Fih Share Discussion Threads

[weatherman] 06/12/2024 14:29

FIG seeking £350m over 5 years for capital development.

[weatherman] 26/11/2024 16:19

If the Falklands are to grow I think the islands need more ex pats to work there - the Linkedin page says average length of service 3.6 years, which is quite long for just expats.

The way things are going over here in the UK, many people will want to emigrate !

[cannygirl] 26/11/2024 13:35

All these people were UK expats….

[weatherman] 26/11/2024 08:20

The last statement said construction being managed from UK. I guess there is full employment in FI, people working more than 1 job? Which makes holding onto people harder.
These people look happy.

"The Falkland Islands Company ("FIC") had a difficult start to the current financial year, driven mainly by the continuing slippage of construction tender awards, as noted in the trading statement issued on 30 July 2024. In addition, the departure of the FIC Managing Director and the Falkland Building Services management team earlier this year, and the delay in their replacement, given the challenge of doing so in a remote location, is now also starting to adversely impact trading. The process to secure permanent replacements is progressing and in the meantime, support is being provided to FIC through a combination of assistance from Group and the use of interim resource."

[whackford] 26/11/2024 08:11

Thanks Cannygirl. Very worrying.

[weatherman] 18/10/2024 17:13

Shortage of housing, will need much more with oil business.
Partly because of the dynamism of the Falkland Islands economy and a situation of full employment, with shortages in several trades, the issue of housing in the Islands has become "extremely worrying", according to MP-elect Leona Roberts after a meeting in the Housing Committee with the head of the government. Kristy Williams.

At the moment there are about 65 applicants for housing provided by the government, with 38 of which applicants with a score of zero or less, among which 55.38% apply for a one-bedroom home; 35.38% want two bedrooms and 9.24% want three. In addition, there are 16 tenants on the list requesting a larger property, or other locations for various reasons.

But the issue is, how do they get on the List? Not everyone has access to housing provided by the Government of the Islands. To be on the List, you must have Falkland Islands status and have been in the Islands for a previous period of at least 24 months. The points from then on are distributed according to the situations, if there are children involved, amount of savings, and if there is a risk of being homeless, are some of the ways to collect points, and the more points, the better positioned in the List of applicants.

The vicissitudes to which a tenant on the List is condemned were listed below. He has been trying to lease and even buy, but prices have skyrocketed. "For example, three-bedroom homes were offered monthly rents of £1,550, £1,690, and up to £1,900" As for buying, individuals are constantly left out of competition by companies; Buyers are interested in buying to rent and are offering up to £50,000 more to secure a purchase. Likewise, land lots are also on the rise, as more families aspire to get a piece of land to have a home. Despite all their efforts and search for opportunities to rent or buy, the resident in question is pending eviction at the end of the month from the rented home.

In view of the situation, she has turned to the government for help to overcome the moment, "even though I have never in my life asked for help, I am currently in seventh place on the Waiting List, and the fact is that at the end of the month I will technically be homeless."

And it is not a blanket of roses for the owners and builders either, as explained by the government's head of housing, Ms. Williams. Of a total of 197 rented properties, about 28 are private, the demand is also very high and the supply of homes to rent is practically nil. At the moment there are 21 of 22 committed while a last one is in the process of being completed. "So there's a real shortage of rental housing." What's more, a batch of new workers from abroad had been able to be accommodated, but if more orders come in the future, there will be a lot of difficulties,... unless there are more landlords from abroad who leave or receive empty properties in time for such a scenario"

As for the total number of Falkland Islands Government homes, Ms Williams revealed that there are 179, with five of them under renovation.

As for the housing that is being built in the old Bennett paddock, in the capital, most were in the process of completion, "and after that we have no more construction underway." At the latest, in September they should have delivered a few more homes at the end of the contract, but the issue has been delayed. However, the housing manager stressed that the properties in the Bennett Corral were going to be targeted to meet the demand of local residents of the Falklands.

According to the latest Falkland Islands Population and Housing Census, 2021, in that year; In the capital Stanley there were about a thousand homes, 81 apartments and 65 temporary solutions. Meanwhile, the population would be around 2,800, but if the hydrocarbon industry finally takes flight, as everything seems to be the case, the influx of specialists and oil workers will create a new bid on the demand for housing.

[whackford] 14/10/2024 09:41

Cannygirl, you correctly highlighted the departure of the FI Building Services management team - this was confirmed by the AGM Statement (27 September).

Are you aware of the latest position at FIC and Building Services in particular?

Thanks.

[asagi] 30/9/2024 11:13

all read to meet like a 'profit warning warning' i.e. they are telling us that if things aren't turned around then forecasts are at risk.

Asagi (no position)

[weatherman] 27/9/2024 06:24

Trading update with AGM statement - not sure this is anything new - reduced trading in FI was mentioned with the recent results, but now acknowledgment of loss of management in Building Services.

[weatherman] 25/9/2024 16:20

An interesting commentary in the DII interview that the actual value of the properties is £5m higher in the Falklands, and substantially above carrying value for the Momart site. If so, the stated NAV of 325p is far too low - it could be actually above 400p, which may help to explain the recent rise. The gradual paydown of the mortgage adds a few percent to NAV each year.

Still, the company needs to improve margins and its return on capital, but that hopefully will come in time. Hopefully, growth will come from the oil field development - one day.

[cfro] 01/9/2024 08:44

I am not personally invested here but that was a very interesting podcast too and thankyou to you both.
Think there are more questions than answers so would love to see a follow-up interview with Mr Barry sometime in the future covering his other 3%+ holdings and more over some explanation on his value-investing style, how he selects companies and, importantly, what happens to them eventually and how he exits which is the difficult part...

[markatkinson] 01/9/2024 07:28

In the latest episode of the Desert Island Investor we are kindly joined by good friend and investing legend David Barry who talks us through his varied and colourful story.

With each guest castaway I ask them to bring along a company from their portfolio for us to take a brief look at and in David's case he has chosen FIH Group. NB These are never share tips !

Watch on You Tube

[weatherman] 08/8/2024 06:43

Results announced and special divi of 10p on top of existing one.

[weatherman] 06/8/2024 10:39

Maybe this is related to delayed building tenders.
FIG cancels £120m investment with H&W - but apparently, they are looking at procuring from another firm.

[cannygirl] 30/7/2024 10:08

Navitas, owners of Sealion concession

[weatherman] 30/7/2024 07:44

NAV = net asset value.

[cannygirl] 30/7/2024 07:31

NAV don’t have a licence to drill because they can’t prove they can raise the finance. That’s why their tenders haven’t progressed. FIG work has dried up because FIC has no management team any more - I’m told by my Islander friends there’s no MD, FD, Commercial Director, Construction Director, Procurement Director or Support Services Director. It’s being covered by the UK and a few consultants. When is the Group CX going to turn things around because after two years of him my shares have gone backwards.

[weatherman] 30/7/2024 06:18

Not so good with tender delays in FI, but still some support from NAV.

[weatherman] 01/7/2024 21:29

It could have a big impact on the FI economy reports the Telegraph.

[cannygirl] 11/6/2024 15:50

Or no good mews….

[weatherman] 11/6/2024 11:42

Maybe just going to results: in early July to early August - no update implies in line with previous guidance - we know the FI tourist season was a good one.

[cannygirl] 11/6/2024 09:08

So where is the end of year trading update? 10 weeks after year end and nothing….

[weatherman] 15/5/2024 16:24

A bit of hyperbole:
"The Falklands have just become the most valuable piece of real estate on earth
Russia’s discovery of vast oil reserves in the British Antarctic Territory has fired the starting gun on a mad scramble for resources"