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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Falk IS. Hldgs | FKL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 191.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 191.50 | 191.50 |
| Top Posts |
|---|
Posted at 12/4/2016 08:26 by ifthecapfits RNS Number : 8549UFalkland Islands Holdings PLC 12 April 2016 12 April 2016 Falkland Islands Holdings plc ("FIH" or "the Group") Pre-Close Trading Update Falkland Islands Holdings plc ("FIH"), the AIM quoted international specialist services group with businesses in the Falkland Islands and UK, is pleased to provide the following update on trading for the year ended 31 March 2016. -- Trading in the second half was satisfactory; profitability, although lower compared to H2 last year, was broadly in line with expectations, albeit the Full Year Underlying Profit before Tax is likely to be some 10-15% lower than the prior year at c GBP3.0-GBP3.2million -- The Group's cash flow was strong and FIH ended the year with record cash balances of GBP14.0million, an increase of over GBP6million compared to 31 March 2015 (GBP7.4million). Operational Highlights: -- Falkland Islands Company - In the Falklands, trading was buoyant with FIC's contribution at record levels as the business took advantage of the significant boost to the economy from the offshore oil exploration drilling. Momart - At the Group's art handling and logistics business, Momart, profitability improved in H2, compared to the first half, helped by modest sales growth, although profits were still markedly lower for the full year, following significant investment in marketing and sales infrastructure and continuing competitive pressure in a slowing global art market. -- Portsmouth Harbour Ferry Company - Passenger numbers were 3.3% lower than in the prior year, but trading at the Group's passenger ferry business was broadly satisfactory, at levels only slightly below 2014-15. -- Group Trading performance - The Group's overall trading performance for the year to 31 March 2016 (i.e. underlying pre-tax profits, before amortisation and non-trading items), is expected to show a 10-15% decrease in comparison to the prior year, principally due to the reduced contribution from Momart. -- At a non-trading level, restructuring in the UK and Falklands, designed to reduce ongoing overheads, was more than offset by the GBP0.4million of profits generated in the first half from the sale of the Group's residual holding of 5million shares in Falkland Oil and Gas in April 2015. -- Cash and Bank Borrowings - At 31 March 2016, the Group had cash balances of GBP14.0 million and bank borrowings of GBP3.3million, i.e. net cash of GBP10.7million (GBP6.7million at 31 March 2015) Strategic Highlights: -- The impact of low oil prices and market backdrop has delayed oil development in the Falklands, resulting in the Group shifting its strategic growth focus in the near term towards developing its UK operations through further investment in existing businesses and through the pursuit of high quality acquisitions. -- Strategy is aimed at creating a larger quoted entity with a wider appeal to investors that will in turn enhance shareholder liquidity and the Group's rating. -- Execution of this strategy will be aided by the Group's record cash reserves of GBP14million (GBP1.13 per share) and the Group's solid existing earnings base which provides untapped borrowing capacity. Operational detail: Falkland Islands Company ("FIC") - As expected, the Group's Falklands business continued to benefit from the uplift in economic activity linked to the exploration drilling programme seen in the first half. Although drilling was brought to an end in February 2016, support company activity continued through to 31 March and will not tail off until early in the next financial year. Retail demand grew and sales at FIC's flagship West Store increased to record levels. Property income was boosted by corporate oil related lets and vehicle hire and new vehicle sales also reached record levels. Construction activity remained buoyant and although the Group's construction Joint Venture, "SAtCO" had largely completed oil related construction contracts in the prior year, equipment rental to support the drilling programme and local work for government and Ministry of Defence lead contractors at MPA helped SAtCO's contribution remain at healthy levels. Some limited restructuring of the local management team was undertaken at the end of the financial year in order to right- size the business for the quieter trading period that will follow the departure of the oil rig next year. Momart - After a first half with flat sales and profits impacted by the effects of increased investment spend on marketing, business development and improved systems, Momart saw a modest increase in revenue in H2 and this helped lift profitability. However the fiercely competitive UK and international art market saw a continued squeeze on margins. This, coupled with a lower level of lucrative, high added value, overseas sales, meant that Momart's H2 contribution, although showing some improvement on the first half, remained lower than the prior year. For the full year, the impact of increased investment, a less lucrative sales mix and continuing competitive pressure saw a marked fall in full year profitability. Despite this dip, prospects for future growth over the medium term remain positive, and construction is now well advanced on a new state of the art storage facility at the company's Leyton site which will add 33% to capacity. Completion is scheduled for mid-summer 2016 and Momart's pre-letting of this additional space is now underway. Portsmouth Harbour Ferry Company ("PHFC") - Ferry trading performance was satisfactory. Revenues were essentially flat, with a continuing 3.3% decline in passenger numbers, caused by the increased appeal of car travel linked to cheap petrol, a subsidised Park & Ride scheme, and the passenger disruption caused by Portsmouth Council's modernisation and reshaping of the passenger interchange at Portsmouth Hard. However these negative factors were largely offset by the 3% fare increase put through in June 2015. Additional activity from the highly successful Americas Cup racing off Portsmouth Harbour helped boost cruising income in summer 2015. Increased wage costs and additional depreciation from the company's newly commissioned ferry, "Harbour Spirit", were partially offset by a fall in marine diesel fuel costs. Overall operating costs increased by 2-3% in the year leading to a small decrease in profitability. Outlook: For the year ahead, we anticipate a quieter period in the Falklands. The squid catch this Spring has dropped back from the exceptional levels seen in the previous two years and in retailing, FIC's principal competitor has recently launched a 33% expansion of its store. Given this and the conclusion of exploration drilling for the foreseeable future, FIC will face significant headwinds in the coming year and profits at FIC are expected to revert to the more normal "pre-oil" levels seen in prior years. At PHFC, in the coming year the emphasis will be on tight cost control, in the face of short term pressures on passenger numbers caused by cheap petrol and physical disruption caused by the reconfiguration of the passenger interchange at the Portsmouth ferry terminal. In the longer term, plans to expand the Portsmouth naval base and new proposals to redevelop the harbour at Gosport should help to reverse the decline seen in recent years. At Momart, we anticipate a stabilising of the core trading position as we see the benefit of the recent investment in sales and marketing feed through to underpin continued sales growth and shore up margins. Initially though, the warehouse expansion will be a drag on profits, with an increase in fixed costs not fully covered by new storage revenue in the first year. Over the medium term however, as Momart's new facilities reach capacity, prospects for a steady and sustained recovery in profitability are good. Future Group Strategy The low price of oil means that the development of proven oil reserves in the Falklands will now be delayed and although the board of FIH remains confident that oil production and dramatic economic growth will ensue in the Falklands in due course, the timing of this remains uncertain. However, following the substantial capital and human investment in FIC seen in the past few years, the company is well placed to take full advantage of the growth that will ultimately emerge. With further growth in the Falklands now delayed, the Group's focus in the near term has shifted to developing its UK operations through further investment in its existing businesses and through the pursuit of high quality acquisitions. This strategy, to create a platform for sustainable long term growth, is aimed at creating a larger quoted entity with a wider appeal to investors that will in turn enhance shareholder liquidity and the Group's rating. Execution of this strategy will be aided by the Group's record cash reserves of GBP14million (GBP1.13 per share) and the Group's solid existing earnings base which provides untapped borrowing capacity. The Board's policy of re-investing profits to support accelerated growth will continue and the Group currently has no plans to reintroduce the payment of a dividend. The Group's Preliminary Results for the year ended 31 March 2016 are expected to be released on Tuesday 14(th) June 2016. Chairman of FIH, Edmund Rowland, commented: "The Group has delivered another solid trading performance, in line with expectations, and with strong positive cash flow closing the year with record cash balances of GBP14million, giving cash per FIH share of GBP1.13. "As Chairman, I remain keen to build on the secure foundations already established and to build the Group's long term success with a focus on growth through investment and selective acquisitions. The Group's strong cash position and significant borrowing capacity will be key factors facilitating this growth. (MORE TO FOLLOW) Dow Jones Newswires April 12, 2016 02:00 ET (06:00 GMT) "In the Falklands, we remain confident about FIC's exceptional long term potential following a recovery in the oil price and in the near term we have a healthy profitable business that has little immediate need for heavy further investment. "In the UK, the Group continues to benefit from its two established specialist services businesses, Momart and PHFC, and beyond this solid base we see further opportunities to develop the scale of the Group's activities through selective, focussed acquisitions and organic growth. I look forward to updating the market on our growth strategy as the year progresses, as we seek out opportunities that will create an enhanced platform for sustainable long term growth." - Ends - Enquiries: Falkland Islands Holdings plc Edmund Rowland, Chairman Tel: 020 7087 7970 John Foster, Managing Director Tel: 01279 461 630 WH Ireland Ltd. - NOMAD and Broker to FIH Adrian Hadden / Mark Leonard Tel: 020 7220 1666 FTI Consulting Edward Westropp / Eleanor Purdon Tel: 020 3727 1000 This information is provided by RNS |
Posted at 06/3/2016 19:33 by eburne1960 I think the jury's still out for the moment. On the one hand he's invested his own money into a significant holding, on the other he's chopped the divi. He's supposed to be looking to add an acquisition onto the Momart business, so we watch and wait. Meanwhile, what prompted the (for FKL) flurry of transactions on Friday afternoon? |
Posted at 01/2/2016 20:30 by 1q Has anyone else out there NOT received the cheque for their fractional shares sold ?According to the FKL website, cheques were supposed to have been despatched a week ago on Jan 26th. Nothing through my door yet. Have others received theirs ? |
Posted at 07/8/2015 10:37 by ch1ck I have just gone through the company results and fundamentals which i do periodically with all the stocks i own and it has reaffirmed that this is a strong little company which has been overlooked and has a positive out look for the future.The low dept and positive cash flow put it in a good position to invest and move strongly up from here. The reaction to the loss if the dividend has been minimal and the saving will boost the figures in the next half of the year.Buying more |
Posted at 13/7/2015 08:13 by ch1ck Super post thanks for posting it.I agree and saw the loss of dividend as a positive along with the sale of the FOGL SHARES |
Posted at 09/6/2015 11:15 by eburne1960 Doesn't say anything we don't already know, but here it is:The London-listed conglomerate that dominates commerce in the Falkland Islands reported sharply improved annual profits yesterday, but it denied shareholders a dividend because it wants to reinvest its cash. Falkland Islands Holdings, which has interests in the islands’ shops, property, shipping, tourism and more, published pre-tax profits up 14.4 per cent to £3.9 million for the year to the end of March on revenues only fractionally higher at £38.6 million. As well as benefiting from increased building work, higher demand for company property rentals and an improvement in the vehicle hire market, it cashed in on a record squid catch during the fishing season. The group also said that it expected to receive a fillip from a spate of recent oil discoveries made to the north of the islands. However, the board said that it was not recommending a dividend this year, which it said was “in line with [our] strategy to reinvest earnings and cash to accelerate the group’s growth”. Edmund Rowland, the chairman, said that the company’s longer-term growth was dependent on a recovery in the oil price, which dictates whether explorers and developers press ahead with projects near the islands. The shares fell 2½p to close at 255p. |
Posted at 09/6/2015 08:05 by whackford The Times has a piece on FKL today too. I'm not a subscriber so cannot copy & paste - can anybody else? |
Posted at 15/4/2015 11:47 by eburne1960 Don't know the why - as to the who, he used to be a top fund manager for Mercury and Jupiter before retiring - he then bought a stake in FKL yonks ago along with another city heavyweight who used to run a FTSE company called Hillsdown Holdings - (which is when I bought in heavily as it seemed intriguing 2 big names getting involved in a piddly company in the South Atlantic). He was a non-exec of FKL, but has retired. |
Posted at 11/4/2015 12:33 by c2b GhostofaHangmanMicrosoft did not have an unbroken record of paying dividends going back years. FKL has no Intellectual Property unlike Microsoft. It has a few shops and rental properties on The Falklands and a squid packing business, but nothing that couldn't be replicated by others. In the short term its headcount has rapidly expanded, and cash flow from the Momart business is down (less lucrative exhibition contracts) and journeys on the Gosport - Portsmouth will be severely down with the closure of shipbuilding in Portsmouth. So classic cash flow problems just over the horizon, in an under-capitalised company, hence sale of FOGL shares and axing of the dividend. FID and first oil in the Falklands still years away, whilst costs continue to mount. Suggest we'll have "rescue placings" before any of the "investments" come to fruition. Financial discipline to run the business prudently for the benefit of the shareholders, rather than the directors and workers now completely absent with the axing of the dividend. I'm totally shocked by the current news, but no company axes its dividend if it doesn't have to. If you still believe the story sell now and wait for the give-away placings. |
Posted at 10/4/2015 22:11 by eburne1960 I don't agree Hangers - the FOGL holding has not been significant for some time, it was merely the "icing on the cake", not one of the main reasons for investing in FKL. Any oil strike, whether by FOGL or one of the other companies, would benefit FKL's business interests on the islands far more over the long term than FOGL's shares increasing in the short term. I was initially annoyed about the axing of the dividend (and obviously the market was none too impressed either), but on reflection if the management do manage to turn FKL into a more substantial company then it would be worth the sacrifice. Maybe we are at a turning point, seeing a sleepy "safe" little dividend payer starting to turn into an exciting growth company...... |
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