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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% | 245.00 | 240.00 | 250.00 | 245.00 | 245.00 | 245.00 | 7,459 | 07:49:31 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Ferries | 52.71M | 3.12M | 0.2494 | 9.82 | 30.67M |
From May 2019 to May 2024
TIDMFIH
RNS Number : 6591X
FIH Group PLC
28 November 2017
28 November 2017
FIH group plc
("FIH" or the "Group")
Results for the six months ended 30 September 2017
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 2017 ("the period"). Comparisons shown below are for the same period in 2016 unless otherwise stated.
Group Financial Highlights
Record H1 revenues, profits ahead by 38%
-- Record Group revenue at GBP20.6 million (2016: GBP19.8 million) -- Profit Before Tax up 38% at GBP1.4 million (2016: GBP1.0 million) -- Diluted earnings per share 8.7p (2016: 6.5p) -- Bank borrowings at 30 September 2017 GBP3.6 million (31 March 2017: GBP3.8 million)
-- Cash balances up by GBP2.5 million at GBP15.0 million at 30 September 2017 (30 September 2016: GBP12.5 million).
Operating Highlights
Falkland Islands Company ("FIC") - Solid profits despite absence of oil activity
-- Revenue remained broadly flat at GBP8.58 million (2016: GBP8.56 million) despite challenging comparatives and absence of oil spend
-- Profit before Tax rose 10.9% to GBP0.58 million (2016: GBP0.52 million) -- FBS (Construction) up 27.9% with favourable timing of kit home completions -- Retail & Falklands 4x4 sales lower as expected -- Support services up 11.7% -- Normal, stronger second half trading anticipated -- Longer term growth potential linked to oil and land-based tourism.
Portsmouth Harbour Ferry Company ("PHFC") - Stable core revenues boosted by strong summer cruising & parts sales mitigating external challenges
-- Total Ferry revenue increased 6.8% to GBP2.44 million (2016: GBP2.28 million) reflecting stable core revenues, additional cruising sales and one-off income from sale of ferry parts
-- Slower passenger volume decline more than offset by annual fare increases
-- Profit Before Tax increased by GBP0.18 million to GBP0.54 million (2016: GBP0.36 million) with tight cost control. Ferry passenger volumes volatile with continued appeal of inexpensive car travel and subsidised Park & Ride, but decline slowed by the completion of construction works at Portsmouth passenger interchange and the arrival of the Royal Navy's new flagship in August 2017
-- Stable H2 outlook with normal quieter winter trading.
Momart - Continuing progress despite competitive global art market
-- Positive momentum maintained, with unique expertise in complex work contributing to revenues increasing 7.4% to GBP9.59 million (2016: GBP8.93 million)
-- Record sales in Museums & Exhibitions, with 10.6% growth in Commercial Galleries and Auction Houses and 11.9% growth in Art Storage
-- Doubling of Profit Before Tax to GBP0.28 million despite drag of start-up losses at newly opened Leyton art storage facility
-- Notable activity included: "Matisse at Work" at the Royal Academy; "Abstract Expressionism" in Guggenheim Bilbao; "Scythian Nomads" at the British Museum; "Plywood" and "Balenciaga" at the V&A; and "Soul of a Nation" and "Giacometti" at Tate Modern
-- Progress in filling the new warehouse should contribute to satisfactory second half results despite intense market competition.
Robin Williams, Chairman of FIH, said:
Having been appointed as your Group's Chairman on 11 September 2017, it is a pleasure to present my first report to shareholders, on the FIH group's Interim results for the 6 months ended 30 September 2017.
A detailed commentary on the results is provided in the Chief Executive's Review below but I am pleased to report an encouraging first half's trading with Group revenues up by 4.2% to GBP20.6 million and Profit Before Tax increased by 38% to GBP1.4 million (2016: GBP1.0 million). Earnings per share have also moved ahead, from 6.3 pence to 8.7 pence per share, and the board is pleased to confirm the payment of an interim dividend of 1.5 pence per share which will be paid on 26 January 2018 to shareholders on the register at the close of business on 29 December 2017.
At 30 September 2017 the group had cash on hand of GBP15.0 million, an increase of GBP2.5 million on the prior year (2016: GBP12.5 million).
I would also like to take the opportunity to say how pleased I am to take on the role of Chairman of such a well-established, unique, and consistently profitable group and I look forward to working with my colleagues on the board to deliver a sustained improvement in shareholder value over the coming years. I have enjoyed meeting our UK operating management and look forward to visiting the team in the Falkland Islands in March 2018. We continue to consider acquisition opportunities and I look forward to hearing shareholders' views over the next few months about how they would like to see the Group develop.
As independent non-executive Chairman I will also take on responsibilities for chairing the group's Nominations Committee. My colleague Jeremy Brade will be chair of the Audit Committee and Rob Johnston has agreed to become chair of the Group's Remuneration Committee
Robin Williams
28 November 2017
Enquiries:
FIH group plc Robin Williams, Chairman Tel: 01279 461630 John Foster, Chief Executive Tel: 01279 461630 ------------------------------ --------------------- WH Ireland Ltd. - NOMAD and Broker to FIH Tel: 0207 220 1666 Adrian Hadden / Jessica Cave / Alex Bond ------------------------------ --------------------- FTI Consulting Edward Westropp / Eleanor Tel: 020 3727 1000 Purdon ------------------------------ ---------------------
- Ends -
Chief Executive's Review
Group overview
The Group's trading results for the six months to 30 September 2017 were encouraging with Profit Before Tax rising 38% to GBP1.4 million (2016: GBP1.0 million) and first half revenues exceeding GBP20 million for the first time in the Group's history. It was also pleasing to see all three of the group's operating businesses showing increased profitability compared to the prior year, with Momart in particular continuing to improve, posting sales and profit growth.
The Group's balance sheet remained strong with GBP15.0 million of cash on hand at 30 September 2017, only GBP0.1 million lower than in March 2017 despite normal seasonal increases in working capital and the resumption of dividends which saw a payment of GBP0.5 million to shareholders in late September 2017. The Group's cash balances of GBP15.0 million were GBP2.5 million higher than at 30 September 2016 and at the half year bank borrowings had been reduced by GBP0.2 million to GBP3.6 million compared to the year-end position (31 March 2017: GBP3.8 million).
Group revenues grew by 4.2% (+GBP0.8 million) to reach a record GBP20.6 million (2016: GBP19.8 million ) helped by revenues up 6.8% at Portsmouth Harbour Ferry Company ("PHFC"), buoyant revenues at Momart, which were GBP0.7 million up on the prior year (+7.4%) at GBP9.6 million (2016: GBP8.9 million) and stable overall activity levels in the Falkland Island Company ("FIC").
An analysis by business is shown below:
Revenue Six months ended 30 2017 2016 Change September GBP million GBP million % Falkland Islands Company 8.58 8.56 0.2 Portsmouth Harbour Ferry 2.44 2.28 6.8 Momart 9.59 8.93 7.4 -------------------------- ------------- ------------- ------- Total Revenue 20.61 19.77 4.2 -------------------------- ------------- ------------- ------- Profit Before Tax Six 2017 2016 Change months ended 30 September GBP million GBP million % Falkland Islands Company 0.58 0.52 10.9 Portsmouth Harbour Ferry 0.54 0.36 51.0 Momart 0.28 0.14 108.1 ----------------------------- -------------- -------------- ------- Profit Before Tax 1.40 1.02 38.1 ----------------------------- -------------- -------------- -------
With oil exploration activity in Falklands waters on hold for the time being and therefore no oil stimulus to the Falklands economy, FIC delivered a solid performance in the face of tough H1 comparatives in 2016. FIC's Profit before Tax increased by GBP0.06 million (+10.9%) to GBP0.58 million (2016: GBP0.52 million).
At the Group's passenger ferry business, PHFC, revenues were ahead by 6.8%, helped by a slowing in the rate of attrition of passenger volumes, stronger summer cruising sales and by one-off asset disposals. With tight cost control the ferry's contribution before tax increased by GBP0.18 million in the traditionally stronger summer period.
At Momart, the Group's art handling business, encouraging sales growth saw H1 profitability continuing to improve despite the expected drag on profits created by start-up losses in Momart's new art storage warehouse in Leyton. With careful control of overheads Momart's H1 contribution before tax doubled to reach GBP0.28 million.
With the process of write down of intangible assets now complete and intangibles stated at, at least their economically recoverable amount, in the 6 month period to 30 September 2017 there was no further amortisation of intangible assets. There were also no non-trading items in the period.
With a blended corporation tax rate estimated at 23% the Group's Profit Before Tax of GBP1.4 million gave Profits After Tax of GBP1.08 million (2016: GBP0.78 million) and diluted earnings per share (EPS) up 38% at 8.7 pence (2016: 6.3 pence)
Maintaining its renewed dividend policy and a dividend cover of at least three times, the board is pleased to confirm that an interim dividend of 1.5 pence per share will be paid on January 26 2018.
Operating Review
Falkland Islands Company (FIC)
With the departure of the Eirik Raude oil rig in July 2016 oil exploration activity in the Islands came to a halt for the time being and the current year has not seen any benefit from the boost to local demand brought by oil in previous periods. Trading in 2017-18 therefore reflects the sustainable non-oil related base level of activity enjoyed by the company and demonstrates the solid level of profits that continue to be generated from the Group's 166 year old Falkland's business.
Overall revenues were in line with the prior year at GBP8.58 million (2016: GBP8.56 million) and Profit before tax, before the Group's share of joint venture results, was higher by GBP0.06 million at GBP0.56 million (2016: GBP0.5 million).
Hot Features
Premium
FIC 2017 2016 Change
Six months ended 30 September GBP GBP million %
million
Revenue
Retail 3.99 4.26 -6.5
FBS (construction) 1.88 1.46 27.9
Falklands 4x4 1.37 1.52 -9.9
Freight & Port Services 0.52 0.57 -8.0
Support services 0.60 0.54 11.7
Property Rental 0.22 0.21 6.3
Total FIC revenue 8.58 8.56 0.2
-------------------------------- --------- ------------- -------
Trading profit 0.50 0.43 19.1
Consumer Finance income 0.11 0.12 -12.2
Net Finance charge (pensions) (0.05) (0.05) 8.0
Profit before tax, before
share of joint venture 0.56 0.50 12.5
Share of results of Joint
venture 0.02 0.02 -20.0
-------------------------------- --------- ------------- -------
Profit Before Tax 0.58 0.52 10.9
------------------- ----- ----- -----
In the first half of 2017-18, trading conditions for FIC's retail business were challenging. General demand was weakened by the absence of oil money and FIC's flagship supermarket the "West Store" faced broader based competition following the 33% expansion of its principal local competitor in November 2016 (which meant tough H1 comparatives). Overall retail revenue declined by 6.5% but with an active refreshing of its range and keen pricing, the West Store maintained its strong market position and sales declined by only 2.6%. Elsewhere, the absence of oil related consumer spending on gifts and clothing led to a decline in sales and in Home Living and Home Builder, activity was affected by a gap in government house completions, which had boosted sales in H1 2016. Notwithstanding this pressure on revenue, earlier action to trim FIC's retail cost base and focussed steps to enrich the margin mix saw the contribution from FIC's retail business increase modestly in the first half.
At Falklands Building Services (FBS), kit homes construction on government subsidised plots at Sappers Hill in central Stanley increased with the completion of 13 new homes compared to 9 in the same period last year. Helped by the favourable timing of completions in H1, FBS turnover rose by 27.9% to GBP1.88 million up GBP0.42 million from the GBP1.46 million sales seen in H1 2016. This favourable timing difference is expected to unwind in the second half as the underlying level of building work remains fairly consistent between years.
At Falklands 4x4, revenues held up well, falling by only 9.9% despite the lack of run-out "Defender" sales which occurred in H1 2016. Whilst vehicle sales were impacted, down 26%, to 34 vehicles (H1 2016: 46), 4x4's corporate leasing business picked up markedly and with its servicing and maintenance business also ahead, contribution from Falklands 4x4 increased over the same period in the prior year.
Freight and Port Services revenues dropped back by 8.0% reflecting the absence of northbound oil related freight traffic in the prior period but Support Services saw healthy overall growth despite a modest illex squid catch, with good progress from FIC's Fishing Agency, Insurance brokerage and Penguin Travel. Income from FICs rental portfolio of 51 investment properties increased by 6.3% despite the departure of premium corporate oil related lets in early 2016 although necessary remedial repair work saw the net contribution from property slip back.
Portsmouth Harbour Ferry Company
Revenues from core ferry activities increased by 2.4% to GBP2.22 million in the first half as fare increases in June 2017 more than offset a continuing decline in passenger numbers, albeit the rate of attrition in H1 2017-18 slowed to 2.4% compared to the 4.7% decline seen in H1 last year.
The completion of construction works on the Hard passenger interchange at Portsmouth Harbour was a positive factor in slowing the rate of passenger decline, as was the arrival of the Royal Navy's new flagship HMS Queen Elizabeth in August 2017, but passenger volumes remained volatile over the 6 months and although there were periodic like for like increases in passenger traffic, these proved short lived as the attractions of inexpensive car travel and a heavily subsidised Park & Ride scheme in Portsmouth continued to weigh on the business.
With additional cruising sales and one off income from the sale of old ferry spares seeing "Other Income" rise by GBP0.10 million to GBP0.22 million, total ferry revenues increased by 6.8% (+GBP0.16 million) to GBP2.44 million (2016: GBP2.28 million).
PHFC : 2017 2016 Change
Six months ended 30 September GBP GBP million %
million
Revenue
Ferry fares 2.22 2.16 2.4
Cruising and Other income 0.22 0.12 86.0
-------------------------------- --------- ------------- -------
Total Ferry Revenue 2.44 2.28 6.8
--------------------- ----- ----- ----
Profit Before Tax 0.54 0.36 51.0
------------------- ----- ----- -----
Ferry overheads were kept tightly under control despite an increase in fuel prices and with the benefit of one-off profits from parts sales, the ferry's pre-tax contribution increased by GBP0.18 million to GBP0.54 million (2016: GBP0.36 million).
Momart
Momart, the Group's art handling and logistics business saw its recent positive momentum continue with revenue increases of 7.4%. H1 sales were up by GBP0.66 million from GBP8.93 million last year to GBP9.59 million and Pre Tax Profit doubled from GBP0.14 million to GBP0.28 million. These results were achieved despite a GBP0.1 million drag on profits caused by start-up losses at Momart's newly opened state of the art storage facility in Leyton which did not impact last year's H1 trading.
Momart : 2017 2016 Change
Six months ended 30 September GBP GBP million %
million
Revenue
Museums & Exhibitions 5.30 5.06 4.8
Commercial Galleries and
Auction Houses 3.18 2.88 10.6
Art Storage 1.11 0.99 11.9
-------------------------------- --------- ------------- -------
Total Revenue 9.59 8.93 7.4
-------------------------------- --------- ------------- -------
Profit Before Tax 0.28 0.14 108.1
-------------------------------- --------- ------------- -------
Despite strong comparatives and a fiercely competitive market, Museum & Exhibition sales grew by 4.8% (+GBP0.24 million) to a new H1 record of GBP5.3 million (2016: GBP5.06 million). Pressure on museum budgets remained but Momart's unique skill set and ability to handle complex technically demanding work allowed it to focus on higher added value contracts with intrinsically higher margins which in turn helped the Exhibitions' divisional contribution lift towards more satisfactory levels.
Notable museum exhibitions in the period included the installation of "Matisse at Work" at the Royal Academy and the return of loans from "Abstract Expressionism" in Guggenheim Bilbao, "Scythian Nomads" at the British Museum, "Plywood" and "Balenciaga" at the V&A and "Soul of a Nation" and "Giacometti" at Tate Modern.
After an encouraging first half of trading, Momart's large exhibition order book remains strong with over GBP4.0 million of firm orders for work over the next 12 months, GBP1.4 million ahead of the prior year position, giving a solid platform for continued progress in Exhibitions in H2.
Revenue from commercial galleries and auction houses (Gallery Services) continued to grow despite fierce competition, with the GS division building on the 6.8% rise in revenue seen in H1 last year, with even stronger growth of 10.6% in H1 2017-18; revenues increasing by GBP0.3 million to GBP3.18 million. Auction House activity recovered from the more uncertain start seen last year as hammer prices rose and confidence returned to the global art market. With the commercial art market more buoyant, Momart's technical expertise was drawn on increasingly by auction houses and their clients demanding the reassurance of unmatched art handling skills and customer service.
Revenues from private clients and from corporate collectors both increased in the period and Momart enjoyed its busiest ever Frieze art Fair in London in Autumn 2017.
With revenues ahead by 10.6% and gross margins holding, Gallery Services increased its contribution to Momart's overall profitability delivering a similar level of profits to that of Momart's Museum Exhibition business.
Revenues from art storage increased by 11.9% to GBP1.1 million as capacity constraints were removed by the completion of the new unit 14 facility at Leyton which was finally commissioned in March 2017. This new facility with its enhanced client amenities and flexible, dedicated space increased Momart's storage space by 33% and to date progress in filling the new warehouse has been in line with budgeted expectations. At 30 September 2017 the unit had filled to 40% of its capacity but with fixed costs for rent rates and depreciation, it was still loss making, creating a drag on profits of GBP0.09 million in the first half. During the 6 months to 30 September 2017 storage revenues in unit 14 increased steadily each month reaching an annualised level of GBP0.3 million at the period end, albeit still some GBP0.1 million below cash break-even (53% fill). Further progress in filling unit 14 remains a key priority for Momart in the second half of the year where a run rate of revenue sufficient to cover cash costs and depreciation (GBP0.5 million, 2/3(rd) fill) is being pursued.
Elsewhere in Momart's extensive leased property portfolio, the recent revision and uplift in business rates in Spring 2017, saw the company experiencing material rises in property costs during the first half. However, these cost increases were largely offset through focussed savings in discretionary marketing spend and improved management and collection of debtors.
With a general increase in revenues, incrementally improving gross margins and overheads under tight control, Momart was able to deliver an encouraging GBP0.14 million increase in its Pre-Tax contribution in the period even after absorbing the inevitable start-up losses from its new storage facilities. Further progress will be pursued in the second half.
Balance Sheet and Cash Flow
During the six months to 30 September 2017, with Operating profits of GBP1.6 million up by GBP0.4 million and depreciation of GBP0.8 million (some GBP0.4 million greater than the Group's capital expenditure) the Group enjoyed a first half Operating cash flow before changes in working capital of GBP2.5 million, an increase of GBP0.41 million on the prior year.
In the first 6 months of the new financial year, total inventories increased by GBP0.5 million to GBP5.9 million from their 31 March 2017 starting point but remained GBP0.2 million lower than in September 2016. Debtor collection was strong with receivables being reduced by GBP1.4 million and despite significant reductions in trade creditors as the company shifted towards more sustainable credit terms with key suppliers, the seasonal increase in working capital was relatively modest with an outflow of GBP1.0 million compared to the GBP2.2 million outflow seen in H1 in the prior year.
As a result the net cash flow from Operating activities was GBP1.6 million better than the prior year with a positive inflow of GBP1.3 million.
After total capital expenditure amounting to GBP0.38 million, spread broadly evenly between the Group's 3 businesses, Hire purchase and bank loan repayments of GBP0.4 million and dividends payments of GBP0.5 million the Group was cash flow neutral in the first half, a GBP1.5 million improvement on the prior year.
In addition to the Group's cash balances of GBP15.0 million, and closing bank borrowings of GBP3.6 million at 30 September 2017 the Group also had hire purchase liabilities of GBP0.2 million (31 March 2017: GBP0.2 million) and long term finance lease liabilities in respect of the Gosport Pontoon of GBP4.8 million (31 March 2017: GBP4.8 million).
Outlook
After an encouraging first half's trading, with profits ahead of the prior year in all three of the Group's trading subsidiaries, the Group is well placed to deliver another solid set of results in the traditionally stronger second half.
At Momart, despite an intensely competitive art market the company's excellent reputation and technical ability should allow it to make further progress in improving margins. This together with continued progress in filling the new unit 14 art warehouse should contribute towards another satisfactory set of results in the second half.
At PHFC, we can expect to see the normal slower trading in the quieter winter months on the Ferry. In the absence of profits from the one-off asset sales seen in the first half, the outlook for any further growth in profits remains challenging, without a slowing and eventual reversal in the rate of decline in ferry passenger numbers.
In the Falklands, the combination of the austral summer and a seasonal boost from consumer spending at Christmas should underpin a traditionally solid second half's trading. In the longer term there remains significant growth potential linked to oil and/or an accelerated development of land based tourism.
With its strong balance sheet, and diverse portfolio of three profitable and well established, niche businesses the Group is well positioned on a sustainable footing and with its healthy cash reserves the board will continue its search for value enhancing acquisitions to further underpin shareholder value over the long term.
John Foster Chief Executive
28 November 2017
Condensed Interim Consolidated Income Statement
FOR THE 6 MONTHSED 30 SEPTEMBER 2017
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2017 2016 2017
Notes GBP'000 GBP'000 GBP'000
------------------------------- -------------- -------------- ------------
2 Revenue 20,605 19,771 40,494
Cost of sales (11,601) (11,232) (24,861)
--------------------------- -------------- -------------- ------------
Gross profit 9,004 8,539 15,633
Other administrative
expenses (7,491) (7,401) (13,064)
Takeover bid costs - - (530)
Consumer Finance income 108 123 236
Gain on sale of vessel - 76
Amortisation of intangible
assets - (36) (136)
--------------------------- -------------- -------------- ------------
Administrative expenses (7,383) (7,314) (13,418)
Operating profit 1,621 1,225 2,215
Share of result of joint
venture 20 25 105
--------------------------- -------------- -------------- ------------
Profit before finance
income and expense 1,641 1,250 2,320
Finance income 6 13 21
Finance expense (244) (247) (454)
--------------------------- -------------- -------------- ------------
3 Net financing costs (238) (234) (433)
Profit before tax 1,403 1,016 1,887
4 Taxation (323) (234) (460)
Profit attributable to
equity holders of the
Company 1,080 782 1,427
--------------------------- -------------- -------------- ------------
5 Earnings per share
Basic 8.7p 6.3p 11.5p
Diluted 8.7p 6.3p 11.5p
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 2017
Unaudited Unaudited Audited
30 September 30 September 31 March
2017 2016 2017
Notes GBP'000 GBP'000 GBP'000
-------------------------------- -------------- -------------- ----------
Non-current assets
Intangible assets 11,820 11,972 11,846
Property, plant and equipment 19,731 20,084 20,147
Investment properties 3,655 3,596 3,723
Investment in joint venture 261 161 241
Hire purchase debtors 725 707 763
Deferred tax assets 776 687 776
------------------------------- -------------- -------------- ----------
Total non-current assets 36,968 37,207 37,496
Current assets
Inventories 5,887 6,120 5,356
Trade and other receivables 6,137 6,340 7,498
Hire purchase debtors 623 902 799
Cash and cash equivalents 15,027 12,503 15,079
------------------------------- -------------- -------------- ----------
Total current assets 27,674 25,865 28,732
TOTAL ASSETS 64,642 63,072 66,228
Current liabilities
Interest bearing loans
and borrowings (610) (538) (615) Income tax payable (527) (313) (182) Trade and other payables (10,036) (10,538) (12,286) ------------------------------- -------------- -------------- ---------- Total current liabilities (11,173) (11,389) (13,083) ------------------------------- -------------- -------------- ---------- Non-current liabilities Interest bearing loans and liabilities (7,925) (7,610) (8,224) Employee benefits (2,994) (2,655) (2,985) Deferred tax liabilities (2,191) (2,069) (2,191) ------------------------------- -------------- -------------- ---------- Total non-current liabilities (13,110) (12,334) (13,400) TOTAL LIABILITIES (24,283) (23,723) (26,483) Net assets 40,359 39,349 39,745 ------------------------------- -------------- -------------- ---------- 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 20,541 19,600 19,960 Hedging reserve (34) (103) (67) Total equity 40,359 39,349 39,745 ------------------------------- -------------- -------------- ----------
Condensed Consolidated Cash Flow Statement
FOR THE 6 MONTHSED 30 SEPTEMBER 2017
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2017 2016 2017
Notes GBP'000 GBP'000 GBP'000
-------------------------------------------- -------------- -------------- ------------
Profit for the period 1,080 782 1,427
Adjusted for (i) Non-cash items:
Depreciation and amortisation 812 791 1,587
Professional fees incurred for
Takeover bid and defence - - 530
Loss on disposal of fixed assets - (76)
Share of joint venture profit (20) (25) (105)
Equity-settled share-based payment
expenses 18 26 15
-------------------------------------- -------------- -------------- ------------
Non-cash items adjustment 810 792 1,951
(ii) Other items:
Net financing costs 238 234 433
Income tax expense 323 234 460
-------------------------------------- -------------- -------------- ------------
Other adjustments 561 468 893
Operating cash flow before changes
in working capital and provisions 2,451 2,042 4,271
Decrease / (increase) in trade
and other receivables 1,426 (1,487) (2,645)
Decrease / (increase) in hire
purchase debtors 214 (163) 3
(Increase) / decrease in trading
inventories (521) 199 971
(Decrease) / increase in trade
and other payables (2,050) (727) 686
Decrease in provisions and employee
benefits (51) (49) (113)
-------------------------------------- -------------- -------------- ------------
Changes in working capital and
provisions (982) (2,227) (1,098)
Cash generated from operations 1,469 (185) 3,173
Cash outflow on exercise of options (20) (7) (10)
Professional fees paid for Takeover
bid and defence (165) - (365)
Corporation taxes paid 22 (112) (336)
------------------------------------------ -------------- -------------- ------------
Net cash from operating activities 1,306 (304) 2,462
Cash flows from investing activities
Purchase of property, plant and
equipment (377) (922) (1,790)
Proceeds from disposal of property,
plant & equipment - - 76
Cash inflow on loans from joint
venture - - 200
Bank interest received 6 13 21
-------------------------------------- -------------- -------------- ------------
Net cash flows from investing
activities (371) (909) (1,493)
Cash flows from financing activities
Repayment of secured loans (421) (278) (829)
Bank and hire purchase interest
paid (69) (68) (126)
Proceeds from new loans (including
HP) - 25 1,028
Dividends paid (497) - -
-------------------------------------- -------------- -------------- ------------
Net cash flows from financing
activities (987) (321) 73
-------------------------------------- -------------- -------------- ------------
Net (decrease) / increase in
cash and cash equivalents (52) (1,534) 1,042
Cash and cash equivalents at
start of year 15,079 14,037 14,037
-------------------------------------- -------------- -------------- ------------
Cash and cash equivalents at
end of year 15,027 12,503 15,079
-------------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Comprehensive Income
FOR THE 6 MONTHSED 30 SEPTEMBER 2017
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2017 2016 2017
Notes GBP'000 GBP'000 GBP'000
---------------------------------- -------------- -------------- ------------
Cash flow hedges - effective
portion of changes in fair
value 33 (21) 15
Items that are or may be
reclassified subsequently
to profit or loss 33 (21) 15
Actuarial gain on pension
schemes net of tax - - (271)
--------------------------------- -------------- -------------- ------------
Items which will not ultimately
be recycled to the income
statement 33 (21) (271)
Other comprehensive expense 33 (21) (256)
Profit for the period 1,080 782 1,427
Total comprehensive income 1,113 761 1,171
--------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Changes in Shareholders' Equity
FOR THE 6 MONTHSED 30 SEPTEMBER 2017
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
---------------------------------- -------------- -------------- ------------
Shareholders' funds at beginning
of period 39,745 38,569 38,569
Profit for the period 1,080 782 1,427
Cash flow hedges - effective
portion of changes in fair
value 33 (21) 15
Net actuarial gain on pension
schemes net of tax - - (271) Dividends paid (497) - - Total comprehensive income 616 761 1,171 Share-based payments granted to employees 18 26 15 Employee options vested in the period (20) (7) (10) Shareholders' funds at end of period 40,359 39,349 39,745 ---------------------------------- -------------- -------------- ------------
Notes to the Unaudited Interim Statements
1. Basis of preparation
This interim financial information comprises the condensed consolidated balance sheets at 30 September 2017, 30 September 2016 and 31 March 2017 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 2017 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 2018 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 2018.
The Interim Report was approved by the Board on 28 November 2017.
Section 245 Statement
The comparative figures for the financial year ended 31 March 2017 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
2017
Arts
logistics
General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue 8,576 2,440 9,589 - 20,605
=============================== ============= ============== =========== ============= =========
Operating profit before
amortisation and non-trading
items 612 708 301 - 1,621
Share of results of
joint venture 20 - - - 20
------------------------------- ------------- -------------- ----------- ------------- ---------
Profit before finance
income and expense 632 708 301 - 1,641
Finance income 6 - - - 6
Finance expense (60) (166) (18) - (244)
Segment profit before
tax 578 542 283 - 1,403
=============================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 30,430 17,172 17,033 7 64,642
Segment liabilities (8,796) (9,416) (5,416) (655) (24,283)
Segment net assets 21,634 7,756 11,617 (648) 40,359
=============================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and
equipment 139 73 165 - 377
Depreciation 313 225 274 - 812
=============================== ============= ============== =========== ============= =========
2. Segmental revenue and profit analysis (continued)
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
=========================== ============= ============== =========== ============= =========
Segment operating
profit 546 538 141 - 1,225
Share of results of
joint venture 25 - - - 25
--------------------------- ------------- -------------- ----------- ------------- ---------
Profit before finance
income and expense 571 538 141 - 1,250
Finance income 13 - - - 13
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 - - 36 - 36
=========================== ============= ============== =========== ============= =========
2. Segmental revenue and profit analysis (continued)
Audited - Year to 31 March 2017
Arts
logistics
General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue 17,828 4,286 18,380 - 40,494
=============================== ============= ============== =========== ============= =========
Operating profit before
amortisation and non-trading
items 1,209 1,058 538 - 2,805
Restructuring costs - - - (530) (530)
Gain on sale of vessel - 76 - - 76
Amortisation of intangible
assets - - (136) - (136)
------------------------------- ------------- -------------- ----------- ------------- ---------
Amortisation and non-trading
items - 76 (136) (530) (590)
Segment operating
profit 1,209 1,134 402 (530) 2,215
Share of results of
joint venture 24 - - - 24
Gain on sale of Joint
Venture fixed assets 81 - - - 81
------------------------------- ------------- -------------- ----------- ------------- ---------
Profit before net
finance expense 1,314 1,134 402 (530) 2,320
Finance income 14 4 3 - 21
Finance expense (88) (349) (17) - (454)
------------------------------- ------------- -------------- ----------- ------------- ---------
Segment profit before
tax 1,240 789 388 (530) 1,887
=============================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 33,381 16,556 16,279 12 66,228
Segment liabilities (11,419) (9,359) (4,956) (749) (26,483)
Segment net assets 21,962 7,197 11,323 (737) 39,745
=============================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and
equipment 578 241 971 - 1,790
Depreciation 564 447 440 - 1,451
Amortisation - 136 - 136
=============================== ============= ============== =========== ============= =========
3. Finance income and expense
Unaudited Unaudited Audited
6 months 6 months Year
to to ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
-------------------------- -------------- -------------- ----------
Bank interest receivable 6 13 21
Total finance income 6 13 21
-------------------------- -------------- -------------- ----------
Interest payable on bank
loans (67) (68) (127)
Interest cost on pension
scheme liabilities (60) (60) (88)
Finance lease interest
payable (117) (119) (239)
Total finance expense (244) (247) (454)
-------------------------- -------------- -------------- ----------
Net financing cost (238) (234) (433)
-------------------------- -------------- -------------- ----------
4. Taxation
The taxation charge has been estimated to be 23.0% (2016: 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
2017 2016 2017
GBP'000 GBP'000 GBP'000
Weighted average number
of shares in issue 12,417,726 12,431,623 12,431,715
Less: shares held under
the ESOP (19,894) (25,677) (24,849)
--------------------------- -------------- -------------- ------------
Average number of shares
in issue excluding the
ESOP and Treasury shares 12,397,832 12,405,946 12,406,866
Maximum dilution with
regards to share options 55,873 10,526 23,639
--------------------------- -------------- -------------- ------------
Diluted weighted average
number of shares 12,453,705 12,416,472 12,430,505
=========================== ============== ============== ============
5. Earnings per share (continued)
Unaudited Unaudited Audited
6 months 6 months Year
to to ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
---------------------------------- -------------- -------------- ----------
Profit before tax 1,403 1,016 1,887
Restructuring costs - - 530
Gain on sale of vessel - - (76)
Amortisation of intangible
assets - 36 136
Gain on sale of Joint
Venture fixed assets - - (81)
Underlying profit before
tax 1,403 1,052 2,396
Tax thereon (323) (241) (490)
Tax rate 23% 23% 21%
Underlying profit after
tax 1,080 811 1,906
================================== ============== ============== ==========
Basic earnings per share
on underlying profit 8.7 6.5p 15.4p
Diluted earnings per share
on underlying profit 8.7 6.5p 15.3p
---------------------------------- -------------- -------------- ----------
Analysis of Taxation charge
Taxation on underlying
profits (323) (241) (490)
Taxation related to amortisation
and non-trading items - 7 30
---------------------------------- -------------- -------------- ----------
Total taxation charge (323) (234) (460)
================================== ============== ============== ==========
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 Cash As at As at
1 flows 30 September 30 September
April GBP'000 2017 2016
2017 GBP'000 GBP'000
GBP'000
Cash at bank and in
hand 15,079 (52) 15,027 12,503
Debt due within one
year - Bank loans (507) (2) (509) (407)
Debt due within one
year - Hire purchase (75) 8 (67) (99)
Debt due within one
year - Pontoon Lease (33) (1) (34) (32)
Debt due after one
year - Bank loans (3,321) 248 (3,073) (2,658)
Debt due after one
year - Hire Purchase (139) 34 (105) (172)
Debt due after one
year - Pontoon Lease (4,764) 17 (4,747) (4,780)
Cash less bank loans,
HP & long term finance
leases 6,240 252 6,492 4,355
------------------------- --------- --------- -------------- --------------
Bank Debt (3,828) 246 (3,582) (3,065)
Cash 15,079 (52) 15,027 12,503
Cash less bank loans 11,251 194 11,445 9,438
------------------------- --------- --------- -------------- --------------
Hire purchase and long
term finance leases
Hire Purchase Leases (214) 42 (172) (271)
Pontoon Lease (4,797) 16 (4,781) (4,812)
------------------------- --------- --------- -------------- --------------
Total Hire purchase
and long term finance
leases (5,011) 58 (4,953) (5,083)
Cash less bank loans,
HP & long term finance
leases 6,240 252 6,492 4,355
------------------------- --------- --------- -------------- --------------
9 Capital commitments
At 30 September 2017 the Group had no capital commitments, which have not been provided for in these financial statements. 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
Directors and Corporate Information
Directors Registered Office
Kenburgh Court,
133-137 South Street,
Bishop's Stortford,
Hertfordshire CM23 3HX
T: 01279 461630
F: 01279 461631
E: admin@fihplc.com
W: www.fihplc.com
Registered number 03416346
Robin Williams Non-executive
Chairman
John Foster Chief Executive
Jeremy Brade Non-executive
Director
Robert Johnston Non-executive
Director
Company Secretary
Carol Bishop
Corporate Information
The Falkland Islands Stockbroker
Company and Nominated
Kevin Ironside, Managing Adviser
Director W.H. Ireland
T: +500 27600 Limited
E: info@fic.co.fk 24 Martin
W: www.the-falkland-islands-co.com Lane,
London EC4R
0DR
The Portsmouth Harbour Solicitors
Ferry Company Bircham Dyson
Clive Lane, Director Bell LLP
and General Manager 50 Broadway,
T: 02392 524551 Westminster,
E: admin@gosportferry.co.uk London SW1H
W: www.gosportferry.co.uk 0BL
Momart Limited Auditor
Kenneth Burgon, Chief KPMG LLP
Operating Officer St. Nicholas
Alan Sloan, Sales & Marketing House, 31
Director Park Row,
T: 020 7426 3000 Nottingham
E: enquiries@momart.co.uk NG1 6FQ
W: www.momart.com
Registrar
Link 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 PGGGGGUPMPPM
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November 28, 2017 02:01 ET (07:01 GMT)
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