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).
Results for the six months ended 30 September 2012
FIH, the AIM quoted international services group that owns essential services businesses focused on transport and logistics, and that has a material shareholding in AIM quoted oil exploration company Falkland Oil and Gas Limited, is pleased to announce its unaudited results for the six months ended 30 September 2012 (the "Period"). Comparisons shown below are for the same period in 2011-12 unless otherwise stated.
Group Financial Highlights
- Group revenue increased marginally to £16.52m ( 2011: £16.51m)
- Underlying Profit Before Tax* was unchanged at £1.19m
- Diluted earnings per share based on underlying earnings were 7.8p (2011: 9.0p)
- The Board is proposing an unchanged interim dividend of 4.0p per share
- Net bank borrowings at 30 September 2012 were reduced to £2.5m (31 March 2012: £3.0m)
- In the period the Group raised £10m gross from a share issue at 320p per share and £1m from the sale of 1.175m FOGL shares at 86p each
- The Group had cash on hand of £10.9m at 30 September 2012 (31 March 2012 £2.8m)
*Underlying profit before tax is defined as profit before tax, amortisation and non trading items
Falkland Islands Company
- Sales of £6.94 million (2011: £6.99m)
- Profit Before Tax increased to £0.54m (2011: £0.51m)
- Total retail sales increased by 4.7% to £4.5 million (2011: £ 4.3m)
- The Group will use the proceeds of the placing to develop the Group's assets in the Falkland Islands to take advantage of the opportunities that are expected to arise from the recent hydrocarbon discoveries
Portsmouth Harbour Ferry Company
- Sales up 3.3% to £2.22m (2011: £2.15m)
- Profit Before Tax of £0.31m (2011: £0.39m)
- Passenger numbers decreased by 7.6% to just over 1.6m
- Travel pattern changes from dockyard and naval personnel led to the passenger number declines
- Sales maintained at £7.4m
- Profit Before Tax and amortisation up 17.2% to £0.34m (2011: £0.29m)
- Major exhibitions included: The Damien Hirst Retrospective at Tate Modern and Bronzes at the Royal Academy
Falkland Oil & Gas Limited ('FOGL')
- FOGL announced farm-ins with Noble Energy Inc and Edison International s.p.a. FOGL now has a 40% interest in its northern licences and 52.5% in its southern licences
- Scotia and Loligo wells completed; hydrocarbons discovered at both wells confirming prospectivity of basins
- Further evaluation in progress and 3D seismic survey commences imminently
- Current shareholding in FOGL is 12.8m shares representing a 4% stake. The market value of the holding on 5 December 2012 was £3.8m
- On completion of the 2012 drilling campaign FOGL expects to have cash balances of approximately $220m representing 43p for each FOGL share in issue.
David Hudd, Chairman of FIH, said: "We are pleased to report another satisfactory set of results for the Group. Momart's Exhibition business performed particularly well with a number of leading UK exhibitions delivered for clients during the period, whilst the international commercial art market remained buoyant. The Portsmouth Harbour Ferry Company saw continued revenue growth and although it experienced a fall in passenger numbers we are confident that the earnings stream remains robust.
"We were disappointed by fall in the value of FOGL shares following the recent announcement of the initial findings from the Scotia well, but are encouraged that the results provide further endorsement of the hydrocarbon potential of the basin.
"At FIC, we are investing to take advantage of the economic growth that will follow from the exploitation of hydrocarbon discoveries. In July we completed a £10 million equity fundraising and since then, a succession of announcements has confirmed our view that the Islands have an exciting future. FIC has multiple development opportunities and our intent is demonstrated by the recent appointment of a property director to the FIC management team.
"The general outlook for the Group remains positive and we are confident that our portfolio of business will continue to perform well." 2012 Interim presentation
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).
Summary presentation, March 2013 (pdf 10mb)
2012 Interim presentation (pdf 2mb)
Latest press releases
17 Apr 2013
16 Apr 2013
08 Feb 2013
Results for the six months ended 30 September 20122012 Interim presentation (pdf 2mb)
Latest Financial ReportInterim Report 2012 (pdf 2mb)
Summary presentation, March 2013 (pdf 10mb)