REG - FIH Group PLC - AGM Statement

FIHAnnouncement

27/09/2024 07:00

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RNS Number : 8897F  FIH Group PLC  27 September 2024

27 September 2024

FIH group plc

 

("FIH" or "the Group")

 

AGM Statement

 

 

FIH group plc, the AIM quoted international specialist services group with
businesses in the Falkland Islands and UK, is holding its Annual General
Meeting ("AGM") today.

At the meeting, the Chairman, Nick Henry, will make the following statement:

"On behalf of the board, I am delighted to welcome shareholders to the FIH
Group AGM.

Performance for the Year Ended 31 March 2024

We were pleased to report on a year in which we generated an underlying
pre-tax profit of £3.4 million compared to £3.2 million in the prior year.

Despite facing a complex and challenging global environment, a continued
operational focus, together with the inherent resilience of our diversified
business model, has sustained performance and ensured the delivery of value to
both shareholders and stakeholders.

Following the payment of an interim dividend of 1.25 pence per share in
January 2024 and reflecting the increased profit in the second half of the
year, a final dividend of 5.5 pence per share is proposed. This would take the
total regular dividend for the year ended 31 March 2024 to 6.75 pence per
share (2023: 6.5 pence per share).

In addition, the Directors are also proposing a special dividend of 10 pence
per share, to be paid together with the final dividend, to maintain an
appropriate balance between cash returns to shareholders and investment in the
business.

Together with the interim dividend, the proposed final dividend and the
special dividend, the total dividend for the year ended 31 March 2024 would be
16.75 pence per share (2023: 6.5 pence).

Post Year End Performance

Passenger numbers and performance at Portsmouth Harbour Ferry Company in the
period from 1 April 2024 to 31 August 2024 were broadly in line with the prior
year.

At Momart, trading activity has also tracked the prior year, albeit with a
small increase in Museum Exhibitions offsetting a slight reduction in Gallery
Services. Overall, this is behind internal plans but reflects the continuing
challenges brought about by the current global economic situation. The strong
order book in Museum Exhibitions, coupled with a series of proactive business
development initiatives, should improve the position over the remainder of the
year.

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

Outlook

The Group is currently navigating a challenging period, particularly in the
Falkland Islands. However, the  longer-term trading outlook remains
positive."

 

 

 

 

Enquiries:

 FIH group plc

 Stuart Munro, Chief Executive                   Tel: 01279 461630

 Reuben Shamu, Chief Financial Officer
 Zeus Capital Limited - NOMAD and Broker to FIH

 Chris Fielding / James Bavister                 Tel: 0203 829 5000

 Novella Communications

 Tim Robertson / Chris Marsh                     Tel: 0203 151 7008

 

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

The person responsible for arranging the release of this announcement on
behalf of the Company is Stuart Munro Chief Executive Officer of the Company.

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