REG - FIH Group PLC - Full Year Trading Update

FIHAnnouncement

10/05/2022 07:00

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RNS Number : 8574K  FIH Group PLC  10 May 2022

10 May 2022

FIH group plc

 

("FIH" or "the Group")

 

Full Year Trading Update

 

 

FIH group plc ("FIH", "Group"), the AIM quoted international specialist
services group with businesses in the Falkland Islands and UK, is pleased to
provide an update on the Group's trading performance for the year ended 31
March 2022.

 

With trading activity heading back to pre-pandemic levels, the progress
demonstrated in the Group's first half results continued in the traditionally
stronger second half of the year.  As a result, the Board expects that,
subject to the completion of the audit, the Group will deliver an underlying
pre-tax profit for the year ended 31 March 2022 that will significantly exceed
market expectations.

 

The Falkland Islands Company ("FIC"), the division least affected by the
pandemic, delivered overall results that were broadly consistent with the
prior year.  The previous year's ban on tourists visiting the Falkland
Islands continued, although these restrictions were lifted on 4 May 2022,
which will facilitate their return in the southern hemisphere tourist season.

 

Trading at Momart continued to improve, albeit activity was not yet fully back
to pre-pandemic levels.  Particularly strong results were delivered in the
autumn serving commercial clients, due mainly to the return of Art Basel and
Frieze London art fairs, and in March, which is traditionally Momart's peak
trading period, from museum activity.

 

Passenger numbers on the Portsmouth Harbour Ferry ("PHFC") were at circa 80%
of pre-COVID levels over the autumn, but dipped in December following
Government guidance to work from home.  Recovery resumed following the
lifting of this guidance at the end of January, and volumes were at circa 76%
of pre-pandemic levels for the month ended 31 March 2022.

 

The Group's cash position remained strong with a cash balance at 31 March 2022
of circa £9.5m.  This was £1.5m ahead of half year and broadly in line with
the balance at 31 March 2021 after adjusting for the repayment of a £5
million CBILS loan in June 2021.  Bank loans were £14.2 million (£14.6
million at 30 September 2021) and included a £12.7 million long-term mortgage
on a freehold property at Leyton purchased in December 2018 for £19.6
million.

 

Stuart Munro, CEO of FIH, said, "We believe the outlook for the Group remains
positive.  Further opportunities to work with the Falkland Islands Government
and the UK Ministry of Defence are being explored by FIC and a return of
tourists in the austral spring would further boost trading.  In parallel,
costs are being carefully managed in Momart and PHFC in line with their
ongoing trading recovery."

 

 

Enquiries:

 FIH group plc

 Stuart Munro, Chief Executive              Tel: 01279 461630

 WH Ireland Ltd. - NOMAD and Broker to FIH

 Jessica Cave / Megan Liddell               Tel: 0207 220 1666

 Novella Communications

 Tim Robertson / Chris Marsh                Tel: 020 3151 7008

 

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information. Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now considered to
be in the public domain.

 

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