 2016: GBP0.3 million) and long term finance lease liabilities in respect of the Gosport Pontoon of GBP4.8 million (31 March 2016: GBP4.8 million).
Outlook
In contrast to the prior year where activity in Stanley was buoyed to record levels by the extended stay of the Eirik Raude rig, the outlook for H2 in the current year, is for a much quieter, more "normal" trading period, albeit one which will benefit from the usual seasonal upturn linked to the convergence of Christmas holidays and the summer tourist season in the Southern hemisphere. Increased construction activity at the Mount Pleasant military base (a new power station and an extension to existing dock facilities) should provide a modest indirect stimulus to the Stanley economy in Q4. In the longer term, more sustained growth in the economy will depend on improved air links with South America. This would offer real scope to expand land based tourism and the resulting ability to organise large scale passenger interchanges would greatly increase the Islands' appeal to cruise ship operators. In this regard, the recent warming of relations with the new Macri administration in Argentina is encouraging, although the recent positive initiatives from Buenos Aires will need to be consistently maintained in order to have lasting value. Beyond tourism and further development of onshore added value fishing services, the most significant growth factor in the future of the Falklands and FIC will be the development of oil production in the Islands. The timing of this turns largely on a further recovery in the oil price and the consolidation of the significant supply chain cost savings which have brought the break-even point for commercial production to below $50 bbl in mid-2016. Although in the near term, profits at FIC will be lower than the record levels seen last year, when oil production does move forward with its wide, well established portfolio of profitable service businesses and legacy property assets, FIC is well placed to take full advantage of the growth which will follow.
At Momart, the art handling market remains highly competitive with particular pricing pressure evident in the Museums Exhibitions market. In the commercial art market, serving galleries artists and private collectors, despite the recent cooling and near term challenges, the longer term prospects remain bright. This is particularly true when considering the expansion of Momart's storage facilities, and although in the short run, the fixed costs of the newly opened unit 14 at Leyton will be a drag on profits in H2, the medium term view and the prospects for expansion via selective acquisitions remains encouraging.
At PHFC, performance is expected to remain solid and some recovery is expected early in 2017 when redevelopment of the Portsmouth passenger interchange is complete. Later in 2017 (currently scheduled for May) the arrival of HMS Queen Elizabeth and the related expansion of the Portsmouth naval base will be a further positive factor.
The outlook for the Group remains positive. Cash reserves are strong and the long term prospects for all 3 group businesses are sound. Our strategy will be to continue to invest for long term growth whilst seeking out quality acquisitions in complementary areas of business that will help increase the Group's scale, earnings potential, and sustainable long term returns for shareholders.
Edmund Rowland John Foster Executive Chairman Chief Executive
17 November 2016
Condensed Interim Consolidated Income Statement
FOR THE 6 MONTHSED 30 SEPTEMBER 2016
Unaudited
6 months Unaudited Audited
to 6 months to Year ended
30 September 30 September 31 March
2016 2015 2016
Notes GBP'000 GBP'000 GBP'000
-------------------------------------- -------------- -------------- ------------
2 Revenue 19,771 17,727 38,996
Cost of sales (11,232) (10,413) (23,497)
---------------------------------- -------------- -------------- ------------
Gross profit 8,539 7,314 15,499
Other administrative expenses (7,401) (6,200) (12,398)
Restructuring costs - - (261)
Amortisation of intangible assets (36) (72) (136)
---------------------------------- -------------- -------------- ------------
Administrative expenses (7,437) (6,272) (12,795)
Operating profit 1,102 1,042 2,704
Gain on sale of FOGL shares - 388 388
Gain on sale of vessel - - 60
Share of result of joint venture 25 106 (130)
---------------------------------- -------------- -------------- ------------
Profit before finance income
and expense 1,127 1,536 3,022
Finance income 136 109 233
Finance expense (247) (232) (456)
---------------------------------- -------------- -------------- ------------
3 Net financing costs (111) (123) (223)
Profit before tax 1,016 1,413 2,799
4 Taxation (234) (236) (577)
Profit attributable to equity
holders of the Company 782 1,177 2,222
---------------------------------- -------------- -------------- ------------
5 Earnings per share
Basic 6.3p 9.5p 18.0p
Diluted 6.3p 9.5p 17.9p
See note 5 for an analysis of earnings per share on underlying profit (defined as profit after tax before amortisation and non-trading items).
Condensed Consolidated Balance Sheet
AT 30 SEPTEMBER 2016
Unaudited Unaudited Audited
30 September 30 September 31 March
2016 2015 2016
Notes GBP'000 GBP'000 GBP'000
------------------------------------------- -------------- -------------- ----------
Non-current assets
Intangible assets 11,972 12,128 12,037
Property, plant and equipment 20,084 19,907 19,930
Investment properties 3,596 3,666 3,632
Investment in joint venture 161 372 136
Loan to joint venture - 378 -
Hire purchase debtors 707 553 755
Deferred tax assets 687 750 687
--------------------------------------- -------------- -------------- ----------
Total non-current assets 37,207 37,754 37,177
Current assets
Inventories 6,120 6,330 6,241
Trade and other receivables 6,340 5,510 4,853
Hire purchase debtors 902 689 810
Cash and cash equivalents 12,503 10,750 14,037
--------------------------------------- -------------- -------------- ----------
Total current assets 25,865 23,279 25,941
TOTAL ASSETS 63,072 61,033 63,118
Current liabilities
Interest bearing loans and borrowings (538) (533) (546)
Income tax payable (313) (94) (191)
Trade and other payables (10,538) (10,139) (11,244)
--------------------------------------- -------------- -------------- ----------
Total current liabilities (11,389) (10,766) (11,981)
--------------------------------------- -------------- -------------- ----------
Non-current liabilities
Interest bearing loans and liabilities (7,610) (7,989) (7,855)
7 Employee benefits (2,655) (2,884) (2,644)
Deferred tax liabilities (2,069) (1,987) (2,069)
--------------------------------------- -------------- -------------- ----------
Total non-current liabilities (12,334) (12,860) (12,568)
TOTAL LIABILITIES (23,723) (23,626) (24,549)
Net assets 39,349 37,407 38,569
--------------------------------------- -------------- -------------- ----------
Capital and reserves
Equity share capital 1,243 1,243 1,243
Share premium account 17,447 17,447 17,447
Other reserves 1,162 1,162 1,162
Retained earnings 19,600 17,555 18,799
Hedging reserve (103) - (82)
Total equity 39,349 37,407 38,569
--------------------------------------- -------------- -------------- ----------
Condensed Consolidated Cash Flow Statement
FOR THE 6 MONTHSED 30 SEPTEMBER 2016
Unaudited
6 months Unaudited Audited
to 6 months to Year ended
30 September 30 September 31 March
2016 2015 2016
Notes GBP'000 GBP'000 GBP'000
------------------------------------------------ -------------- -------------- ------------
Profit for the period 782 1,177 2,222
Adjusted for (i) Non-cash items:
Depreciation and amortisation 791 792 1,595
Loss on disposal of fixed assets - - (49)
Share of joint venture profit (25) (106) 130
Equity-settled share-based payment expenses 26 34 61
----------------------------------------------- -------------- -------------- ------------
Non-cash items adjustment 792 720 1,737
(ii) Other items:
Net financing costs 111 123 223
Cash outflow on exercise of nil cost options (7) - -
Gain on disposal of FOGL shares - (388) (388)
Income tax expense 234 236 577
----------------------------------------------- -------------- -------------- ------------
Other adjustments 338 (29) 412
Operating cash flow before changes in working
capital and provisions 1,912 1,868 4,371
(Increase) / decrease in trade and other
receivables (1,487) (202) 455
Decrease / (increase) in trading inventories 199 (809) (742)
(Decrease) / increase in trade and other
payables (727) (80) 900
Decrease in provisions and employee benefits (49) (60) (115)
----------------------------------------------- -------------- -------------- ------------
Changes in working capital and provisions (2,064) (1,151) 498
Cash generated from operations (152) 717 4,869
Income taxes paid (112) (169) (324)
----------------------------------------------- -------------- -------------- ------------
Net cash from operating activities (264) 548 4,545
Cash flows from investing activities
Purchase of property, plant and equipment (922) (1,083) (1,854)
Proceeds from disposal of property, plant
& equipment - - 141
Proceeds received from the sale of FOGL
shares - 1,396 1,396
Cash inflow on loans to joint venture - - 378
Bank, finance lease and credit card interest
received 136 109 233
----------------------------------------------- -------------- -------------- ------------
Net cash from investing activities (786) 422 294
Cash flows from financing activities
Increase in hire purchase debtors (163) (137) (460)
Repayment of secured loans (278) (362) (760)
Interest paid (68) (46) (117)
Proceeds from new loans 25 2,890 3,048
Net cash receipts on sale and purchase
of Treasury shares - - 52
----------------------------------------------- -------------- -------------- ------------
Net cash from financing activities (484) 2,345 1,763
Net increase in cash and cash equivalents (1,534) 3,315 6,602
Cash and cash equivalents at start of year 14,037 7,435 7,435
----------------------------------------------- -------------- -------------- ------------
Cash and cash equivalents at end of year 12,503 10,750 14,037
----------------------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Comprehensive Income
FOR THE 6 MONTHSED 30 SEPTEMBER 2016
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2016 2015 2016
Notes GBP'000 GBP'000 GBP'000
------------------------------------------ -------------- -------------- ------------
Cash flow hedges - effective portion
of changes in fair value (21) - (82)
Transfer to the income statement on
sale of shares in Falkland Oil and
6 Gas Limited - (492) (492)
Items that are or may be reclassified
subsequently to profit or loss (21) (492) (574)
Actuarial gain on pension schemes net
7 of tax - - 159
-------------------------------------- -------------- -------------- ------------
Items which will not ultimately be
recycled to the income statement - - 159
Other comprehensive expense (21) (492) (415)
Profit for the period 782 1,177 2,222
Total comprehensive income 761 685 1,807
-------------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Changes in Shareholders' Equity
FOR THE 6 MONTHSED 30 SEPTEMBER 2016
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
------------------------------------------- -------------- -------------- ------------
Shareholders' funds at beginning of
period 38,569 36,688 36,688
Profit for the period 782 1,177 2,222
Cash flow hedges - effective portion
of changes in fair value (21) - (82)
Transfer to the income statement on
sale of shares in Falkland Oil and
Gas Limited - (492) (492)
Net actuarial gain on pension schemes
net of tax - - 159
Total comprehensive income 761 685 1,807
Purchase of Treasury shares - - (720)
Sale of Treasury shares - - 733
Share-based payments granted to employees 26 34 61
Nil cost options vested in the period (7) - -
Shareholders' funds at end of period 39,349 37,407 38,569
------------------------------------------- -------------- -------------- ------------
Notes to the Unaudited Interim Statements
1. Basis of preparation
This interim financial information comprises the condensed consolidated balance sheets at 30 September 2016, 30 September 2015 and 31 March 2016 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 2016 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'.
The adopted International Financial Reporting Standards ('IFRS') that will be effective (or available for early adoption) in the annual financial statements for the year ending 31 March 2017 are still subject to change and to additional interpretations and therefore cannot be determined with certainty. Accordingly, the accounting policies for that annual period will be determined finally only when the annual financial statements are prepared for the year ending 31 March 2017.
The Interim Report was approved by the Board on 17 November 2016.
Section 245 Statement
The comparative figures for the financial year ended 31 March 2016 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 2016
Arts
logistics
General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue 8,561 2,284 8,926 - 19,771
================================== ============= ============== =========== ============= =========
Operating profit before
amortisation and non-trading
items 423 538 177 - 1,138
Amortisation of intangible
assets - - (36) - (36)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Amortisation and non-trading
items - - (36) - (36)
Segment operating profit 423 538 141 - 1,102
Share of results of joint
venture 25 25
---------------------------------- ------------- -------------- ----------- ------------- ---------
Profit before finance income
and expense 448 538 141 - 1,127
Finance income 136 - - - 136
Finance expense (63) (179) (5) - (247)
Segment profit before tax 521 359 136 - 1,016
================================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 30,096 16,800 16,168 8 63,072
Segment liabilities (9,279) (9,676) (4,110) (658) (23,723)
Segment net assets 20,817 7,124 12,058 (650) 39,349
================================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and equipment 149 112 661 - 922
Depreciation 312 244 199 - 755
Amortisation of non-trading
items - - 36 - 36
================================== ============= ============== =========== ============= =========
Arts
Underlying profit before logistics
tax General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Segment operating profit
before tax,
amortisation and non-trading
items 423 538 177 - 1,138
Share of results of Joint
Venture 25 25
---------------------------------- ------------- -------------- ----------- ------------- ---------
Profit before finance income
and expense 448 538 177 - 1,163
Finance income 136 - - - 136 Finance expense (63) (179) (5) - (247) ---------------------------------- ------------- -------------- ----------- ------------- --------- Segment underlying profit before tax 521 359 172 - 1,052 ---------------------------------- ------------- -------------- ----------- ------------- ---------
2. Segmental revenue and profit analysis (continued)
Unaudited - Six months to 30 September 2015
Arts
logistics
General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue 7,891 2,261 7,575 - 17,727
================================== ============== ============== =========== ============= =========
Operating profit before
amortisation and non-trading
items 582 545 (13) - 1,114
Amortisation of intangible
assets - - (72) - (72)
---------------------------------- -------------- -------------- ----------- ------------- ---------
Amortisation and non-trading
items - - (72) - (72)
Segment operating profit 582 545 (85) - 1,042
Gain on sale of FOGL shares - - - 388 388
Share of results of joint
venture 106 - - - 106
---------------------------------- -------------- -------------- ----------- ------------- ---------
Profit before finance income
and expense 688 545 (85) 388 1,536
Finance income 109 - - - 109
Finance expense (69) (160) (3) - (232)
Segment profit before tax 728 385 (88) 388 1,413
================================== ============== ============== =========== ============= =========
Assets and liabilities
Segment assets 28,560 19,059 13,407 7 61,033
Segment liabilities (9,990) (9,864) (3,216) (556) (23,626)
Segment net assets 18,570 9,195 10,191 (549) 37,407
================================== ============== ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and equipment 797 88 188 - 1,073
Investment properties 10 - - - 10
Depreciation 342 212 166 - 720
Amortisation of non-trading
items - - 72 - 72
================================== ============== ============== =========== ============= =========
Arts
Underlying profit before logistics
tax General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Segment operating profit
before tax,
amortisation and non-trading
items 582 545 (13) - 1,114
Share of results of Joint
Venture 106 - - - 106
---------------------------------- -------------- -------------- ----------- ------------- ---------
Profit before finance income
and expense 688 545 (13) - 1,220
Finance income 109 - - - 109
Finance expense (69) (160) (3) - (232)
---------------------------------- -------------- -------------- ----------- ------------- ---------
Segment underlying profit
before tax 728 385 (16) - 1,097
---------------------------------- -------------- -------------- ----------- ------------- ---------
2. Segmental revenue and profit analysis (continued)
Audited - Year to 31 March 2016
Arts
logistics
General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue 18,495 4,244 16,257 - 38,996
================================== ============= ============== =========== ============= =========
Operating profit before
amortisation and non-trading
items 1,613 1,028 460 - 3,101
Restructuring costs (178) - (83) - (261)
Gain on sale of vessel - 60 - - 60
Gain on sale of 5,000,000
FOGL shares - - - 388 388
Amortisation of intangible
assets - - (136) - (136)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Amortisation and non-trading
items (178) 60 (219) 388 51
Segment operating profit 1,435 1,088 241 388 3,152
Share of results of joint
venture 200 - - - 200
Impairment of Joint Venture
fixed assets (330) - - - (330)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Profit before net finance
expense 1,305 1,088 241 388 3,022
Finance income 223 3 7 - 233
Finance expense (99) (347) (10) - (456)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment profit before tax 1,429 744 238 388 2,799
================================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 33,150 16,323 13,630 15 63,118
Segment liabilities (10,821) (9,632) (3,463) (633) (24,549)
Segment net assets 22,329 6,691 10,167 (618) 38,569
================================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and equipment 1,213 223 402 - 1,838
Investment properties 16 - - - 16
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Capital Expenditure 1,229 223 402 - 1,854
Depreciation 652 440 367 - 1,459
Amortisation of non-trading
items - - 136 - 136
================================== ============= ============== =========== ============= =========
Arts
Underlying profit before logistics
tax General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Segment operating profit
before tax,
amortisation and non-trading
items 1,613 1,028 460 - 3,101
Share of results of Joint
Venture 200 - - - 200
---------------------------------- ------------- -------------- ----------- ------------- ---------
Profit before finance income
and expense 1,813 1,028 460 - 3,301
Finance income 223 3 7 - 233
Finance expense (99) (347) (10) - (456)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment underlying profit
before tax 1,937 684 457 - 3,078
---------------------------------- ------------- -------------- ----------- ------------- ---------
3. Finance income and expense
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
------------------------------------- -------------- -------------- ------------
Bank interest receivable 13 11 27
Finance lease interest receivable 123 98 206
Total finance income 136 109 233
------------------------------------- -------------- -------------- ------------
Interest payable on bank loans (68) (46) (117)
Interest cost on pension scheme
liabilities (60) (60) (90)
Finance lease interest payable (119) (121) (240)
Unwinding of deferred consideration
payable - (5) (9)
Total finance expense (247) (232) (456)
------------------------------------- -------------- -------------- ------------
Net financing cost (111) (123) (223)
------------------------------------- -------------- -------------- ------------
4. Taxation
The taxation charge has been estimated to be 23.0% (2015: 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
2016 2015 2016
GBP'000 GBP'000 GBP'000
Weighted average number of shares
in issue 12,431,623 12,431,623 12,431,623
Less: shares held in Treasury - (18,381) (31,725)
Less: shares held under the ESOP (25,677) (28,016) (28,016)
----------------------------------- -------------- -------------- ------------
Average number of shares in issue
excluding the ESOP and Treasury
shares 12,405,946 12,385,226 12,371,882
Maximum dilution with regards
to share options 10,526 25,523 11,830
----------------------------------- -------------- -------------- ------------
Diluted weighted average number
of shares 12,416,472 12,410,749 12,383,712
=================================== ============== ============== ============
5. Earnings per share (continued)
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ------------
Underlying profit before tax 1,052 1,097 3,078
Tax thereon (241) (250) (699)
Tax rate 23% 23% 23%
Underlying profit after tax 811 847 2,379
======================================== ============== ============== ============
Basic earnings per share on underlying
profit 6.5p 6.8p 19.2p
Diluted earnings per share on
underlying profit 6.5p 6.8p 19.2p
---------------------------------------- -------------- -------------- ------------
Analysis of Taxation charge
Taxation on underlying profits (241) (250) (699)
Taxation related to amortisation
and non-trading items 7 14 122
---------------------------------------- -------------- -------------- ------------
Total taxation charge (234) (236) (577)
======================================== ============== ============== ============
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 / HP and long term finance leases
As at 1 Cash As at 30 As at 30
April flows September September
2016 GBP'000 2016 2015
GBP'000 GBP'000 GBP'000
Cash at bank and in hand 14,037 (1,534) 12,503 10,750
Debt due within one year
- Bank loans (401) (6) (407) (392)
Debt due within one year
- Hire purchase (114) 15 (99) (110)
Debt due within one year
- Pontoon Lease (31) (1) (32) (31)
Debt due after one year -
Bank loans (2,863) 205 (2,658) (3,069)
Debt due after one year -
Hire Purchase (195) 23 (172) (108)
Debt due after one year -
Pontoon Lease (4,797) 17 (4,780) (4,812)
Cash less bank loans, HP
& long term finance leases 5,636 (1,281) 4,355 2,228
------------------------------ --------- --------- ----------- -----------
Bank Debt (3,264) 199 (3,065) (3,461)
Cash 14,037 (1,534) 12,503 10,750
Cash less bank loans 10,773 (1,335) 9,438 7,289
------------------------------ --------- --------- ----------- -----------
Hire purchase and long term
finance leases
Hire Purchase Leases (309) 38 (271) (218)
Pontoon Lease (4,828) 16 (4,812) (4,843)
------------------------------ --------- --------- ----------- -----------
Total Hire purchase and long
term finance leases (5,137) 54 (5,083) (5,061)
------------------------------ --------- --------- ----------- -----------
Cash less bank loans, HP
& long term finance leases 5,636 (1,281) 4,355 2,228
------------------------------ --------- --------- ----------- -----------
9 Capital commitments
At 30 September 2016 the Group had capital commitments of GBP105,000 in respect of the new warehouse at Leyton and GBP22,000 in respect of the Portsea pontoon refurbishment. (At 30 September 2015 the Group had no capital commitments), which have not been provided for in these financial statements.
Directors and Corporate Information
Directors Registered Office
Edmund Rowland Executive Chairman Kenburgh Court,
John Foster Chief Executive 133-137 South Street,
Jeremy Brade Non-executive Director Bishop's Stortford,
Company Secretary Hertfordshire CM23 3HX
Carol Bishop T: 01279 461630
F: 01279 461631
E: admin@fihplc.com
W: www.fihplc.com
Registered number 03416346
Corporate Information
The Falkland Islands Company Stockbroker and Nominated Adviser
Kevin Ironside Chief Operating W.H. Ireland Limited
Officer 24 Martin Lane,
Graham McManus Finance Director London EC4R 0DR
T: +500 27600
E: info@fic.co.fk
W: www.the-falkland-islands-co.com
The Portsmouth Harbour Ferry Company Solicitors
Clive Lane Director and General Bircham Dyson Bell LLP
Manager 50 Broadway,
Chris Waters Finance Director Westminster,
T: 02392 524551 London SW1H 0BL
E: admin@gosportferry.co.uk
W: www.gosportferry.co.uk
Momart Limited Auditor
Kenneth Burgon Chief Operating KPMG LLP
Officer St. Nicholas House, 31 Park Row,
Alan Sloan Sales & Marketing Director Nottingham NG1 6FQ
T: 020 7426 3000
E: enquiries@momart.co.uk
W: www.momart.com
Registrar
Capita Asset Services
The Registry, 34 Beckenham Road,
Beckenham,
Kent BR3 4TU
Financial PR
FTI Consulting
200 Aldersgate,
London EC1A 4HD
www.fihplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGGBCGUPQGRQ
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November 17, 2016 02:00 ET (07:00 GMT)
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