REG - FIH Group PLC - Results for the Six Months Ended 30 September 2025
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251126:nRSZ9844Ia&default-theme=true
RNS Number : 9844I FIH Group PLC 26 November 2025
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.
26 November 2025
FIH group plc
("FIH" or the "Group")
Results for the Six Months Ended 30 September 2025
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 2025 ("the period"). Comparisons shown below are for
the respective six months in 2024 unless otherwise stated.
Improved Operating Performance and Successful Sale and Lease Back of Momart
Warehouse but Challenges Remain
Headlines
· Revenue up 4% to £18.9 million (2024: £18.2 million) due to an
improved trading performance by Falkland Building Services ("FBS"), the
construction division of Falkland Islands Company ("FIC"), partly offset by
reduced levels of trading in Momart, but with Portsmouth Harbour Ferry Company
("PHFC") performance in line with prior year.
· Underlying pre-tax loss of £1.4 million (2024: £5.9 million)
reflecting the above.
· Reported pre-tax loss of £2.5 million (2024: £6.1 million).
· Cash position of £16.2 million as at 30 September 2025 (2024: £8.5
million) with net cash before lease liabilities of £16.1 million (2024: net
debt £3.3 million).
· Sale and lease back of Leyton warehousing facilities for £22.65
million resulting in:
o Pre-tax profit of £3.4 million.
o Repayment of the mortgage secured on the property of £11 million.
o £8.8 million distributed to shareholders via a special dividend of 70
pence per ordinary share paid on 31 October 2025.
· £4.1 million impairment of Momart goodwill and intangible assets
recognised following the sale of the Leyton warehousing facility.
· Interim dividend maintained at 1.25 pence per share (2024: 1.25
pence per share)
Outlook
· New management have been appointed in FIC and are progressing action
plans to address the challenges in the business, but these 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 and the business
continues to focus on client relationships, process efficiency and the cost
base, with a number of savings already having been identified and delivered.
The full year impact of cost savings will not be felt until next financial
year.
· In PHFC, opportunities to maximise secondary revenues continue to be
targeted and costs and fare pricing will continue to be carefully managed.
· The Board continues to evaluate further opportunities to maximise
shareholder value across all divisions.
Stuart Munro Chief Executive, said:
"The last six months has been another challenging period for the Group. Whilst
it was pleasing to complete the sale and lease back of the Leyton warehousing
facilities and return a special dividend to shareholders, there are further
challenges ahead. However, management teams are now in place in all
businesses, action plans are underway and progress is being made."
Enquiries:
FIH group plc
Stuart Munro, Chief Executive Tel: 01279 461630
Reuben Shamu, Chief Financial Officer
Zeus - NOMAD and Broker to FIH
Mike Coe / 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
Whilst an improvement over prior year, continuing challenges in both FIC and
Momart resulted in an overall loss for the Group for the first half of the
year. We continue to be firmly focussed on addressing the issues in these
businesses.
On a more positive note, the sale and leaseback of Momart's warehousing
facilities in Leyton unlocked significant value in the Group, and the Board
were delighted to return a substantial part of that value to shareholders via
a special dividend.
Dividend
The interim dividend is being maintained at 1.25 pence per share (2024: 1.25
pence per share) reflecting confidence in the longer-term trading outlook.
This will be paid on 13 February 2026 to shareholders on the register at the
close of business on 9 January 2026. The shares will be marked ex dividend on
8 January 2026.
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 16 January 2026*
Nick Henry
Chairman
26 November 2025
* 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 £18.9 million for the six months ended 30 September 2025 was £0.7
million ahead of the same period last year. This reflects an improvement in
FIC due largely to FBS, where disruption due to lack of power on a major
contract along with poor weather and staff issues, resulted in a significant
reduction in trading performance in the prior half year, as well as reduced
levels of trading in Momart and consistent income in PHFC.
The Group underlying pre-tax loss of £1.4 million was £4.5 million better
than the loss for the same period last year. This reflects the revenue
performances noted above, as well as agreement on compensation for the above
power-related delay and the nonrecurrence of onerous contract provisions made
in the prior half year in FBS.
On 4 September 2025 the Group completed the sale and lease back of the 100,000
sq ft warehousing facilities in Leyton used by Momart, for a total cash
consideration of £22.65 million, returning £11.8 million to the company
before fees and tax after mortgage repayment, resulting in a pre-tax profit of
£3.4 million on the disposal. Following approval at the AGM on 23 September
2025, a special dividend of 70 pence per ordinary share associated with this
transaction was paid on 31 October 2025, along with the final dividend for the
year ended 31 March 2025 of 5.5 pence per ordinary share.
Group Trading Results for the Six Months Ended 30 September 2025
Group revenues 2025 2024 Change
Six months ended 30 September £m £m £m
Falkland Islands Company 8.8 6.2 2.6
Momart 7.8 9.7 (1.9)
Portsmouth Harbour Ferry 2.3 2.3 -
Total revenue 18.9 18.2 0.7
Group underlying pre-tax (loss) / profit*
Falkland Islands Company** (0.9) (6.4) 5.5
Momart** (0.9) 0.1 (1.0)
Portsmouth Harbour Ferry** 0.4 0.4 -
Total underlying pre-tax loss* (1.4) (5.9) 4.5
Non-trading items (see note 3) (1.1) (0.2) (0.9)
Reported loss before tax (2.5) (6.1) 3.6
* 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 (2024: 1.25 pence per share) will
be paid on 13 February 2026 to shareholders on the register at the close of
business on 9 January 2026.
Group Operating Company Performance
Falkland Islands Company
Total revenue of £8.8 million was £2.6 million ahead of the same period last
year, due mainly to a £3.1 million improvement in FBS.
This improvement relates mainly to the contract to build 70 Houses for the
Falkland Islands Government ("FIG") and the Ministry of Defence ("MOD"), where
disruption due to lack of power on the MOD Mount Pleasant Complex ("MPC"),
poor weather and staff issues, resulted in a significant reduction in trading
performance in the same period last year.
The underlying operating loss of £0.9 million was £5.5 million ahead of the
same period last year. This reflects the recognition of the issues noted
above, as well as agreement with the client on compensation for the disruption
due to the lack of power at MPC and the nonrecurrence of onerous contract
provisions made in the prior half year, both in FBS.
FIC Operating Results 2025 2024 Change
Six months ended 30 September £m £m £m
Revenues
Retail 4.1 4.6 (0.5)
FBS (housing and construction) 1.3 (1.8) 3.1
Falklands 4x4 1.4 1.5 (0.1)
Support Services 1.4 1.4 -
Property Rental 0.6 0.5 0.1
Total FIC revenue 8.8 6.2 2.6
(0.9) (6.4) 5.5
FIC underlying operating (loss) / profit
Net interest expense - - -
FIC underlying (loss) / profit before tax (0.9) (6.4) 5.5
Momart
Revenue of £7.8 million for the six months to 30 September 2025 was £1.9
million below prior year, with reductions in Museum Exhibitions and Gallery
Services and a small increase in Storage.
The underlying operating loss of £0.9 million was £1.0 million below prior
year.
Momart Operating Results 2025 2024 Change
Six months ended 30 September £m £m £m
Revenues
Museum Exhibitions 3.9 5.2 (1.3)
Gallery Services 2.4 3.1 (0.7)
Storage 1.5 1.4 0.1
Total Momart revenue 7.8 9.7 (1.9)
Momart underlying operating (loss) / profit (0.6) 0.3 (0.9)
Net interest expense (0.3) (0.2) (0.1)
Momart underlying (loss) / profit before tax (0.9) 0.1 (1.0)
Portsmouth Harbour Ferry Company
Whilst passenger numbers for the first half of the year were 3% down against
the same period last year, inflationary fare rises, combined with a continued
focus on secondary revenue maximisation and tight cost control, resulted in
both total revenue and underlying operating profit being in line with the
prior year at £2.2 million and £0.5 million respectively.
PHFC Operating Results 2025 2024 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 2.3 -
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
Trading in FIC continues to be challenging, with the biggest impact arising in
the construction division as a result of a lack of tender opportunities and
delays to the contract to build 70 Houses for FIG and the MOD. However, power
was provided at MPC in September 2025, which has already started to facilitate
improved progress on this contract. A new FIC managing director and finance
director were appointed in July 2025 and have been tasked with delivering a
programme of improvement across all areas of the business.
At Momart, ongoing issues in the art market due to global economic uncertainty
have resulted in significantly lower trading activity than in the prior year,
for both Museum Exhibitions and Gallery Services. However, Storage income has
remained broadly consistent. In mitigation, the business continues to focus on
client relationships, process efficiency and the cost base, with a number of
savings already having been identified and delivered. However, the full year
impact of these cost reductions will not be felt until next financial year.
Passenger numbers are marginally below prior year at PHFC. However, this is
being offset by the April 2025 fare rises and additional secondary revenue, as
well by maintaining a tight control on costs.
Whilst there are challenges ahead, particularly in FIC and Momart, management
teams are now in place in all businesses, action plans are underway and
progress is being made.
Group Strategy
The sale and lease back of the warehouse facilitates used by Momart and the
return of £8.8 million to shareholders came out of the ongoing strategic
options review and the Group continues to evaluate further opportunities to
maximise shareholder value for all divisions.
Stuart Munro
Chief Executive
26 November 2025
Chief Financial Officer's Review
Financial Review
Revenue
Group revenue increased by £0.7 million (4%) to £18.9 million (2024: £18.2
million) with an increase of £2.6 million in FIC partially offset by a
reduction of £1.9 million in Momart and PHFC at the same level as the prior
year.
Operating Loss
An underlying operating loss of £1.4 million was £4.5 million better than
the prior year loss of £5.9 million, reflecting a £5.6 million improvement
in FIC, due mainly to FBS, which was partly offset by Momart, where the
operating loss of £0.9 million was £1.0 million lower than the prior year.
PHFC operating profit of £0.4 million was consistent with the prior year.
Net Financing Costs
The Group's net financing costs of £0.6 million were broadly in line with the
prior year.
Non-trading Items
Non-trading items included a profit of £3.4 million from the sale and
leaseback of the Group's warehousing facilities in Leyton. They also
included a £4.1 million impairment of goodwill and intangible assets
following the sale of the Leyton warehousing facility, which underpinned the
recoverable value of the assets of the Art and Logistics Cash Generating Unit
and £0.3 million of restructuring costs in Momart.
Reported Pre-tax Result
The reported pre-tax result for the six months ended 30 September 2025 was a
loss of £2.5 million (2024: Loss of £6.1 million). The underlying pre-tax
loss was £1.4 million (2024: £5.9 million loss).
Taxation
Tax on the period results for both the six months ended 30 September 2025 and
30 September 2024 have been estimated on the basis of 25% and 26% of profits
arising in the UK and the Falkland Islands respectively, resulting in a credit
of £0.6 million (2024: £1.7 million).
Earnings per Share
Diluted Earnings per Share ("EPS") derived from reported profits was negative
15.2 pence (2024: negative 34.9 pence).
Balance Sheet and Cash Flow
The Group's balance sheet remained strong with total net assets of £36.1
million below the balances at 30 September 2024 of £40.8 million and 31 March
2025 of £37.9 million.
Net Debt
30 September 2025 30 September 2024 31 March 2025
£m £m £m
Bank loans (0.1) * (11.8) * (11.3)
Cash and cash equivalents 16.2 8.5 7.9
Net cash / (debt) 16.1 (3.3) (3.4)
Lease liabilities (23.6) (5.9) (5.5)
Net debt after lease liabilities (7.5) (9.2) (8.9)
*Includes a mortgage of £11.3 million on the Group's freehold premises in
Leyton.
Following the sale and leaseback of the Group's freehold premises in Leyton,
the mortgage on the property was repaid reducing bank loans to £0.1 million
(31 March 2025: £11.3 million) and increasing the Group's cash balance by
£8.3 million to £16.2 million (31 March 2025: £7.9 million).
Overall, net cash before lease liabilities increased to £16.1 million (31
March 2025: Net debt £3.4 million).
A special dividend of 70 pence per share amounting to £8.8 million was paid
to shareholders on 31 October 2025.
Reuben Shamu
Chief Financial Officer
26 November 2025
Consolidated Income Statement
For the Six Months Ended 30 September 2025
Notes Unaudited Audited
Six Months to Unaudited Year Ended
30 September Six Months to 31 March
2025 30 September 2025
£'000 2024 £'000
£'000
2 Revenue 18,948 18,153 40,850
Cost of sales (11,031) (12,871) (27,226)
Gross profit 7,917 5,282 13,624
Operating expenses (8,890) (10,819) (19,163)
Operating loss before non-trading items (973) (5,537) (5,539)
3 Non-trading items (960) (19) (196)
Operating loss (1,933) (5,556) (5,735)
4 Net finance expense* (608) (544) (914)
Loss before tax (2,541) (6,100) (6,649)
5 Taxation 634 1,727 1,518
Loss attributable to equity holders of the company (1,907) (4,373) (5,131)
* Finance expense includes a non-trading movement in the fair value of
derivative financial instruments of £(175,000) (six months ended 30 September
2024: (£221,000); year ended 31 March 2025: (£255,000)).
2 Underlying loss before tax (1,406) (5,860) (6,198)
6 Earnings per share
Basic (15.2)p (34.9)p (41.0)p
Diluted (15.2)p (34.9)p (41.0)p
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 2025
Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
Notes £'000 £'000 £'000
Non-current assets
Intangible assets 267 4,429 4,414
Property, plant and equipment 36,791 38,270 37,750
Investment properties 7,409 7,714 7,503
Investment in joint venture 259 259 259
Hire purchase lease receivables 246 497 420
Deferred tax assets 265 2,071 265
Derivative financial instruments - 1,113 1,101
Total non-current assets 45,237 54,353 51,712
Current assets
Inventories 5,456 5,815 4,232
Trade and other receivables 7,268 4,632 7,479
Hire purchase lease receivables 418 462 389
Corporation tax receivable 165 - 165
8 Cash and cash equivalents 16,211 8,480 7,846
Total current assets 29,518 19,389 20,111
Total assets 74,755 73,742 71,823
Current liabilities
Trade and other payables (11,566) (8,994) (13,095)
9 Interest bearing loans and borrowings (1,407) (1,568) (1,269)
Corporation tax payable (675) - (280)
Total current liabilities (13,648) (10,562) (14,644)
Non-current liabilities
9 Interest bearing loans and borrowings (22,339) (16,110) (15,502)
Deferred tax liabilities (1,697) (4,677) (2,726)
Employee benefits (1,003) (1,631) (1,019)
Total non-current liabilities (25,039) (22,418) (19,247)
Total liabilities (38,687) (32,980) (33,891)
Net assets 36,068 40,762 37,932
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 16,524 21,283 18,431
Hedging reserve - (65) (43)
Total equity 36,068 40,762 37,932
Consolidated Cash Flow Statement
For the Six Months Ended 30 September 2025
Notes Unaudited Audited
Six Months to Unaudited Year Ended
30 September Six Months to 31 March
2025 30 September 2025
£'000 2024 £'000
£'000
Cash flows from operating activities
Loss for the period after taxation (1,907) (4,373) (5,131)
Adjusted for:
Cash items:
Bank interest payable 222 193 370
Bank interest receivable - - (40)
Non-cash items:
Amortisation 39 16 42
Depreciation: Property, plant and equipment 1,366 1,230 2,403
Depreciation: Investment properties 94 18 217
Interest cost on pension scheme liabilities 36 36 68
Equity-settled share-based payment expenses - 42 (28)
Fair value movement in derivative financial instrument 175 221 255
(Gain) / loss on disposal of fixed assets (3,437) 3 -
Impairment of goodwill 4,115 - -
Exchange losses - - 40
Lease liability finance expense 175 133 261
Decrease in hire purchase leases receivable 145 1 151
Corporation and deferred tax expense / (credit) (634) (1,727) (1,518)
Cash and Non-cash items 2,296 166 2,221
Operating cash flow before changes in working capital 389 (4,207) (2,910)
Decrease in trade and other receivables 211 6,355 3,419
(Increase) / decrease in inventories (1,224) 883 2,466
(Decrease) / increase in trade and other payables (1,529) (2,117) 1,983
Changes in working capital (2,542) 5,121 7,868
Cash generated from operations (2,153) 914 4,958
Payments to pensioners (52) (52) (553)
Corporation taxes (paid) / received - (103) (322)
Net cash flow from operating activities (2,205) 759 4,083
Cash flows from investing activities
Purchase of property, plant and equipment (379) (840) (1,489)
Purchase of intangibles (7) (37) (49)
Purchase of investment properties - (22) (10)
Proceeds from the sale of property, plant and equipment 21,792 - -
Bank interest received - - 40
Net cash flow from investing activities 21,406 (899) (1,508)
Unaudited Unaudited Audited
Consolidated Cash Flow Statement (continued) Six Months to Six Months to Year Ended
For the Six Months Ended 30 September 2025 30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
Notes
Cash flows from financing activities
Repayment of bank loans (11,151) (503) (1,035)
Bank interest paid (222) (193) (370)
Repayment of lease liabilities principal (257) (201) (576)
Lease liabilities interest paid (175) (133) (261)
Liquidation of derivative financial instrument 969 - -
Dividends paid - - (2,097)
Net cash flow from financing activities (10,836) (1,030) (4,339)
Net increase / (decrease) in cash and cash equivalents 8,365 (1,170) (1,764)
Cash and cash equivalents at start of year 7,846 9,650 9,650
Exchange losses on cash balances - - (40)
8 Cash and cash equivalents at end of year 16,211 8,480 7,846
Consolidated Statement of Comprehensive Income
For the Six Months Ended 30 September 2025
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
Loss for the period (1,907) (4,373) (5,131)
Amortisation of hedge reserve 43 6 28
Deferred tax on share options and other financial liabilities - - (32)
Items that are or may be reclassified subsequently to profit or loss 43 6 (4)
Re-measurement of the FIC defined benefit pension scheme - - 143
Movement on deferred tax asset relating to the pension scheme - - (37)
Items which will not ultimately be recycled to the income statement - - 106
Total other comprehensive income 43 6 102
Total comprehensive expense (1,864) (4,367) (5,029)
Condensed Consolidated Statement of Changes in Shareholders' Equity
For the Six Months Ended 30 September 2025
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2025 2024 2023
£'000 £'000 £'000
Shareholders' funds at beginning of period 37,932 45,086 45,086
Loss for the period (1,907) (4,373) (5,131)
Amortisation of hedge reserve 43 6 28
Deferred tax on share options and other financial liabilities - - (32)
Re-measurement of the defined benefit pension liability, net of tax - - 106
Total comprehensive expense (1,864) (4,367) (5,029)
Transactions with owners in their capacity as owners:
Share-based payments - 43 (28)
Dividends paid - - (2,097)
Total transactions with owners - 43 (2,125)
Shareholders' funds at end of period 36,068 40,762 37,932
Notes to the Unaudited Interim Statements
1. Basis of Preparation
This interim financial statement comprises the condensed consolidated balance
sheets at 30 September 2025, 30 September 2024 and 31 March 2025 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 2025 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 2025 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 2025
General Trading (Falkland Islands) Ferry Services (UK) Art Logistics and Storage Unallocated Total
(UK)
£'000 £'000 £'000 £'000 £'000
Revenue 8,786 2,349 7,813 - 18,948
Segment operating (loss) / profit before net financing costs (828) 507 (652) - (973)
Non-trading items - 12 (294) (678) (960)
(Loss) / profit before net financing costs (828) 519 (946) (678) (1,933)
Finance expense (36) (107) (290) (175) (608)
Segment (loss) / profit before tax (864) 412 (1,236) (853) (2,541)
Assets and liabilities
Segment assets 27,673 8,880 25,590 12,612 74,755
Segment liabilities (9,281) (6,086) (21,497) (1,823) (38,687)
Segment net assets 18,392 2,794 4,093 10,789 36,068
Other segment information
Capital expenditure:
Property, plant and equipment 274 72 33 - 379
Investment properties - - - - -
Computer software - - 7 - 7
Total capital expenditure 274 72 40 - 386
Depreciation and amortisation:
Property, plant and equipment 510 258 598 - 1,366
Investment properties 94 - - - 94
Computer software 20 - 19 - 39
Total depreciation and amortisation 624 258 617 - 1,499
Underlying (loss) / profit
Segment operating (loss) / profit before non-trading items (828) 507 (652) - (973)
Finance expense (36) (107) (290) - (433)
Underlying (loss) / profit before tax (864) 400 (942) - (1,406)
2. Segmental Revenue and Profit Analysis (Continued)
Unaudited - Six Months Ended 30 September 2024
General Trading (Falkland Islands) Ferry Services (UK) Art Logistics and Storage 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) 547 209 - (5,556)
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 (loss) / profit
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)
Year Ended 31 March 2025
General Trading (Falkland Islands) Ferry Services (UK) Art Logistics and Storage Unallocated Total
(UK)
£'000 £'000 £'000 £'000 £'000
Revenue 17,002 4,280 19,568 - 40,850
Segment operating (loss) / profit before net financing costs (7,349) 756 1,054 - (5,539)
Non-trading items (128) - (68) - (196)
(Loss) / profit before net financing costs (7,477) 756 986 - (5,735)
Finance income 12 12 16 - 40
Finance expense (68) (235) (396) (255) (954)
Segment (loss) / profit before tax (7,533) 533 606 (255) (6,649)
Assets and liabilities
Segment assets 29,247 9,104 31,198 2,274 71,823
Segment liabilities (9,947) (6,300) (16,169) (1,475) (33,891)
Segment net assets 19,300 2,804 15,029 799 37,932
Other segment information
Capital expenditure:
Property, plant and equipment 528 130 825 6 1,489
Investment properties 10 - - - 10
Computer software 25 - 24 - 49
Total capital expenditure 563 130 849 6 1,548
Depreciation and amortisation:
Property, plant and equipment 912 501 760 230 2,403
Investment properties 217 - - - 217
Computer software 8 - 34 - 42
Total depreciation and amortisation 1,137 501 794 230 2,662
Underlying (loss) / profit
Segment operating (loss) / profit before non-trading items (7,349) 756 1,054 - (5,539)
Finance income 12 12 16 - 40
Finance expense (68) (235) (396) - (699)
Underlying (loss) / profit (7,405) 533 674 - (6,198)
before tax
3. Non-trading Items
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
Loss before tax as reported (2,541) (6,100) (6,649)
Restructuring costs 282 19 196
Gain on sale of Leyton property (3,437) - -
Impairment of goodwill and intangible assets 4,115 - -
Non-trading items in operating profit 960 19 196
Movement in fair value of derivative financial instruments 175 221 255
Non-trading items in finance costs 175 221 255
Underlying loss before tax (1,406) (5,860) (6,198)
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
2025 2024 2025
£'000 £'000 £'000
Bank interest receivable - 40 40
Total finance income - 40 40
Interest payable on bank loans (222) (193) (370)
Net interest cost on the FIC defined benefit pension scheme liability (36) (37) (68)
Movement in fair value of derivative financial instruments (175) (221) (255)
Lease liabilities finance charge (175) (133) (261)
Total finance expense (608) (584) (954)
Net finance expense (608) (544) (914)
5. Taxation
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
Current tax charge / (credit) 395 (84) 291
Adjustments to prior years - - 50
Deferred tax credit (1,029) (1,643) (1,859)
Total tax credit (634) (1,727) (1,518)
Taxation has been estimated on the basis of 25% and 26% of profits arising in
the UK and the Falkland Islands respectively (September 2024: 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
2025 2024 2025
Number Number Number
Loss on ordinary activities after taxation (1,907) (4,373) (5,131)
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 (15.2)p (34.9)p (41.0)p
Diluted earnings per share (15.2)p (34.9)p (41.0)p
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
2025 2024 2025
£'000 £'000 £'000
Underlying loss before tax (note 3) (1,406) (5,860) (6,198)
Underlying taxation 350 1,722 1,406
Underlying loss after tax (1,056) (4,138) (4,792)
Basic earnings per share on underlying loss (8.4)p (33.1)p (38.3)p
Diluted earnings per share on underlying loss (8.4)p (33.1)p (38.3)p
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 2025,
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
2025, 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
2025 2024 2025
£'000 £'000 £'000
Cash and cash equivalents in the balance sheet 16,211 8,480 7,846
Unaudited Unaudited Audited
Six Months to Six Months to Year Ended
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
Net increase / (decrease) in cash and cash equivalents 8,365 (1,170) (1,764)
Exchange losses - - (40)
Net increase / (decrease) in cash and cash equivalents after exchange losses 8,365 (1,170) (1,804)
Bank loan repayments 11,151 503 1,035
Other non-cash changes (18,383) - -
Lease liabilities repayments 257 201 576
(Increase) / decrease in interest bearing loans and borrowings (6,975) 704 1,611
Net decrease / (increase) in debt 1,390 (466) (193)
Net debt brought forward (8,925) (8,732) (8,732)
Net debt (7,535) (9,198) (8,925)
Net debt
Cash balance 16,211 8,480 7,846
Less: Total interest-bearing loans and borrowings (23,746) (17,678) (16,771)
Net debt (7,535) (9,198) (8,925)
9. Interest-bearing Loans and Borrowings
Unaudited Unaudited Audited
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
Non-current liabilities
Secured bank loans 28 10,846 10,480
Lease liabilities 22,311 5,264 5,022
Total non-current interest-bearing loans and lease liabilities 22,339 16,110 15,502
Current liabilities
Secured bank loans 112 979 811
Lease liabilities 1,295 589 458
Total current interest-bearing loans and lease liabilities 1,407 1,568 1,269
Total liabilities
Secured bank loans 140 11,825 11,291
Lease liabilities 23,606 5,853 5,480
Total interest-bearing loans and lease liabilities 23,746 17,678 16,771
10. Capital Commitments
At 30 September 2025, the Group had no 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.
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
125 Old Broad Street,
London EC2N 1AR
Solicitors
Shoosmiths LLP
1 Bow Churchyard,
London EC4M 9DQ
Auditor
Grant Thornton UK LLP
103 Colmore Row,
Birmingham,
Birmingham B3 3AG
Registrar
MUFG 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
(file:///C%3A/Users/Iain/CloudStation/Desktop/06-Sep/Stat%20Accounts%20interims/1st%20draft%20from%20JLF%2001%20Nov/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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FEWFWIEISEIF
Copyright 2019 Regulatory News Service, all rights reservedRecent news on FIH
See all newsREG - FIH Group PLC - Results for the Six Months Ended 30 September 2025
AnnouncementREG - FIH Group PLC - Result of AGM
AnnouncementREG - FIH Group PLC - AGM Statement
AnnouncementREG - FIH Group PLC - Completion of Sale and Leaseback
AnnouncementREG - FIH Group PLC - Notice of AGM and Provisional Dividend Timetable
Announcement