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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% | 230.00 | 210.00 | 250.00 | 230.00 | 230.00 | 230.00 | 0.00 | 08:00:24 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Ferries | 52.71M | 3.12M | 0.2494 | 9.22 | 28.8M |
From Apr 2019 to Apr 2024
TIDMFIH
RNS Number : 8282H
FIH Group PLC
20 November 2018
20 November 2018
FIH group plc
("FIH" or the "Group")
Results for the six months ended 30 September 2018
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 2018 ("the period"). Comparisons shown below are for the same period in 2017 unless otherwise stated.
Group Financial Highlights - Underlying profits maintained despite pressures on turnover
-- Group revenue reduced by 5% as anticipated to GBP19.6 million (2017: GBP20.5 million), mainly due to phasing of construction activity
-- Profit before tax flat at GBP1.35 million (2017: GBP1.40 million)
-- Underlying profit before tax excluding non-trading income GBP1.35 million (2017: GBP1.34 million)
-- Diluted earnings per share: 8.3p (2017: 8.7p) -- Bank borrowings at 30 September 2018: GBP3.1 million (31 March 2018: GBP3.3 million) -- Cash balances at 30 September 2018: GBP15.6 million (30 September 2017: GBP15.0 million) -- Interim dividend increased by 10% to 1.65 pence per share (2017: 1.5 pence per share)
Operating Highlights
Falkland Islands Company ("FIC") - Steady profit performance despite temporary reduction in house sales
-- Revenue 7% lower at GBP7.97 million (2017: GBP8.58 million) due to reduction in construction activity
-- Profit before tax marginally reduced at GBP0.45 million (2017: GBP0.50 million)
-- FBS (Construction) revenue reduced by GBP1.0 million due to delays in release of land for new housing, and focus on expanding FIC's own property portfolio
-- Retail sales encouraging at GBP4.2m (up 5.6%) and Falklands 4x4 sales (up 12.0%). Support services revenue ahead following improved squid catch
-- Tenders for onshore oil support facilities expected in the second half of the year -- Confirmation of hoped for second flight from South America still awaited -- Longer term growth remains linked to oil and land based tourism
Portsmouth Harbour Ferry Company ("PHFC") - Profits lower on passenger volumes down 4%
-- Total Ferry revenue decreased 1.6% to GBP2.34 million (2017: GBP2.38 million) reflecting 4% decline in passenger numbers offsetting 3% increase in fares.
-- New aircraft carrier's absence from port, contributed to decline in naval personnel using ferry in the half year
-- Continued promotion of subsidised Park & Ride scheme by Portsmouth Council affects passenger volumes generally
-- Tight cost control maintained -- Profit before tax lower at GBP0.51 million (2017: GBP0.60 million)
Momart - Continuing progress with stronger margins delivering 65% increase in profits
-- Positive momentum maintained particularly in competitive commercial market
-- Overall revenues reduced by 3.3% at GBP9.28 million (2017: GBP9.58 million) but margins improved on better sales mix
-- Museums and Exhibitions revenues reduced by GBP0.7 million to GBP4.6 million as expected following record first half last year, but stronger sales mix saw contribution maintained
-- Strong growth of 15.4% in Gallery Services revenues
-- Art Storage revenues lower as expected at GBP1.0 million (2017: GBP1.1 million) following customer relocation in early 2018
-- Company continues to target filling of spare capacity. -- Profit before tax increased by 65% to GBP0.39 million
-- Notable exhibition activity included: "Rodin Art of Antiquity" at the British Museum; "Jameel Prize 5" and "Video Games" at the V&A; "Course of Empire" at the National Gallery and "Picasso 1932" at Tate Modern.
John Foster, Chief Executive said:
"Overall, we are pleased with the first half performance of FIH, maintaining profits in a period where we have made investments to support future growth, and in which there have been external challenges to trading in the Falkland Islands and at PHFC offset by a continued improvement in trading at Momart.
"The group's cash position remains strong, and in line with its strategy, the board continues to consider acquisition opportunities.
"We are also pleased to announce an increase in the interim dividend by 10% to 1.65 pence per share
"As part of making preparations for the potential production of oil in the Falklands, the group looks forward to participating in the tender for onshore facilities in the second half. A final investment decision on the development of Sea Lion from licence holder, Premier Oil, is expected by the middle of 2019.
"With overall profits on a par with the prior year, the Group is well placed to deliver another satisfactory set of results in the traditionally stronger second half, and the board looks forward to the future with confidence."
John Foster
20 November 2018
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 Adrian Hadden / Jessica Cave Tel: 0207 220 1666 FTI Consulting Alex Beagley / Eleanor Purdon Tel: 020 3727 1000
- Ends -
Chairman's Report
I have pleasure in presenting the FIH group's Interim results for the 6 months ended 30 September 2018.
A detailed commentary on the results is provided in the Chief Executive's Review below but I am pleased to report a first half performance with underlying profits essentially unchanged despite an increase in central costs.
Although group revenues were lower by 4.7% at GBP19.6 million, Profit Before Tax held up well at GBP1.35 million, slightly ahead of last year's underlying position when non-trading income flattered reported profits by GBP0.06 million. This year's solid underlying performance was achieved despite adding a role to strengthen the head office team and a temporary hiatus in new house sales in the Falklands, which held back sales and profitability in Stanley in the first half year. I was also pleased to see a continuing improvement at the group's art handling business, Momart, where further progress is expected as spare storage capacity is steadily taken up.
The group's cash position remains strong and at 30 September 2018 the group had cash on hand of GBP15.6 million, an increase of GBP0.6 million on the prior year (2017: GBP15.0 million). During the period, the board reviewed a small number of acquisition opportunities but, with vendors seeking very high exit prices, none of the opportunities reviewed were considered to offer the growth potential we are seeking at an acceptable price.
Diluted earnings per share in the first half were 8.3 pence per share (2017: 8.7 pence), and the board is pleased to announce the payment of a slightly increased interim dividend of 1.65 pence per share, which will be paid on 25 January 2019 to shareholders on the register at the close of business on 21 December 2018. The Company has a Dividend Reinvestment Plan that allows shareholders to reinvest dividends to purchase additional shares in the Company. For shareholders to apply the proceeds of this and future dividends to the plan, application forms must be received by the Company's Registrars by no later than Friday 4 January 2019.*
We continue to consider potential acquisitions and review opportunities to maximise shareholder value over the medium term.
Robin Williams
20 November 2018
* Existing participants in the Plan will automatically have the interim dividend reinvested. Details on the Plan can be obtained from Link Asset Services on 0371 664 0381 or at www.signalshares.com. Calls are charged at the standard geographic rate and will vary by provider. If you are outside the United Kingdom, please call +44 371 664 0381. Calls outside the United Kingdom will be charged at the applicable international rate. The lines are open from 9.00am to 5.30pm, Monday to Friday excluding public holidays in England and Wales.
Chief Executive's Review
Group overview
The Group produced a solid trading performance in the six months to 30 September 2018 with underlying profit before tax maintained despite increased investment at head office and temporary delays in house building activity in the Falklands.
Reported Profit Before Tax reduced slightly to GBP1.35 million (2017: GBP1.40 million) and overall revenues fell back as expected to below GBP20 million, with fewer housing completions in the Falklands and a return to more normal levels of activity with UK and overseas museums at Momart.
In Stanley, the Falkland Islands Company ("FIC") produced an encouraging performance despite the delays in the release of government plots, which led to a hiatus in kit home sales. Portsmouth Harbour Ferry Company ("PHFC") saw continued slippage in passenger volumes with profits reduced by GBP0.09 million. Momart, the group's market leading art handling business, delivered another positive result with profits up 65% as the teams' focus on improved margin performance and efficiency, rather than revenue growth, bore fruit.
The Group's balance sheet remained strong with GBP15.6 million of cash on hand at 30 September 2018, down from the GBP17.0 million at 31 March 2018 due to normal seasonal increases in working capital and capital investment in rental property in the Falklands. Group cash was GBP0.6 million higher than the balance at 30 September 2017 of GBP15.0 million, and at the half year, bank borrowings had been reduced by GBP0.2 million from the year-end position to GBP3.1 million, (31 March 2018: GBP3.3 million).
An analysis by business is shown below:
Hot Features
Premium
Revenue
Six months ended 30 September 2018 2017 Change
GBP million GBP million %
Falkland Islands Company 7.97 8.58 -7.0
Portsmouth Harbour Ferry 2.34 2.38 -1.6
Momart 9.28 9.58 -3.3
------------------------------- ------------- ------------- -------
Total Revenue 19.59 20.54 -4.7
------------------------------- ------------- ------------- -------
Profit Before Tax 2018 2017 Change
Six months ended 30 September GBP million GBP million %
Falkland Islands Company 0.45 0.50 -9.7
Portsmouth Harbour Ferry 0.51 0.60 -16.0
Momart 0.39 0.24 65.4
--------------------------------- -------------- -------------- -------
Underlying Profit Before
Tax 1.35 1.34 0.8
--------------------------------- -------------- -------------- -------
Profit on sale of surplus
ferry parts - 0.06
--------------------------------- -------------- -------------- -------
Profit Before Tax 1.35 1.40 -3.6
--------------------------------- -------------- -------------- -------
With a blended corporation tax rate prudently estimated at 23% the Group's Profit Before Tax of GBP1.35 million gave Profits After Tax of GBP1.04 million (2017: GBP1.08 million) and diluted earnings per share (EPS) marginally lower than last year at 8.3 pence (2017: 8.7 pence).
Maintaining its renewed dividend policy, the board is pleased to confirm that an interim dividend of 1.65 pence per share will be paid on 25 January 2019 to those shareholders on the register at the close of business on 21 December 2018.
Operating Review
Falkland Islands Company (FIC)
Underlying trading in FIC in the normally quiet austral winter was generally satisfactory with encouraging growth in many of FIC's business units including retailing, support services and Falklands 4x4. However overall progress was held back by delays in the allocation of serviced government housing plots and this led to a sharp drop in kit home sales at FBS and a fall in revenue from house sales of over GBP1 million compared to the prior year. Despite this and costs incurred in the preparation for oil development, FIC still delivered solid first half results.
Overall revenues for FIC were GBP7.97 million compared to GBP8.58 million in the prior year. Profit Before Tax was GBP0.45 million, GBP0.50 million in the prior period.
FIC 2018 2017 Change Six months ended 30 September GBP million GBP million % Revenue Retail 4.20 3.99 5.6 FBS (construction) 0.85 1.88 -54.7 Falklands 4x4 1.54 1.37 12.0 Freight & Port Services 0.42 0.52 -18.6 Support services 0.73 0.60 21.5 Property Rental 0.23 0.22 3.2 Total FIC revenue 7.97 8.58 -7.0 ----------------------------------- ------------- ------------- ------- Trading profit 0.41 0.42 -4.0 Consumer Finance income 0.08 0.11 -27.8 Net Finance charge (pensions) (0.04) (0.05) -33.3 Profit before tax, before share of joint venture 0.45 0.48 -6.0 Share of results of joint venture - 0.02 -100.0 ----------------------------------- ------------- ------------- ------- Profit Before Tax 0.45 0.50 -9.7 ------------------- ----- ----- -----
FIC's retail business performed well and overall retail sales increased by 5.6% compared to the prior year. FIC's professional buying team and improved stock control continued to give FIC's flagship West Store supermarket a marked edge over its competitors in terms of breadth of choice, quality and pricing and further investment in modern fridges for the store helped with improved in-store presentation and lower running costs. Revenue from the West Store, which accounts for over 60% of FIC's total retail sales, increased by 5.5% on the prior year. Elsewhere, sales at Home Living, Home Builder and the Capstan gift shop moved ahead although revenue from FIC's small general store at the MPA military base dropped by 4% as the number of civilian contractors working on the base returned to more normalised levels. Set against this overall top line growth, gross margins came under pressure from higher maritime freight charges and in Stanley, new minimum wage legislation and rises in electricity tariffs saw a further increase in operating expenses. Despite this squeeze from rising costs, the healthy growth in sales in the first half of the year saw the overall contribution from Retail increase on the prior year.
At Falklands Building Services (FBS), kit home construction was severely restricted by delays in releasing government subsidised plots at Sappers Hill in Stanley. 4 homes which were in progress at the start of the period were completed in the first half of 2018 but this was sharply lower than the 13 dwellings sold in the prior year. As a result, FBS sales fell by over GBP1.0 million. On a more positive note, the next phase of the Sappers Hill development has now been released and with a record order book, FBS sales of kit homes will resume later in the year. This hiatus in the construction and sale of kit homes for 3(rd) party customers has also allowed FIC to focus on the development of its own portfolio of rental properties and construction has commenced on a further 21 new homes in central Stanley which will be finished over the course of the next year and once complete will increase FIC's rental portfolio by 40% to 70 units. As a result of this focus on investing in FIC's own property assets, sales of kit homes will continue to run at lower levels for the remainder of the year.
In November 2018, just prior to this statement, FBS was successful in winning its first ever contract to build council houses for the Falklands government; 4 flats and 14 houses will be constructed for completion in 2019-20.
At Falklands 4x4, revenues were 12% ahead of the prior year with healthy vehicle sales and a high value government contract compensating at a revenue level for a sharp fall in lucrative vehicle hire income. Vehicle rentals were boosted last year by the presence of UK contractors working on the military port at Mare Harbour and the International Committee of the Red Cross undertaking humanitarian work on the identification and repatriation of Argentinian war dead, but this unusual level of winter demand did not continue in the current period. Overall vehicle sales at 33 units were at similar level to last year (2017: 34) as were parts and service and maintenance revenues. In addition, during the period, FIC was able to purchase a final batch of 18 Land Rover Defenders from the UN in Africa and this unexpected but welcome acquisition should help underpin 4x4 sales in coming months.
Freight and Port Services revenues were down by GBP0.1 million (-18.6%) to GBP0.42 million, largely as a result of the cancellation of a military supply ship which was re-designated to wholly military use, reducing boats for civilian freight from five vessels to just four in the six months. However, Support Services saw healthy revenue growth of 21% following a much stronger illex squid catch, and continued progress from FIC's insurance brokerage and specialist consultancy and training services. Income from FIC's portfolio of investment properties increased by 3.2% to GBP0.23 million in the first half, despite the demolition of 2 old houses and rebuilding of 4 new properties in central Stanley which temporarily reduced the number of properties being let. The new properties will be available for rent later in the year and these more modern dwellings will enhance the quality of FIC's portfolio and command significantly higher rents.
The Board is continuing to monitor developments in the Falklands, both in relation to potential oil extraction, on which a decision by Premier Oil is expected in 2019, and on future investment plans of the Falkland Islands Government and Ministry of Defence regarding how FIC could support any developments.
Portsmouth Harbour Ferry Company
Revenues from core ferry activities were lower by 1.5% in the period at GBP2.18 million (2017: GBP2.22 million), as the decline in passenger volumes of 4.0% outweighed the 3.0% annual increase in fares put through in June. The rate of decline proved to be quite volatile over the period with 8 out of the 26 weeks showing positive growth. However, the absence of the new aircraft carrier on overseas visits for much of the period reduced ferry patronage by military personnel and this together with the continued promotion and subsidy of the council Park & Ride scheme in Portsmouth contributed to the continued slippage in passenger volumes.
At GBP3.60 for a daily adult return and GBP16.00 for a carnet of flexible 10 trip tickets, the ferry continues to offer good value for money for those commuters or shoppers seeking to travel across the harbour in a convenient and stress free manner.
Looking further ahead the planned redevelopment of the Gosport waterfront should increase the attraction of Gosport as a destination for visitors to Portsmouth, as well as increasing local employment and this should provide a boost to ferry volumes if it moves ahead in the medium term. In the longer term, the gradual redevelopment of former military bases in the Gosport peninsula, for example, the ongoing residential redevelopment of the former military 62 acre estate at Haslar Hospital with over 600 residential units being built, should see a marked recovery in local demographics (100 new regular daily users would add 2% to annual passenger numbers).
Leisure cruising sales, advertising and other income was essentially unchanged at GBP0.16 million.
Total ferry revenue decreased by 1.6% to GBP2.34 million (2017: GBP2.38 million).
PHFC : 2018 2017 Change Six months ended 30 September GBP million GBP million % Revenue Ferry fares 2.18 2.22 -1.5 Cruising and Other income 0.16 0.16 -2.4 -------------------------------- ------------- ------------- ------- Total Ferry Revenue 2.34 2.38 -1.6 Underlying Profit Before Tax 0.51 0.60 -16.0 -------------------------------- ------------- ------------- -------
Ferry overheads were kept tightly controlled despite an increase in fuel prices, but as a result of the shortfall in revenue, the ferry's pre-tax contribution dropped by GBP0.09 million to GBP0.51 million (2017: GBP0.60 million).
Momart
Momart, the Group's art handling and logistics business delivered another encouraging set of first half results. With no expectation of repeating the exceptional level of museum exhibition sales seen in the prior year, overall sales were reduced 3.3% to GBP9.28 million, but with a richer sales mix and strong growth in commercial sales to galleries and auction houses, Momart's profit before tax increased by over 65% to GBP0.39 million (2017: GBP0.24 million)
Momart : 2018 2017 Change Six months ended 30 September GBP million GBP million % Revenue Museums & Exhibitions 4.61 5.30 -13.2 Commercial Galleries and Auction Houses 3.67 3.17 15.4 Art Storage 1.00 1.11 -9.6 ---------------------------------- ------------- ------------- ------- Total Revenue 9.28 9.58 -3.3 ---------------------------------- ------------- ------------- ------- Profit Before Tax 0.39 0.24 65.4 ---------------------------------- ------------- ------------- -------
As noted above, Museum & Exhibition sales dropped to more normalised levels in the current period and there was no repetition of the unusually high level of sales to overseas museums seen last year. In the UK, Momart maintained a healthy market share and overall sales of GBP4.6 million, although lower by 13.2%, still accounted for the majority of Momart's total revenues. Despite the lower overall revenue from Exhibitions, with improved efficiency and commercial focus, the Museums & Exhibitions' team still delivered a pleasing increase in first half contribution.
Notable museum exhibitions in the period included "Rodin Art of Antiquity" at the British Museum; "Jameel Prize 5" and "Video Games" at the V&A; "Course of Empire" at the National Gallery and "Picasso 1932" at Tate Modern.
After an encouraging first half of trading, Momart's large exhibition order book remains healthy at over GBP3.7 million and although 10% lower in total projected sales value than in the prior year, the quality of business secured has improved with a healthier mix and a stronger overall margin.
Momart saw continued strong growth from the services provided to commercial galleries, auction houses and private clients (Gallery Services, "GS"). GS revenues increased by over 15% compared to the prior period with strong growth in work with international galleries, auction houses and private collectors more than offsetting a slow-down in the typically more variable level of commissions from living artists. Momart enjoyed its busiest ever Frieze London art fair in Autumn 2018. The continuing success of Momart's more focused approach to this market segment saw total GS revenues increase 15.4% to GBP3.67 million (2017: GBP3.18 million).
Revenue from art storage was lower by GBP0.11 million at GBP1.0 million. This reduction stemmed directly from the relocation of client works in early 2018, which was announced with our full year results in June. Significant focus is being applied to secure new storage clients to replace this lost revenue and the team have concentrated particularly on targeting large commercial galleries and collectors with a view to securing sustainable long-term recurring revenues. A number of new clients have been signed up and occupancy has increased by 3% since March 2018. Progress in a highly competitive market has proved slow but further steady gains are anticipated in the second half following the end of the Frieze London art fair and conclusion of the busy European autumn season. Steps have also been taken to reduce storage overheads with the closure of unnecessary overflow space at a satellite warehouse in North London with annual savings in rent and rates of GBP70,000 pa.
Further progress in filling unit 14 remains a key priority for Momart and with 20,000 sq ft of unlet space remaining (20% of capacity), there is significant upside in the increased rental income which will result from the successful letting of this well located, high quality space.
With overheads tightly controlled and gross profit ahead of last year, Momart delivered a 65% improvement in Profit Before Tax from GBP0.24 million to GBP0.39 million.
Balance Sheet and Cash Flow
During the six months to 30 September 2018, with Operating profits of GBP1.56 million and depreciation of GBP0.7 million the Group produced EBITDA of GBP2.3 million (2017: GBP2.5 million). With increased investment on fixed assets in expanding FIC's property portfolio in the Falklands, total capital expenditure in the period increased to GBP1.0 million (2017: GBP0.4 million), GBP0.3 million above depreciation. After GBP0.2 million of net receipts from consumer finance debtors in the Falklands, operating cash flow before changes in working capital but after capital expenditure, was GBP1.5 million (2017: GBP2.2 million).
In the first 6 months of the new financial year, total inventories increased by GBP1.2 million to GBP5.8 million from the 31 March 2018 starting point but remained GBP0.1 million lower than in September 2017. Retail inventories in FIC were stable at GBP3.2 million. Debtor collection was strong with receivables being reduced by GBP1.6 million and with normal reductions in trade creditors of GBP2.3 million from the position at year end, there was an overall seasonal increase in working capital of GBP1.9 million in the 6 months to 30 September 2018 (2017: GBP1.1 million), a further GBP0.3 million was paid out in corporate taxes, GBP0.4 million of dividend payments were made and after a GBP0.4 million net repayment of bank and hire purchase loans, the net cash flow in the 6 months from 31 March 2018 amounted to an outflow of GBP1.4 million reducing cash balances from GBP17.0 million to GBP15.6 million.
In addition to the Group's cash balances of GBP15.6 million, and closing bank borrowings of GBP3.1 million at 30 September 2018, the Group also had hire purchase liabilities of GBP0.26 million (31 March 2018: GBP0.17 million) and long term finance lease liabilities in respect of the Gosport Pontoon of GBP4.75 million (31 March 2018: GBP4.76 million).
Potential Impact of Brexit
In general, the board believes that the group is not highly exposed to any potential adverse outcomes arising from Brexit, although the cross border art handling activities of Momart and the European art market in general would face disruption in the event of a disorderly departure from the EU.
In the Falklands, FIC has almost no direct trading links with the EU. However the Falklands economy is heavily dependent on income from squid and offshore fisheries, which account for 60% of Falklands GDP and a significant proportion of the Islands' annual squid catch is currently exported to Spain. In the event of increased tariffs and friction at newly erected external borders, some impact on the pattern of Falklands' trade could be expected to arise, although in the longer term it seems likely that Falklands' exporters would find alternative solutions and / or alternative markets which would minimise any long term damage to the wider Falklands economy. It should also be noted that the greater part of Falklands' government licence income is linked to the illex squid catch which is sold into markets in the Far East and has no connection to the EU.
PHFC is much more focussed on its local market and has no direct trading links with the European Union. Some ferry components are manufactured by European companies but spare parts are available in the UK market and little or no impact is anticipated.
As outlined above, Momart has the greatest exposure to a disorderly Brexit. The European art market and national museums benefit greatly from the current frictionless borders which enable art works for exhibition and sale to move seamlessly across Europe and this in turn depends in particular on the free movement of vehicles through the channel ports. If Brexit is well managed, disruption should be relatively modest but contingency plans using alternative routes onto the continent are being explored, albeit there remains an unavoidable potential impact in the near term if orderly transitional arrangements are not agreed by the UK and EU governments.
Outlook
After a solid first half's trading, with overall profits on a par with the prior year, the Group is well placed to deliver another satisfactory set of results in the traditionally stronger second half.
At Momart, recent underlying progress is expected to continue although the exceptional level of activity in the second half last year means growth in the remainder of the year will be challenging. Despite this, momentum is being maintained and Momart's underlying position remains strong. With the gains already made in the first half, we can look forward to another encouraging overall performance for the year to 31 March 2019, with further growth in the medium term as the company's storage revenues grow.
At PHFC, much depends on the future trends in passenger volumes. In the near term we can expect to see the normal slower trading in the quieter winter months. We continue to look for opportunities to grow passenger numbers but in the absence of these, the outlook for any future growth in profits remains challenging.
In the Falklands, the core FIC business remains strong and continues to be underpinned by focussed investment to modernise operations and maintain a lead over local rivals. With a record order book for kit homes and the recent awarding of a new house building contract from government, the medium term outlook for the Falkland's construction business in particular appears promising. Retail remains well placed and local demand for rental property is buoyant. Despite the recent weakening of oil prices the economics of developing Sea Lion still appear positive and the group looks forward to participating in the tender for onshore facilities in the second half. A final investment decision on the development of Sea Lion from licence holder, Premier Oil, is expected by the middle of 2019. In the near term the associated costs and management distraction of tendering for onshore oil related contracts is expected to create a drag on performance in the second half. Nonetheless with its wide spread of activities and well managed and motivated local team the immediate prospects for another encouraging performance from FIC remain good.
With its diverse portfolio of profitable, well established, niche businesses and a strong balance sheet, the Group is well placed to maintain its position amidst increasing market uncertainties and to take full advantage of future opportunities as they present themselves. The board looks forward to the future with confidence.
John Foster Chief Executive
20 November 2018
Condensed Interim Consolidated Income Statement
FOR THE 6 MONTHSED 30 SEPTEMBER 2018
Unaudited
6 months Unaudited Audited
to 6 months to Year ended
30 September 30 September 31 March
2018 2017 2018
Notes GBP'000 GBP'000 GBP'000
------------------------------------- -------------- -------------- ------------
2 Revenue 19,585 20,544 43,830
Cost of sales (10,228) (11,601) (26,671)
--------------------------------- -------------- -------------- ------------
Gross profit 9,357 8,943 17,159
Other administrative expenses (7,871) (7,491) (13,832)
Consumer finance interest income 78 108 306
Gain on sale of fixed assets - 61 61
--------------------------------- -------------- -------------- ------------
Administrative expenses (7,793) (7,322) (13,465)
Operating profit 1,564 1,621 3,694
Share of result of joint venture - 20 18
--------------------------------- -------------- -------------- ------------
Profit before finance income
and expense 1,564 1,641 3,712
Finance income 24 6 20
Finance expense (235) (244) (436)
--------------------------------- -------------- -------------- ------------
3 Net financing costs (211) (238) (416)
Profit before tax 1,353 1,403 3,296
4 Taxation (311) (323) (779)
Profit attributable to equity
holders of the Company 1,042 1,080 2,517
--------------------------------- -------------- -------------- ------------
5 Earnings per share
Basic 8.4p 8.7p 20.3p
Diluted 8.3p 8.7p 20.1p
See note 5 for an analysis of earnings per share on underlying profit (defined as profit after tax before non-trading items).
Condensed Consolidated Balance Sheet
AT 30 SEPTEMBER 2018
Unaudited Unaudited Audited
30 September 30 September 31 March
2018 2017 2018
Notes GBP'000 GBP'000 GBP'000
----------------------------------------- -------------- -------------- ----------
Non-current assets
Intangible assets 11,799 11,820 11,832
Property, plant and equipment 18,907 19,731 18,845
Investment properties 4,348 3,655 4,045
Investment in joint venture 259 261 259
Hire purchase debtors 468 725 611
Deferred tax assets 738 776 738
---------------------------------------- -------------- -------------- ----------
Total non-current assets 36,519 36,968 36,330
Current assets
Inventories 5,795 5,887 4,600
Trade and other receivables 5,789 6,137 7,431
Hire purchase debtors 719 623 823
Cash and cash equivalents 15,620 15,027 17,018
---------------------------------------- -------------- -------------- ----------
Total current assets 27,923 27,674 29,872
TOTAL ASSETS 64,442 64,642 66,202
Current liabilities
Interest bearing loans and borrowings (644) (610) (631)
Income tax payable (387) (527) (346)
Trade and other payables (8,342) (10,036) (10,695)
---------------------------------------- -------------- -------------- ----------
Total current liabilities (9,373) (11,173) (11,672)
---------------------------------------- -------------- -------------- ----------
Non-current liabilities
Interest bearing loans and liabilities (7,439) (7,925) (7,635)
Employee benefits (2,847) (2,994) (2,839)
Deferred tax liabilities (2,323) (2,191) (2,323)
---------------------------------------- -------------- -------------- ----------
Total non-current liabilities (12,609) (13,110) (12,797)
TOTAL LIABILITIES (21,982) (24,283) (24,469)
Net assets 42,460 40,359 41,733
---------------------------------------- -------------- -------------- ----------
Capital and reserves
Equity share capital 1,245 1,243 1,243
Share premium account 17,488 17,447 17,447
Other reserves 1,162 1,162 1,162
Retained earnings 22,577 20,541 21,899
Hedging reserve (12) (34) (18)
Total equity 42,460 40,359 41,733
---------------------------------------- -------------- -------------- ----------
Condensed Consolidated Cash Flow Statement
FOR THE 6 MONTHSED 30 SEPTEMBER 2018
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2018 2017 2018
Notes GBP'000 GBP'000 GBP'000
----------------------------------------------- -------------- -------------- ------------
Profit for the period 1,042 1,080 2,517
Adjusted for (i) Non-cash items:
Depreciation and amortisation 698 812 1,692
Gain on disposal of fixed assets - (61) (59)
Share of joint venture profit - (20) (18)
Interest cost on pension scheme liabilities 60 60 73
Equity-settled share-based payment expenses 38 18 37
---------------------------------------------- -------------- -------------- ------------
Non-cash items adjustment 796 809 1,725
(ii) Other items:
Bank interest receivable (24) (6) (20)
Bank interest payable 58 67 130
Finance lease interest payable 117 117 233
Decrease in hire purchase debtors 247 214 128
Income tax expense 311 323 779
---------------------------------------------- -------------- -------------- ------------
Other adjustments 709 715 1,250
Operating cash flow before changes in
working capital and provisions 2,547 2,604 5,492
Decrease in trade and other receivables 1,642 1,426 97
(Increase) / decrease in trading inventories (1,181) (521) 829
Decrease in trade and other payables (2,347) (2,050) (1,399)
---------------------------------------------- -------------- -------------- ------------
Changes in working capital and provisions (1,886) (1,145) (473)
Cash generated from operations 661 1,459 5,019
Cash outflow on exercise of options (29) (20) (19)
Payments to pensioners (52) (51) (102)
Professional fees paid for Takeover bid
and defence - (165) (165)
Corporation taxes paid (270) 22 (475)
---------------------------------------------- -------------- -------------- ------------
Net cash from operating activities 310 1,245 4,258
Cash flows from investing activities
Purchase of property, plant and equipment (1,044) (377) (803)
Proceeds from disposal of property, plant
& equipment - 61 61
Cash inflow on loans from joint venture - - 24
Bank interest received 24 6 20
---------------------------------------------- -------------- -------------- ------------
Net cash flows from investing activities (1,020) (310) (698)
Cash flows from financing activities
Repayment of secured loans (437) (421) (841)
Bank and hire purchase interest paid (58) (69) (132)
Proceeds from new hire purchase loans 137 - 35
Proceeds from the issue of share capital 43 - -
Dividends paid (373) (497) (683)
---------------------------------------------- -------------- -------------- ------------
Net cash flows from financing activities (688) (987) (1,621)
---------------------------------------------- -------------- -------------- ------------
Net (decrease) / increase in cash and
cash equivalents (1,398) (52) 1,939
Cash and cash equivalents at start of
year 17,018 15,079 15,079
---------------------------------------------- -------------- -------------- ------------
Cash and cash equivalents at end of year 15,620 15,027 17,018
---------------------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Comprehensive Income
FOR THE 6 MONTHSED 30 SEPTEMBER 2018
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2018 2017 2018
Notes GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ------------
Cash flow hedges - effective portion
of changes in fair value 6 33 49
Items that are or may be reclassified
subsequently to profit or loss 6 33 49
Actuarial gain on pension schemes
net of tax - - 87
--------------------------------------- -------------- -------------- ------------
Items which will not ultimately
be recycled to the income statement 6 33 87
Other comprehensive expense 6 33 136
Profit for the period 1,042 1,080 2,517
Total comprehensive income 1,048 1,113 2,653
--------------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Changes in Shareholders' Equity
FOR THE 6 MONTHSED 30 SEPTEMBER 2018
Unaudited
Unaudited 6 months Audited
6 months to to Year ended
30 September 30 September 31 March
2018 2017 2018
GBP'000 GBP'000 GBP'000
--------------------------------------- -------------- -------------- ------------
Shareholders' funds at beginning
of period 41,733 39,745 39,745
Profit for the period 1,042 1,080 2,517
Cash flow hedges - effective portion
of changes in fair value 6 33 49
Re-measurement of the defined benefit
pension liability, net of tax - - 87
Dividends paid (373) (497) (683)
Total comprehensive income 675 616 1,970
Shares issued on exercise of options 43 - -
Share-based payments granted to
employees 38 18 37
Employee options vested in the period (29) (20) (19)
Shareholders' funds at end of period 42,460 40,359 41,733
--------------------------------------- -------------- -------------- ------------
Notes to the Unaudited Interim Statements
1. Basis of preparation
This interim financial statement comprises the condensed consolidated balance sheets at 30 September 2018, 30 September 2017 and 31 March 2018 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 2018 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'.
New standards
The Group has adopted IFRS 15 'Revenue from contracts with customers' from 1 April 2018. IFRS 15 provides a single, principles-based approach to the recognition of revenue from all contracts with customers. It focuses on the identification of performance obligations in a contract and requires revenue to be recognised when or as those performance obligations are satisfied. The Group has reviewed all its revenue streams and each area of revenue stream has been considered within each business in detail. There is a low level of judgement applied to determining (i) the consideration paid for the goods or services, or (ii) the timing of the transfer of control. The vast majority of sales within the Group happen at the point of sale, for example, as passengers use the ferry, as customers make purchases within the Falklands' shops, or as artwork is installed or de-installed. Storage revenue within Momart is recognised over time as art work is stored in Momart's warehouses, and income is accrued or deferred on a monthly basis, as required when compared to the timing of payments. The application of IFRS 15 has not had any impact on the revenue of the group in the six months to 30 September 2018.
The Group has adopted IFRS 9 'Financial instruments' retrospectively from 1 April 2018, but with certain permitted exceptions. IFRS 9 replaces the majority of IAS 39 and covers the classification, measurement and de-recognition of financial assets and financial liabilities, introducing a new impairment model for financial assets based on expected losses rather than incurred losses and provides a new hedge accounting model. Under IFRS 9, all of the Group's financial assets are classified as assets held to collect a contractual cash flow, and are therefore measured at amortised cost. In accordance with the transition provisions in the Standard, comparatives have not been restated. Under IFRS 9, the group was required to assess whether the hedge relationship between the one interest rate swap and the three variable rate bank loans is effective. This test is performed at every reporting date and the swap, which expires in October 2020, has been deemed to be 95% effective. The movement on the effective portion of swap is taken directly to equity, with the ineffective portion reported within net finance expense. The application of IFRS 9 has not had any impact on the reporting of the interest rate swap.
The new impairment model applies to the Group's financial assets, including trade receivables. No changes to the impairment provisions were made on transition to IFRS 9. The trade receivables of the Group were reviewed in considerable detail and the inclusion of specific expected credit loss considerations did not have a material impact. In addition, the cash balances held by the Group, which are also subject to IFRS 9, are held by counterparties whose investment ratings confirm a low credit risk and no impairment provisions are required on these balances.
IFRS 16 'Leases' is required to be implemented by the Group from 1 April 2019. The new standard will replace IAS 17 'Leases' and will require lease liabilities and "right of use" assets to be recognised on the balance sheet for almost all leases. This is expected to result in a significant increase in both assets and liabilities recognised on the balance sheet. The costs of operating leases currently included within operating costs will be split and the financing element of the charge will be reported within finance expense. The Group is assessing the potential impact of the new standard.
The full revised accounting policies applicable from 1 April 2018 will be provided in the Group's consolidated financial statements for the year ending 31 March 2019. Other amendments to IFRSs that became effective for the period beginning on 1 April 2018 did not have any impact on the Group's accounting policies.
The Interim Report was approved by the Board on 20 November 2018.
Section 245 Statement
The comparative figures for the financial year ended 31 March 2018 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 2018
Arts
logistics
General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue 7,972 2,342 9,271 - 19,585
================================== ============= ============== =========== ============= =========
Operating profit before
non-trading items 490 663 411 - 1,564
Gain on sale of fixed assets - - - - -
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment operating profit 490 663 411 - 1,564
Share of results of joint
venture - - - - -
---------------------------------- ------------- -------------- ----------- ------------- ---------
Profit before net finance
expense 490 663 411 - 1,564
Finance income 24 - - - 24
Finance expense (60) (158) (17) - (235)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (36) (158) (17) (211)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment profit before tax 454 505 394 - 1,353
================================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 24,269 15,400 15,119 9,654 64,442
Segment liabilities (8,129) (8,639) (4,976) (238) (21,982)
Segment net assets 16,140 6,761 10,143 9,416 42,460
================================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and equipment 468 11 219 - 698
Investment properties 346 - - - 346
Computer equipment - - - - -
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Capital expenditure 814 11 219 - 1,044
---------------------------------- ------------- -------------- ----------- ------------- ---------
Depreciation
Property, plant and equipment 205 225 192 - 622
Investment properties 43 - - - 43
Computer equipment - - 33 - 33
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Depreciation 248 225 225 - 698
================================== ============= ============== =========== ============= =========
Underlying profit before Arts
tax logistics
General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Segment operating profit 490 663 411 - 1,564
Share of results of joint
venture - - - - -
---------------------------------- ------------- -------------- ----------- ------------- ---------
Underlying profit before
net financing 490 663 411 - 1,564
Finance income 24 - - - 24
Finance expense (60) (158) (17) - (235)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (36) (158) (17) (211) ---------------------------------- ------------- -------------- ----------- ------------- --------- Underlying profit before tax 454 505 394 - 1,353 ---------------------------------- ------------- -------------- ----------- ------------- ---------
2. Segmental revenue and profit analysis (continued)
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 2,379 9,589 - 20,544
================================== ============= ============== =========== ============= =========
Operating profit before
non-trading items 537 767 256 - 1,560
Gain on sale of fixed assets - 61 - - 61
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment operating profit 537 828 256 - 1,621
Share of results of joint
venture 20 - - - 20
---------------------------------- ------------- -------------- ----------- ------------- ---------
Profit before net finance
expense 557 828 256 - 1,641
Finance income 6 - - - 6
Finance expense (60) (166) (18) - (244)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (54) (166) (18) - (238)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment profit before tax 503 662 238 - 1,403
================================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 23,624 17,172 17,033 6,813 64,642
Segment liabilities (8,796) (9,416) (5,416) (655) (24,283)
Segment net assets 14,828 7,756 11,617 6,158 40,359
================================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and equipment 139 73 165 - 377
Investment properties - - - - -
Computer equipment - - - - -
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Capital expenditure 139 73 165 - 377
---------------------------------- ------------- -------------- ----------- ------------- ---------
Depreciation
Property, plant and equipment 275 225 248 - 748
Investment properties 38 - - - 38
Computer equipment - - 26 - 26
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Depreciation 313 225 274 - 812
================================== ============= ============== =========== ============= =========
Underlying profit before Arts
tax logistics
General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Segment operating profit 537 767 256 - 1,560
Share of results of joint
venture 20 - - - 20
---------------------------------- ------------- -------------- ----------- ------------- ---------
Underlying profit before
net financing 557 767 256 - 1,580
Finance income 6 - - - 6
Finance expense (60) (166) (18) - (244)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (54) (166) (18) - (238)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Underlying profit before
tax 503 601 238 - 1,342
---------------------------------- ------------- -------------- ----------- ------------- ---------
2. Segmental revenue and profit analysis (continued)
Audited - Year to 31 March 2018
Arts
logistics
General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External revenue 18,259 4,349 21,222 - 43,830
================================== ============= ============== =========== ============= =========
Operating profit before
non-trading items 1,385 1,177 1,071 - 3,633
Gain on sale of fixed assets - 61 - - 61
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment operating profit 1,385 1,238 1,071 - 3,694
Share of results of joint
venture 18 - - - 18
---------------------------------- ------------- -------------- ----------- ------------- ---------
Profit before net finance
expense 1,403 1,238 1,071 - 3,712
Finance income 8 11 1 - 20
Finance expense (73) (328) (35) - (436)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (65) (317) (34) - (416)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment profit before tax 1,338 921 1,037 - 3,296
================================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 22,972 15,143 15,469 12,618 66,202
Segment liabilities (8,843) (8,869) (6,390) (367) (24,469)
Segment net assets 14,129 6,274 9,079 12,251 41,733
================================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and equipment 267 186 170 - 623
Investment properties 122 - - - 122
Computer equipment - - 58 - 58
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Capital expenditure 389 186 228 - 803
---------------------------------- ------------- -------------- ----------- ------------- ---------
Depreciation
Property, plant and equipment 524 581 421 - 1,526
Investment properties 94 - - - 94
Computer equipment - - 72 - 72
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Depreciation 618 581 493 - 1,692
================================== ============= ============== =========== ============= =========
Underlying profit before Arts
tax logistics
General Ferry &
trading services storage
(Falklands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Segment operating profit 1,385 1,177 1,071 - 3,633
Share of results of joint
venture 18 - - - 18
--------------------------- ------------- -------------- ----------- ------------- ---------
Underlying profit before
net financing 1,403 1,177 1,071 - 3,651
Finance income 8 11 1 - 20
Finance expense (73) (328) (35) - (436)
--------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (65) (317) (34) - (416)
--------------------------- ------------- -------------- ----------- ------------- ---------
Underlying profit before
tax 1,338 860 1,037 - 3,235
--------------------------- ------------- -------------- ----------- ------------- ---------
3. Finance income and expense
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2018 2017 2018
GBP'000 GBP'000 GBP'000
--------------------------------- -------------- -------------- ------------
Bank interest receivable 24 6 20
Total finance income 24 6 20
--------------------------------- -------------- -------------- ------------
Interest payable on bank loans (58) (67) (130)
Interest cost on pension scheme
liabilities (60) (60) (73)
Finance lease interest payable (117) (117) (233)
Total finance expense (235) (244) (436)
--------------------------------- -------------- -------------- ------------
Net finance cost (211) (238) (416)
--------------------------------- -------------- -------------- ------------
4. Taxation
The taxation charge has been estimated to be 23.0% (2017: 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
2018 2017 2018
GBP'000 GBP'000 GBP'000
Weighted average number of shares
in issue 12,442,331 12,417,726 12,434,418
Less: shares held under the ESOP* (12,252) (19,894) (18,297)
----------------------------------- -------------- -------------- ------------
Average number of shares in issue
excluding the ESOP* shares 12,430,079 12,397,832 12,416,121
Maximum dilution with regards
to share options 133,176 55,873 108,391
----------------------------------- -------------- -------------- ------------
Diluted weighted average number
of shares 12,563,255 12,453,705 12,524,512
=================================== ============== ============== ============
* The ESOP is the Employee Share Ownership Plan
5. Earnings per share (continued)
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2018 2017 2018
GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ------------
Profit before tax 1,353 1,403 3,296
Gain on the sale of fixed assets - (61) (61)
Underlying profit before tax 1,353 1,342 3,235
Tax thereon (311) (309) (767)
Tax rate 23.0% 23.0% 23.7%
Underlying profit after tax 1,042 1,033 2,468
======================================== ============== ============== ============
Basic earnings per share on underlying
profit 8.4p 8.3p 19.9p
Diluted earnings per share on
underlying profit 8.3p 8.3p 19.7p
---------------------------------------- -------------- -------------- ------------
Analysis of Taxation charge
Taxation on underlying profits (311) (309) (767)
Taxation related to non-trading
items - (14) (12)
---------------------------------------- -------------- -------------- ------------
Total taxation charge (311) (323) (779)
======================================== ============== ============== ============
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
2018 GBP'000 2018 2017
GBP'000 GBP'000 GBP'000
Cash at bank and in hand 17,018 (1,398) 15,620 15,027
Debt due within one year
- Bank loans (522) 3 (519) (509)
Debt due within one year
- Hire purchase (75) (15) (90) (67)
Debt due within one year
- Pontoon Lease (34) (1) (35) (34)
Debt due after one year -
Bank loans (2,807) 255 (2,552) (3,073)
Debt due after one year -
Hire Purchase (98) (77) (175) (105)
Debt due after one year -
Pontoon Lease (4,730) 18 (4,712) (4,747)
Cash less bank loans, HP
& long term finance leases 8,752 (1,215) 7,537 6,492
------------------------------ --------- --------- ----------- -----------
Bank Debt (3,329) 258 (3,071) (3,582)
Cash 17,018 (1,398) 15,620 15,027
Cash less bank loans 13,689 (1,140) 12,549 11,445
------------------------------ --------- --------- ----------- -----------
Hire purchase and long term
finance leases
Hire Purchase Leases (173) (92) (265) (172)
Pontoon Lease (4,764) 17 (4,747) (4,781)
------------------------------ --------- --------- ----------- -----------
Total Hire purchase and long
term finance leases (4,937) (75) (5,012) (4,953)
Cash less bank loans, HP
& long term finance leases 8,752 (1,215) 7,537 6,492
------------------------------ --------- --------- ----------- -----------
8 Capital commitments
At 30 September 2018 the Group had a capital commitment of GBP45,000 for the purchase and fit-out of a Vito van by Momart, which has not been provided for in these financial statements.
At 30 September 2017 the Group had no capital commitments, which have not been provided for in these financial statements.
Directors Registered Office
John Foster Chief Executive Kenburgh Court
Robin Williams Non-executive Chairman 133-137 South Street
Jeremy Brade Non-executive Director Bishop's Stortford
Rob Johnston Non-executive Director Hertfordshire CM23 3HX
T: 01279 461630
Company Secretary E: admin@fihplc.com
Carol Bishop W: www.fihplc.com
Registered number 03416346
Corporate Information
Stockbroker and Nominated Adviser
W.H. Ireland Limited
24 Martin Lane,
London EC4R 0DR
Solicitors
Bircham Dyson Bell LLP
50 Broadway,
Westminster,
London SW1H 0BL
Auditor
KPMG LLP
St. Nicholas House,
Park Row,
Nottingham NG1 6FQ
Registrar
Link Asset Services
The Registry, 34 Beckenham Road,
Beckenham,
Kent BR3 4TU
Financial PR
FTI Consulting
200 Aldersgate
London EC1A 4HD
The Falkland Islands Company The Portsmouth Harbour Momart Limited
Kevin Ironside, Director Ferry Company Kenneth Burgon, Director
T: 00 500 27600 Clive Lane, Director Alan Sloan, Director
E: info@fic.co.fk T: 02392 524551 T: 020 7426 3000
W:www.falklandislandscompany.com E: admin@gosportferry.co.uk E: enquiries@momart.com
W: www.gosportferry.co.uk W: www.momart.com
www.fihplc.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR GGGAWGUPRGRB
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