Welcome to Falkland Islands Holdings

Falkland Islands Holdings (FIH) is quoted on AIM (Alternative Investment Market), incorporated in the United Kingdom, with operations in the Falkland Islands and the UK. Its business activities in the Falklands are conducted by The Falkland Islands Company (FIC), established by Royal Charter in 1852. FIC's activities include retailing, property, insurance, hotels, shipping and fishing agency services.

In the UK the group operates a long established passenger ferry service across the mouth of Portsmouth harbour, Portsmouth Harbour Ferry Company (PHFC).

On 5 March 2008 the group acquired MOMART, a market leader in the handling and storage of fine art and antiquities, To read more on the subject please view this presentation.

Results for the six months ended 30 September 2013

FIH, the AIM quoted group that owns essential services businesses in the Falkland Islands and the UK, is pleased to announce its unaudited results for the six months ended 30 September 2013 (the "Period"). Comparisons shown below are for the same period in 2012-13 unless otherwise stated.

Group Financial Highlights

  • Group revenue up by 4.4% to £17.24m (2012: £16.52m)
  • Underlying Profit Before Tax* ahead by 14.8% at £1.37m (2012: £1.19m)
  • Diluted earnings per share based on underlying earnings were 8.1p (2012: 7.8p)
  • The Board is proposing an unchanged interim dividend of 4.0p per share (2012: 4.0p)
  • Bank borrowings at 30 September 2013 were £1.5m (31 March 2013: £2.0m)
  • Group had cash balances of £8.2m at 30 September 2013 (31 March 2013: £11.4m)

*Underlying profit before tax is defined as profit before tax, amortisation and non-trading items

Operating Highlights

Falkland Islands Company ("FIC")

  • Sales of £6.76m 2.7% down on the prior period (2012: £6.94m).
  • Profit Before Tax lower by £0.24m at £0.30m (2012: £0.54m).
  • Further investment made to upgrade FIC's business infrastructure in preparation for oil development.

Portsmouth Harbour Ferry Company ("PHFC")

  • Sales up 0.9% to £2.24m (2012: £2.22m).
  • Profit Before Tax unchanged at £0.31m (2012: £0.31m).
  • Rate of decline in passenger numbers slowed to -1.7% (2012: -7.6%).

Momart

  • Sales increased by 12% to £8.2m( 2012: £7.4m).
  • Profit Before Tax and amortisation more than doubled to £0.76m (2012: £0.34m).
  • Major UK exhibitions included: Houghton Hall, Ellen Gallagher at Tate Modern and Ice Age at the British Museum.

Falkland Oil & Gas Limited ( "FOGL" )

  • The Group's 4.0% shareholding in FOGL of 12,825,000 shares was unchanged.
  • The market value of the holding on 25 November 2013 was £3.5m).
  • The combination with Desire Petroleum ("Desire") will mean holders gain exposure to the North Falkland Basin and Desire's interest in the Sea Lion area.
  • FOGL will have exposure to a five well programme expected to commence in late 2014.

David Hudd, Chairman of FIH, said:
"The first half of 2013 delivered another period of growth for the combined FIH business, with a quieter period in the Falkland's more than offset by an excellent performance from Momart and continued resilience from PHFC.

"We remain optimistic about the future for oil development in the Falklands and we are continuing to plan for our oil related investment projects which we will be ready to start when the Sea Lion project is approved by the Falkland Islands Government and demand grows.

"The Group is in a strong financial position to exploit the opportunities which will arise and overall we expect a satisfactory result for the full year, with continued strong performance from Momart compensating for subdued trading in the Falkland Islands."

2013 Interim results presentation (pdf 1mb)

Interim results 2013

In addition to its core operations FIH holds a significant investment in a related oil and gas exploration company based in the Falkland Islands. Falkands Oil and Gas Limited (FOGL).