REG - FIH Group PLC - New £17.3m Housing Contract in the Falklands

FIHAnnouncement

18/11/2021 07:00

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RNS Number : 7510S  FIH Group PLC  18 November 2021

FIH group plc

 

("FIH" or "the Group")

 

New £17.3m Housing Contract in the Falklands

 

 

FIH group plc the AIM quoted international specialist services group with
businesses in the Falkland Islands and UK, is pleased to announce an important
new contract secured by its Falkland Islands business "FIC".

 

FIC the Group's long-established supplier of essential services to the people
of the Falkland Islands has been successful in winning a £17.3m contract to
build a total of 70 houses for the Falkland Islands Government ("FIG") and the
UK Ministry of Defence ("MoD") in Stanley and at the Mount Pleasant military
base.

 

The contract was won after a competitive tender and will involve the
construction of 40 houses for FIG and a further 30 units for the MoD over a
period of four years with completion targeted for the end of 2025.The contract
is an NEC4 fixed price contract with the possibility of additional client
variation orders and agreed protections against unexpected price inflation in
labour and materials.

 

The contract follows an earlier 18 house contract for FIG which was extended
to 26 units, and which was successfully completed earlier this year. Building
work will commence on the two sites involved later this year utilising FIC's
existing team of local construction professionals wherever possible and with
materials and additional labour being supplied from the UK. There will be only
limited financial impact from the contract in the current financial year.

 

Commenting on the new contract, FIC Managing Director in Stanley, Kevin
Ironside said, "We are delighted to have been selected to undertake such an
important contract for our valued clients in the Falklands government and in
the UK military and look forward to meeting and exceeding their expectations
over the next four years."

 

FIH CEO John Foster commented, "This successful contract win underlines the
growing strength of FIC in the construction arena and its' ability to deliver
a high-quality product to discerning clients. It is also a significant win for
the Group and underlines the trust and confidence placed in FIC by these two
important customers and we look forward to further developing our relationship
with them both in the coming years."

 

Enquiries:

 

 FIH group plc

 John Foster, Chief Executive               Tel: 01279 461630

 Stuart Munro, Chief Financial Officer

 WH Ireland Ltd. - NOMAD and Broker to FIH

 Adrian Hadden / Jessica Cave               Tel: 0207 220 1666

 Novella Communications

 Tim Robertson / Chris Marsh                Tel: 020 3151 7008

 

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