REG - FIH Group PLC - Results for the Six Months Ended 30 September 2024
19/12/2024 07:00
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RNS Number : 6655Q FIH Group PLC 19 December 2024
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.
19 December 2024
FIH group plc
("FIH" or the "Group")
Results for the Six Months Ended 30 September 2024
FIH, the AIM quoted international specialist services group with businesses in
the Falkland Islands and the UK, announces its unaudited results for the six
months ended 30 September 2024 ("the period"). Comparisons shown below are for
the respective six months in 2023 unless otherwise stated.
Challenges in FIC Construction Division and Consistent Performance Elsewhere
Headlines
· Revenue down 32% to £18.2 million (2023: £26.7 million) due mainly
to a combination of factors which have severely impacted the trading
performance of Falkland Building Services ("FBS"), the construction division
of Falkland Islands Company ("FIC").
· Underlying pre-tax loss of £5.9 million (2023: £0.6 million
profit) for largely the same reason.
· Momart and Portsmouth Harbour Ferry Company ("PHFC") performance
in line with or slightly above prior year.
· Cash position of £8.5 million as at 30 September 2024 (2023: £9.2
million) within net debt before lease liabilities of £3.3 million (2023:
£3.6 million).
· Interim dividend maintained at 1.25 pence per share (2023: 1.25 pence
per share) reflecting confidence in the longer-term trading outlook.
Outlook
· Action plans are being progressed in FIC to address the challenges in
FBS but these challenges are expected to continue to significantly impact the
performance of the division for the remainder of the year, albeit within the
Group's existing resources.
· The market continues to be challenging for Momart, but 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.
· In PHFC, opportunities to maximise secondary revenues continue to be
targeted and costs and fare pricing will continue to be carefully managed.
· Whilst the Group is currently navigating a challenging period,
the longer-term trading outlook remains positive.
Stuart Munro Chief Executive, said:
"The last six months has been a challenging period for the Group and whilst
most of our businesses have performed in line with or ahead of last year, the
difficulties experienced in the construction division of FIC have had a
significant adverse impact on our results. There is more work ahead of us to
address these issues, however demand for accommodation in the Falklands
Islands remains strong and the longer-term trading outlook for the Group
remains positive."
Enquiries:
FIH group plc
Stuart Munro, Chief Executive Tel: 01279 461630
Reuben Shamu, Chief Financial Officer
Zeus - NOMAD and Broker to FIH
Chris Fielding / James Bavister Tel: 020 3829 5000
Novella Communications
Tim Robertson / Chris Marsh Tel: 020 3151 7008
The person responsible for arranging the release of this announcement on
behalf of the Company is Stuart Munro Chief Executive of the Company.
Chairman's Statement
Despite the majority of the businesses in the Group performing consistently
with prior year, the significant challenges experienced in the construction
division of FIC have resulted in a disappointing overall Group result for the
first half of the year.
We are firmly focused on the work ahead of us to address these issues, but the
fundamentals of all of our businesses remain strong and the longer-term
trading outlook for the Group remains positive.
Dividend
The interim dividend is maintained at 1.25 pence per share (2023: 1.25 pence
per share) reflecting confidence in the longer-term trading outlook. This will
be paid on 14 February 2025 to shareholders on the register at the close of
business on 3 January 2025.
The Group has a Dividend Reinvestment Plan ("the Plan") that allows
shareholders to reinvest dividends to purchase additional shares in the Group.
For shareholders to apply the proceeds of this and future dividends to the
Plan, application forms must be received by the Group's Registrars by no later
than 17 January 2025*
Nick Henry
Chairman
19 December 2024
* Existing participants in the Plan will automatically have the interim
dividend reinvested. Details on the Plan can be obtained from Link Group 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
Overview
Revenue of £18.2 million for the six months ended 30 September 2024 was £8.5
million behind the same period last year. Progress in Momart and PHFC was
overshadowed by a significant reduction in FIC, with most of the reduction in
FBS, FIC's housing and construction division.
The Group underlying pre-tax loss of £5.9 million was below the £0.6 million
profit for the same period last year, predominantly due to challenges in FBS.
Group Trading Results for the Six Months Ended 30 September 2024
Group revenues 2024 2023 Change
Six months ended 30 September £m £m £m
Falkland Islands Company 6.2 15.2 (9.0)
Momart 9.7 9.3 0.4
Portsmouth Harbour Ferry 2.3 2.2 0.1
Total revenue 18.2 26.7 (8.5)
Group underlying pre-tax (loss) / profit*
Falkland Islands Company** (6.4) 0.2 (6.6)
Momart** 0.1 - 0.1
Portsmouth Harbour Ferry** 0.4 0.4 -
Total underlying pre-tax (loss) / profit* (5.9) 0.6 (6.5)
Non-trading items (see note 3) (0.2) 0.2 (0.4)
Reported (loss)/ profit before tax (6.1) 0.8 (6.9)
* Underlying pre-tax (loss) / profit is defined as, profit before tax, before
non-trading items.
** As in prior years the profits reported for each operating company are
stated after the allocation of head office
management and plc costs which have been applied to each subsidiary on a
consistent basis.
Dividend
An interim dividend of 1.25 pence per share (2023: 1.25 pence per share) will
be paid on 14 February 2025 to shareholders on the register at the close of
business on 3 January 2025.
Group Operating Company Performance
Falkland Islands Company
Total revenue of £6.2 million was £9.0 million below the same period last
year, due mainly to a £9.1 million reduction in FBS.
The majority of this variance related to the contract to build a total of 70
houses for the Falkland Islands Government ("FIG") and the Ministry of Defence
("MOD"). The programme of works was changed to address the disruption caused
by the lack of power on the MOD Mount Pleasant Complex ("MPC"). As a
consequence, the assessment of percentage of completion of the project was
amended, resulting in a reduction to revenue recognised in previous periods.
In addition, there was an increase in the forecast contract completion costs
due to a combination of adverse weather conditions and the departure of FBS
management and the challenges in replacing them.
Other shortfalls in revenue in FBS were from a lack of work due to delayed and
unsuccessful tenders.
The underlying operating loss of £6.4 million was £6.6 million below the
same period last year. This was due mainly to the issues in FBS noted above,
recognition of onerous contract provisions and other related costs of sourcing
labour, circa £4.6 million of which is not expected to recur. The other
divisions taken together, were broadly in line with the prior year.
FIC Operating Results 2024 2023 Change
Six months ended 30 September £m £m £m
Revenues
Retail 4.6 4.7 (0.1)
FBS (housing and construction) (1.8) 7.3 (9.1)
Falklands 4x4 1.5 1.2 0.3
Support Services 1.4 1.5 (0.1)
Property Rental 0.5 0.5 -
Total FIC revenue 6.2 15.2 (9.0)
FIC underlying operating (loss) / profit (6.4) 0.2 (6.6)
Net interest expense - - -
FIC underlying (loss) / profit before tax (6.4) 0.2 (6.6)
Momart
Revenue of £9.7 million for the six months to 30 September 2024 was £0.4
million ahead of the prior year, with an improvement in Museum Exhibitions
compensating for small reductions in Gallery Services and Storage.
The underlying operating profit of £0.3 million was £0.1 million ahead of
the same period last year, although the current year result was suppressed
slightly by recruitment costs.
Momart Operating Results 2024 2023 Change
Six months ended 30 September £m £m £m
Revenues
Museum Exhibitions 5.2 4.6 0.6
Gallery Services 3.1 3.2 (0.1)
Storage 1.4 1.5 (0.1)
Total Momart revenue 9.7 9.3 0.4
Momart underlying operating profit 0.3 0.2 0.1
Net interest expense (0.2) (0.2) -
Momart underlying profit before tax 0.1 - 0.1
Portsmouth Harbour Ferry Company
Passenger numbers for the first half of the year were 2% down against the same
period last year. However, a combination of inflationary fare rises last year
and other income of £0.1m meant overall revenue increased by £0.1 million to
£2.3 million.
Underlying operating profit of £0.5 million was in line with prior year.
PHFC Operating Results 2024 2023 Change
Six months ended 30 September £m £m £m
Revenues
Ferry fares 2.2 2.2 -
Other income 0.1 - 0.1
Total PHFC revenue 2.3 2.2 0.1
PHFC underlying operating profit 0.5 0.5 -
Pontoon lease liability & vessel loan expense (0.1) (0.1) -
PHFC underlying profit before tax 0.4 0.4 -
Trading Outlook
PHFC and Momart are performing in line with or slightly above the prior
year.
Whilst the market continues to be challenging for Momart, given the 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, albeit within the Group's existing
resources.
In PHFC, opportunities to maximise secondary revenues continue to be targeted
and costs and fare pricing will continue to be carefully managed.
In FIC, action plans are being progressed to address the challenges in FBS,
but these challenges are expected to continue to significantly impact the
performance of the division for the remainder of the year. In contrast, the
second half of the year benefits from the tourist season, which should boost
both direct and indirect revenues in a number of FIC business sectors,
including Retail and Penguin Travel in Support Services.
Demand for accommodation in the Falkland Islands continues to be strong, with
a shortage of suitable housing units for both local residents and contractors
on upcoming projects and potential new business ventures. These provide FIC
with opportunities to grow by securing additional infrastructure projects,
expanding on retail and travel services to the tourism market and investing
further in the rental accommodation portfolio. In addition, the breadth and
depth of capabilities within FIC puts the business in prime position to offer
its services to those seeking to develop or enhance both existing and new
activities (including the potential development of oil reserves) in the
Falkland Islands.
Whilst the Group is currently navigating a challenging period, particularly in
the Falkland Islands, where discussions with the client on the resolution of
the power issue at MPC are still ongoing, the longer-term trading outlook
remains positive.
Group Strategy
The Group is also evaluating strategic options to maximise shareholder value
for all divisions.
Stuart Munro
Chief Executive
19 December 2024
Chief Financial Officer's Review
Financial Review
Revenue
Group revenue decreased by £8.5 million (32%) to £18.2 million (2023: £26.7
million) with a reduction of £9.0 million in FIC, partially offset by
improvements of £0.4 million in Momart and £0.1 million in PHFC.
Operating Loss
An operating loss of £5.6 million was £6.5 million below the prior year
profit of £0.9 million, with small improvements from revenue growth in Momart
and PHFC offset by the results of FBS in FIC.
Net Financing Costs
The Group's net financing costs of £0.5 million were £0.4 million higher
than the prior year due mainly to the movement in the fair value of the
derivative instrument. The net underlying finance expense of £0.3 million was
in line with prior year.
Reported Pre-tax Result
The reported pre-tax result for the six months ended 30 September 2024 was a
loss of £6.1 million (2023: £0.8 million profit). The underlying pre-tax
loss was £5.9 million (2023: £0.6 million profit).
Taxation
Taxation charges on the period results for both the six months ended 30
September 2024 and 30 September 2023 have been estimated on the basis of 25%
and 26% of profits arising in the UK and the Falkland Islands respectively,
resulting in a tax credit of £1.7 million (2023: charge of £0.2 million).
Earnings per Share
Diluted Earnings per Share ("EPS") derived from reported losses was negative
34.9 pence (2023: positive +4.9 pence).
Balance Sheet and Cash Flow
The Group's balance sheet remained strong with total net assets of £40.8
million, down on the balances at 31 March 2024 of £45.1 million and 30
September 2023 of £44.8 million.
Net Debt
30 September 2024 30 September 2023 31 March 2024
£m £m £m
Bank loans* (11.8) (12.8) (12.3)
Cash and cash equivalents 8.5 9.2 9.7
Net debt (3.3) (2.6)
(3.6)
Lease liabilities (5.9) (6.2) (6.1)
Net debt after lease liabilities (9.2) (9.8) (8.7)
*Includes a mortgage of £11.3 million on the Group's freehold premises in
Leyton (31 March 2024: £11.6 million).
Bank loans reduced to £11.8 million (31 March 2024: £12.3 million) following
scheduled loan repayments of £0.5 million.
The Group's cash balance reduced by £1.2 million to £8.5 million (31 March
2024: £9.7 million) reflecting scheduled interest, loan and lease repayments
of £1.1 million, capital expenditure of £0.9 million and a £0.8 million net
cash inflow from operating activities.
Working capital for the Group reduced with most of that in FIC from decreased
activity in the islands, with FBS in particular accounting for significant
reduction in contract balances.
The Group's outstanding lease liabilities totalled £5.9 million (31 March
2024: £6.1 million) with £4.5 million of the balance (31 March 2024: £4.6
million) relating to the leases from Gosport Borough Council to PHFC for the
Gosport Pontoon and associated ground rent, which run until June 2061.
Overall, net debt before lease liabilities increased to £3.3 million (31
March 2024: £2.6 million).
Reuben Shamu
Chief Financial Officer
19 December 2024
Consolidated Income Statement
For the Six Months Ended 30 September 2024
Notes Unaudited Restated Audited
Six Months to Unaudited Year Ended
30 September Six Months to 31 March
2024 30 September 2024
£'000 2023 £'000
£'000
2 Revenue 18,153 26,689 52,460
Cost of sales (12,871) (16,107) (30,000)
Gross profit 5,282 10,582 22,460
Operating expenses (10,819) (9,677) (18,444)
Operating (loss) / profit before non-trading items (5,537) 905 4,016
3 Non-trading items (19) (8) (371)
Operating (loss) / profit (5,556) 897 3,645
4 Net finance expense* (544) (75) (883)
(Loss) / profit before tax (6,100) 822 2,762
5 Taxation 1,727 (209) (796)
(Loss) / profit attributable to equity holders of the company (4,373) 613 1,966
* Finance expense includes a non-trading movement in the fair value of
derivative financial instruments of £(221,000) (Six months ended 30 September
2023: £238,000; year ended 31 March 2024: (£244,000).
2 Underlying (loss) / profit before tax (5,860) 592 3,377
6 Earnings per share
Basic (34.9)p 4.9p 15.7p
Diluted (34.9)p 4.9p 15.7p
See note 6 for an analysis of earnings per share on underlying profit (defined
as profit after tax before non-trading items).
Consolidated Balance
Sheet
At 30 September 2024
Unaudited Unaudited Audited
30 September 30 September 31 March
2024 2023 2024
Notes £'000 £'000 £'000
Non-current assets
Intangible assets 4,429 4,480 4,407
Property, plant and equipment 38,270 38,725 38,664
Investment properties 7,714 7,825 7,710
Investment in joint venture 259 259 259
Hire purchase lease receivables 497 493 557
Deferred tax assets 2,071 459 428
Derivative financial instruments 1,113 1,804 1,328
Total non-current assets 54,353 54,045 53,353
Current assets
Inventories 5,815 6,851 6,698
Trade and other receivables 4,632 10,084 10,987
Hire purchase lease receivables 462 405 403
8 Cash and cash equivalents 8,480 9,184 9,650
Total current assets 19,389 26,524 27,738
Total assets 73,742 80,569 81,091
Current liabilities
Trade and other payables (8,994) (9,857) (11,112)
9 Interest bearing loans and borrowings (1,568) (1,560) (1,535)
Corporation tax payable - (834) (185)
Total current liabilities (10,562) (12,251) (12,832)
Non-current liabilities
9 Interest bearing loans and borrowings (16,110) (17,465) (16,847)
Deferred tax liabilities (4,677) (4,215) (4,679)
Employee benefits (1,631) (1,873) (1,647)
Total non-current liabilities (22,418) (23,553) (23,173)
Total liabilities (32,980) (35,804) (36,005)
Net assets 40,762 44,765 45,086
Capital and reserves
Equity share capital 1,251 1,251 1,251
Share premium account 17,590 17,590 17,590
Other reserves 703 703 703
Retained earnings 21,283 25,298 25,613
Hedging reserve (65) (77) (71)
Total equity 40,762 44,765 45,086
Consolidated Cash Flow Statement
For the Six Months Ended 30 September 2024
Notes Unaudited Restated Audited
Six Months to Unaudited Year Ended
30 September Six Months to 31 March
2024 30 September 2024
£'000 2023 £'000
£'000
Cash flows from operating activities
(Loss) / Profit for the period after taxation (4,373) 613 1,966
Adjusted for:
Non-cash items:
Amortisation 16 8 20
Depreciation: Property, plant and equipment 1,230 1,121 2,337
Depreciation: Investment properties 18 102 219
Interest cost on pension scheme liabilities 36 46 87
Equity-settled share-based payment expenses 42 96 (93)
Fair value movement in derivative financial instrument 221 (238) 244
Loss / (gain) on disposal of fixed assets 3 18 35
Exchange (gains) / losses - - 19
Bank interest payable 193 208 403
Lease liability finance expense 133 137 274
Decrease in hire purchase leases receivable 1 180 118
Corporation and deferred tax (credit) / expense (1,727) 209 796
Non-cash items 166 1,887 4,334
Operating cash flow before changes in working capital (4,207) 2,500 6,300
Decrease in trade and other receivables 6,355 105 (709)
Decrease in inventories 883 25 178
Decrease in trade and other payables (2,117) (3,861) (2,606)
Changes in working capital 5,121 (3,731) (3,137)
Cash generated from operations 914 (1,231) 3,163
Payments to pensioners (52) (51) (319)
Corporation taxes (paid) / received (103) 24 (835)
Net cash flow from operating activities 759 (1,258) 2,009
Cash flows from investing activities
Purchase of property, plant and equipment (840) (1,118) (2,154)
Purchase of intangibles (37) (112) (51)
Purchase of investment properties (22) (5) (7)
Proceeds from the sale of property, plant and equipment - 49 53
Net cash flow from investing activities (899) (1,186) (2,159)
Continued on next page.
Unaudited Unaudited Audited
Consolidated Cash Flow Statement (continued) Six Months to Six Months to Year Ended
For the Six Months Ended 30 September 2024 30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Notes
Cash flows from financing activities
Repayment of bank loans (503) (459) (929)
Bank interest paid (193) (208) (403)
Repayment of lease liabilities principal (201) (368) (681)
Lease liabilities interest paid (133) (137) (274)
Dividends paid - - (819)
Net cash flow from financing activities (1,030) (1,172) (3,106)
Net decrease in cash and cash equivalents (1,170) (3,616) (3,131)
Cash and cash equivalents at start of year 9,650 12,800 12,800
Exchange losses on cash balances - - (19)
8 Cash and cash equivalents at end of year 8,480 9,184 9,650
Consolidated Statement of Comprehensive Income
For the Six Months Ended 30 September 2024
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
(Loss) / profit for the period (4,373) 613 1,966
Amortisation of hedge reserve 6 7 13
Deferred tax on share options and other financial liabilities - - (28)
Items that are or may be reclassified subsequently to profit or loss 6 7 (15)
Re-measurement of the FIC defined benefit pension scheme - 100 99
Movement on deferred tax asset relating to the pension scheme - (25) (26)
Items which will not ultimately be recycled to the income statement - 75 73
Total other comprehensive income 6 82 58
Total comprehensive (expense) / income (4,367) 695 2,024
Condensed Consolidated Statement of Changes in Shareholders' Equity
For the Six Months Ended 30 September 2024
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Shareholders' funds at beginning of period 45,086 43,974 43,974
(Loss) / profit for the period (4,373) 613 1,966
Amortisation of hedge reserve 6 7 13
Deferred tax on share options and other financial liabilities - - (28)
Re-measurement of the defined benefit pension liability, net of tax - 75 73
Total comprehensive (expense) / income (4,367) 695 2,024
Transactions with owners in their capacity as owners:
Share-based payments 43 96 (93)
Dividends paid - - (819)
Total transactions with owners 43 96 (912)
Shareholders' funds at end of period 40,762 44,765 45,086
Notes to the Unaudited Interim Statements
1. Basis of Preparation
This interim financial statement comprises the condensed consolidated balance
sheets at 30 September 2024, 30 September 2023 and 31 March 2024 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').
Cash flow forecasts for the Group have been prepared covering the going
concern period and the directors have considered downside scenarios to the
base case forecasts to reflect emerging risks and uncertainties as a result of
global economic conditions. The base case and sensitised forecasts indicate
that the business will comply with its covenants and have sufficient funds to
meet its liabilities as they fall due throughout the going concern period.
Consequently, the directors are confident that the Group will have sufficient
funds to continue to meet its liabilities as they fall due for at least 12
months from the date of issue of these interim financial statements and the
interim financial statements have therefore been prepared on a going concern
basis.
The interim financial information has been prepared in accordance with the
accounting policies set out in the Group's 2024 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'.
Section 245 Statement
The comparative figures for the financial year ended 31 March 2024 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 Ended 30 September 2024
General Trading (Falkland Islands) Ferry Services (UK) Art Logistics and Storage Unallocated Total
(UK)
£'000 £'000 £'000 £'000 £'000
Revenue 6,114 2,324 9,715 - 18,153
Segment operating (loss) / profit before net financing costs (6,312) 547 228 - (5,537)
Non-trading items - - (19) - (19)
(Loss) / profit before net financing costs (6,312) 547 - (5,556)
209
Finance income 12 12 16 - 40
Finance expense (37) (122) (204) (221) (584)
Segment (loss) / profit before tax (6,337) 437 21 (221) (6,100)
Assets and liabilities
Segment assets 27,499 8,953 31,782 5,506 73,740
Segment liabilities (8,741) (6,483) (16,899) (855) (32,978)
Segment net assets 18,758 2,470 14,883 4,651 40,762
Other segment information
Capital expenditure:
Property, plant and equipment 360 58 450 - 868
Investment properties 22 - - - 22
Computer software 25 - 12 - 37
Total capital expenditure 407 58 462 - 927
Depreciation and amortisation:
Property, plant and equipment 599 236 395 - 1,230
Investment properties 18 - - - 18
Computer software - - 16 - 16
Total depreciation and amortisation 617 236 411 - 1,264
Underlying profit / (loss)
Segment operating (loss) / profit before non-trading items (6,312) 547 228 - (5,537)
Finance income 12 12 16 - 40
Finance expense (37) (122) (204) - (363)
Underlying (loss) / profit before tax (6,337) 437 40 - (5,860)
2. Segmental Revenue and Profit Analysis (Continued)
Unaudited - Six Months Ended 30 September 2023
General Trading (Falkland Islands) Ferry Services (UK) Art Logistics and Storage Total
(UK)
£'000 £'000 £'000 £'000 £'000
Revenue 15,172 2,231 9,286 - 26,689
Segment operating profit before net financing costs 253 511 141 - 905
Non-trading items - (8) - - (8)
Profit before net financing costs 253 503 141 - 897
Finance income 23 23 32 238 316
Finance expense (46) (130) (215) - (391)
Segment profit / (loss) before tax 230 396 (42) 238 822
Assets and liabilities
Segment assets 34,862 9,321 31,355 5,031 80,569
Segment liabilities (10,563) (7,123) (17,672) (446) (35,804)
Segment net assets 24,299 2,198 13,683 4,585 44,765
Other segment information
Capital expenditure:
Property, plant and equipment 706 176 236 - 1,118
Investment properties 5 - - - 5
Computer software 59 - 53 - 112
Total capital expenditure 770 176 289 - 1,235
Depreciation and amortisation:
Property, plant and equipment 421 225 475 - 1,121
Investment properties 102 - - - 102
Computer software - - 8 - 8
Total depreciation and amortisation 523 225 483 - 1,231
Underlying profit/(loss)
Segment operating profit before non-trading items 253 511 141 - 905
Finance income 23 23 32 - 78
Finance expense (46) (130) (215) - (391)
Underlying profit / (loss) 230 404 (42) - 592
before tax
2. Segmental Revenue and Profit Analysis (Continued)
Year Ended 31 March 2024
General Trading (Falkland Islands) Ferry Services (UK) Art Logistics and Storage Unallocated Total
(UK)
£'000 £'000 £'000 £'000 £'000
Revenue 29,028 4,177 19,255 0 52,460
Segment operating profit before net financing costs 1,766 856 1,394 0 4,016
Non-trading items (53) (8) (310) 0 (371)
Profit before net financing costs 1,713 848 1,084 0 3,645
Finance income 38 38 49 - 125
Finance expense (87) (255) (422) (244) (1,008)
Segment profit / (loss) before tax 1,664 631 711 (244) 2,762
Assets and liabilities
Segment assets 35,959 9,602 31,533 3,997 81,091
Segment liabilities (10,916) (6,757) (17,568) (764) (36,005)
Segment net assets 25,043 2,845 13,965 3,233 45,086
Other segment information
Capital expenditure:
Property, plant and equipment 1,333 364 715 - 2,412
Investment properties 7 - - - 7
Computer software - - 51 - 51
Total capital expenditure 1,340 364 766 - 2,470
Depreciation and amortisation:
Property, plant and equipment 854 499 747 237 2,337
Investment properties 219 - - - 219
Computer software - - 20 - 20
Total depreciation and amortisation 1,073 499 767 237 2,576
Underlying profit/(loss)
Segment operating profit before non-trading items 1,766 856 1,394 - 4,016
Finance income 38 38 49 - 125
Finance expense (87) (255) (422) - (764)
Underlying profit 1,717 639 1,021 - 3,377
before tax
3. Non-trading Items
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
(Loss) / profit before tax as reported (6,100) 822 2,762
Restructuring costs 19 8 228
Release of old credit balances - - (167)
Prior year PAYE and National Insurance tax liabilities - - 310
Movement in fair value of derivative financial instruments 221 (238) 244
Non-trading items 240 (230) 615
Underlying (loss) / profit before tax (5,860) 592 3,377
Restructuring costs relate to employee redundancies.
4. Finance Income and Expense
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Bank interest receivable 40 78 125
Underlying finance income 40 78 125
Movement in fair value of derivative financial instruments - 238 -
Non-trading finance income - 238 -
Total finance income 40 316 125
Interest payable on bank loans (193) (208) (403)
Net interest cost on the FIC defined benefit pension scheme liability (37) (46) (87)
Movement in fair value of derivative financial instruments (221) - (244)
Lease liabilities finance charge (133) (137) (274)
Total finance expense (584) (391) (1,008)
Net finance expense (544) (75) (883)
5. Taxation
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Current tax (credit) / charge (84) 209 534
Adjustments to prior years - - (202)
Deferred tax (credit) / charge (1,643) - 464
Total tax (credit) / expense (1,727) 209 796
The current tax credit has been estimated on the basis of 25% and 26% of
profits arising in the UK and the Falkland Islands respectively (September
2023: 25% and 26% of profits arising in the UK and the Falkland Islands
respectively).
6. Earnings Per Share on Underlying Profit
To provide a comparison of earnings per share on underlying performance, the
calculation below sets out basic and diluted earnings per share based on
underlying profits.
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2024 2023 2024
Number Number Number
(Loss) / profit on ordinary activities after taxation (4,373) 613 1,966
Average number of shares in issue 12,519,900 12,519,900 12,519,900
Diluted weighted average number of shares 12,519,900 12,519,900 12,519,900
Basic earnings per share (34.9)p 4.9p 15.7p
Diluted earnings per share (34.9)p 4.9p 15.7p
To provide a comparison of earnings per share on underlying performance, the
calculation below sets out basic and diluted earnings per share based on
underlying profits.
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Underlying (loss) / profit before tax (note 3) (5,860) 592 3,377
Underlying taxation 1,722 (152) (949)
Underlying (loss) / profit after tax (4,138) 440 2,428
Basic earnings per share on underlying (loss) / profit (33.1)p 3.5p 19.4p
Diluted earnings per share on underlying (loss) / profit (33.1)p 3.5p 19.4p
7. Employee Benefits
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.
The Group's pension liability was recalculated under IAS 19 at 31 March 2024,
using assumptions at that point in time. The movement in key inputs to the
underlying calculation were immaterial in the interim period to 30 September
2024, and so the reported net liability remains the same, less payments made
in the period.
8. Cash and Cash Equivalents
Unaudited Unaudited Audited
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Cash and cash equivalents in the balance sheet 8,480 9,184 9,650
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Net decrease in cash and cash equivalents (1,170) (3,616) (3,131)
Exchange gains / (losses) - - (19)
Net decrease in cash and cash equivalents after exchange losses (1,170) (3,616) (3,150)
Bank loan repayments 503 459 929
Other non-cash changes - (118) (258)
Lease liabilities repayments 201 368 681
Decrease in interest bearing loans and borrowings 704 709 1,352
Net increase in debt (466) (2,907) (1,798)
Net debt brought forward (8,732) (6,934) (6,934)
Net debt (9,198) (9,841) (8,732)
Net debt
Cash balance 8,480 9,184 9,650
Less: Total interest-bearing loans and borrowings (17,678) (19,025) (18,382)
Net debt (9,198) (9,841) (8,732)
9. Interest-bearing Loans and Borrowings
Unaudited Unaudited Audited
30 September 30 September 31 March
2024 2023 2024
£'000 £'000 £'000
Non-current liabilities
Secured bank loans 10,846 11,796 11,363
Lease liabilities 5,264 5,669 5,484
Total non-current interest-bearing loans and lease liabilities 16,110 17,465 16,847
Current liabilities
Secured bank loans 979 1,001 963
Lease liabilities 589 559 572
Total current interest-bearing loans and lease liabilities 1,568 1,560 1,535
Total liabilities
Secured bank loans 11,825 12,797 12,326
Lease liabilities 5,853 6,228 6,056
Total interest-bearing loans and lease liabilities 17,678 19,025 18,382
10. Capital Commitments
At 30 September 2024, the Group had capital commitments of £213,000 which had
not been provided for in the financial statements, all within Momart.
At 30 September 2023, the Group had capital commitments of £447,000 which had
not been provided for in the financial statements, comprising £408,000 in
Momart and £39,000 in PHFC.
Directors Registered Office
Nick Henry Non-executive Chairman Kenburgh Court
Stuart Munro Chief Executive 133-137 South Street
Reuben Shamu Chief Financial Officer Bishop's Stortford
Rob Johnston Non-executive Director Hertfordshire CM23 3HX
Dominic Lavelle Non-executive Director E: admin@fihplc.com
Holger Schröder Non-executive Director W: www.fihplc.com
Registered number 03416346
Company Secretary
AMBA Secretaries Limited
Corporate Information
Stockbroker and Nominated Adviser
Zeus Capital Limited
24 Martin Lane,
London EC4R 0DR
Solicitors
Shoosmiths LLP
1 Bow Churchyard,
London EC4M 9DQ
Auditor
Grant Thornton UK LLP
103 Colmore Row,
Birmingham,
Birmingham B3 3AG
Registrar
Link Group
10th Floor Central Square,
29 Wellington Street,
Leeds LS1 4DL
Financial PR
Novella Communications
South Wing, Somerset House
London
WC2R 1LA
The Falkland Islands Company The Portsmouth Harbour Ferry Company Momart Limited
Adam Brown, Director
Stuart Munro, Director T: 02392 524551 Alison Jordan, Director
T: 00 500 27600 E: admin@gosportferry.co.uk T: 020 7426 3000
E: info@fic.co.fk (mailto:info@fic.co.fk) W: www.gosportferry.co.uk (http://www.gosportferry.co.uk) E: enquiries@momart.com
W: www.falklandislandscompany.com (http://www.falklandislandscompany.com) W: www.momart.com (http://www.momart.com)
www.fihplc.com
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