Fih Share Discussion Threads

[beaniepenguin] 01/5/2025 18:16:55

Am off the Islands for a few weeks however in reply to the question from Burtje, I cannot see that FIC currently has either the financial or technical capacity to undertake any Sea Lion works, either directly for Navitas/Rockhopper or indirectly through FIG.

[burtje] 27/4/2025 12:07:14

Beaniepenguin, I would like to know more about the planning permission activity, because there has been discussion in the Legislative Assembly (LA) about pre-Sea Lion preparation plans, which are 'Redacted' in the official LA reports. One might wonder whether these 'Redacted' planning applications might involve FIC, as FIC doesn't seem to be doing anything else in the FI at the moment, except letting the previously flourishing business go to hell.

[whackford] 17/4/2025 09:39:00

If what you say is right Beanie then I would expect the company to make an announcement re. incorrect 2024 published accounts. And also for what seems to be a major change of strategy.

[beaniepenguin] 17/4/2025 06:38:20

Problems for FIC construction seem to be growing, pulling out of housebuilding in Falklands due to lossed and rejected by FIG for any other contracts due to financial risk. Voluntary redundancy request being circulated among employees. FIC 2024 accounts not filed seems to mean FIH 2024 auditef accounts are wrong. Share price now seems to know this.

[beaniepenguin] 29/3/2025 16:52:23

It seems would be good idea for Trant to manage FIC construction arm.

Local Falklands newspaper ran an article on retail shortages and stockouts this week. FIC director admitted shortcomings but is this a cash flow issue?

Does anyone know why FIC March 2024 accounts not filed in UK, all other Group companies have filed. Is this an error or sign of something more serious?

[beaniepenguin] 29/3/2025 15:49:26

It probably would be good if Trant managed construction arm of FIC but I think Trsnt are only doing work at the military base.
The local newspaper flagged up major issues and stock outs in retsil outlets in the Islands, FIC Director was quoted as ssying they have to improve, however it may be a cash flow issue.
Finally, does anyone know wby FIC have not posted their March 2024 accounts with UK registrar, all other group companies seem to have filed. Is this an oversight or sign of problems with auditors?

[whackford] 23/3/2025 08:49:02

Thanks for your update Beanie. I'm not clear on the historic scope and capacity of FBS. I would have thought they were more capable of building houses than doing any big and specialised jobs for the major projects you mention. The housing developments sound sensible - aren't these mainly kit houses imported from the UK?

I thought FBS had a deal with Trant - never hear much about how that's going. Maybe a chap from Trant can take the lead at FBS?

[beaniepenguin] 22/3/2025 09:42:59

Did not wish to post anything when away but now back for a visut, yes it is true. No work for FBS/Construction arm of FIC.
FIH will play no part in the new port, road and causeway project meant to finish in late 2027. They will also play no part in the power station development and infrastructure upgrade scheduled to start this year and finish in 2028. Similatly with wind turbines, hodpital upgrade and replacementt school. Admittedly, there are some specialist requirements but how difficult is it to sub-contract and build roads, put down concrete slabs and be a local partner. This is an open door for more competition.
Goods news is they have applied for planning permission for some land they own, although am told funds have to be borrowed in UK for this.
Bad news is other maun part of business, Retail side is suffering, out of stock of many things (beer, confectionery) and according to staff orders not placed in UK by FIH due to lack of money.
No sign of FIH management on site for last 3 months and seems offers made to fill local Director vacancies rejected by chosen candidates as not attractive offer.

[weatherman] 20/3/2025 07:05:32

£150m investment - a shame that FIH are not in the running for contracts, but must be some work down the line - even if providing housing and vehicles for workers.

[whackford] 27/2/2025 08:08:54

Beanie, I'm very surprised to hear "all divisions of FIC are available for 'commercial offers'". I do understand that might apply to the construction work because of the management problem, but would be surprised if it applies to other FI activities.

Would you please explain what you mean by "usual NDA applies".

Thanks for this info and do please keep us informed as best you can.

[beaniepenguin] 27/2/2025 01:02:50

Not validated but advised by 3rd party that 85% of FIH executive directors direct management of FIC is remote not "boots on ground'.

Again not validated, all divisions of FIC are available for 'commercial offers' from interested parties, usual NDA applies.

[whackford] 21/2/2025 10:42:10

Looking at RNSs from last year, the only trading update between the interim results (announced 24 Nov 2023) and the final results (announced 8 August 2024) was the Trading Update given on 30 July 2024 i.e. only a week before the final results which is odd. If repeated this year we will not get a Trading Update until late July/August which is too distant bearing in mind the troublesome rumours.

Routine quarterly updates giving a hint of what is going on would be useful.

If as Weatherman says operations in the FI are being run by FIH directors that is likely to be good, provided of course they have "boots on the ground in the FI" and not sitting in UK.

[beaniepenguin] 21/2/2025 09:20:30

Yes Whackford, There may well be wider problems.

FIH Group accounts were filed with UK Registrar of Cmpanies in August 2024, there is no sign of FIC accounts being filed, Is this indication of problems or just carelessness? Either wsy not good.
From 6 month figures 2023 and 2024 and full year FIH results, it seems Retail is 80% of FIC non construction activities. If no Retail Director and no Procurement Director (assume he is mainly retail) then who is running Retail? No obvious Retail activity in rest of FIH Group.
Shareholders deserve a proper trading updste (and filing of FIC March 2024 acvounts).

[weatherman] 20/2/2025 22:40:54

It means that FIC is increasingly run by FIH directors. Its hard to know what is going on.

[whackford] 20/2/2025 16:32:01

Thanks Beanie.

The retail director is evidently not part of FBS (Falklands Building Services). Not sure about some of the others - I'm trying to distinguish between FIC (Falklands Islands Company which is the holding company for ALL the FI bits) personnel and FBS personnel which are only in the building/construction company.

Clearly there's a mess at FBS. But how far beyond that is there trouble (if at all) in the remainder of FIC?

[beaniepenguin] 20/2/2025 09:52:24

On FIC the following is very interesting.
All below publicly available:
Managing Director: Resigned Feb 2024
Finance Director: Resigned Jan 2023
Construction Director: Resigned May 2022!!
Services Director: Resigned May 2023
Procurement Director: Resigned Mar 2024
Retail Director: Resigned Jan 2025

NONE of the above Directors resident on Falkland Islands have been replaced. An update on this from FIH would reassure and help shareholders to understand what is being done to reverse losses reported.

It may be that FIH have permanently seconded group directors or senior staff to the Falkland Islands but cannot see any information on this.

[beaniepenguin] 18/2/2025 10:05:56

Yes a trading update would be good.

FIC construction lay offs are permanent local redundancies and closure of Roads and Civils section for good.

Further redundancies are expected to come, no trade union and no UK employee consultation requirement in Fslklands.

[weatherman] 17/2/2025 08:57:46

Beanie - even if FIC pay tax to the UK, it still comes back to FI to keep MPA and Mare Harbour running. Is FIC disfavoured in FI Gov projects? Are these redundancies or seasonal lay off?

[beaniepenguin] 17/2/2025 00:34:16

@weatherman and @ whackford
@weatherman FIG cannot favor company, especially non resident tax evador...ask FIG

@whackford...lay off in Construction seasonal so assume Retail and Tourism next in line

[weatherman] 16/2/2025 09:34:07

Why doesn't FIG support FIC - it doesn't help build confidence in support from FIG for investment in the islands.

[whackford] 16/2/2025 07:58:25

Beanie - startling developments!

My understanding from your previous report was that FBS (Falklands Building Services, the construction part of FIC) was going to specialise in housing for rent and avoid general construction work. I wonder how they can now do this (build houses) with no workforce.

These further redundancies you mention - are these from other parts of FIC not related to construction do you know?

Thanks for keeping us all posted - it would be good if FIH gave us an update.

[beaniepenguin] 15/2/2025 10:17:28

Weatherman, could br things are moving fast.
Half of the FIC construction operations were closed yesterday, all employees made redundant with immediate effect.

Seems FIC have not been successful in any FIG tender for Construction work over last 6 months.

Forecast on Islands is a very difficult period ahead for FIC, likely more redundancies ahead and ecit from other activities.

[weatherman] 12/2/2025 15:04:05

They said pretty much the same thing in their half year report - and see thread no. 315 relating to housing shortage in Stanley.

[whackford] 12/2/2025 11:43:13

Beanie - your info most helpful.

Any more enlightenment you get from FIC would be gratefully received.

These new houses for rent - I wonder if they will be built using FIC personnel. I believe the kits come from somewhere in Scotland and presume that company could supply workers to erect the houses in the FI if FIC do not have the manpower.

Would be nice if we got an update on this strategy from FIH.