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Investor information
Financial highlights

Results for the year ended 31 March 2010

  2010
£'000		 2009
£'000		 Change
%
Revenue 29,224 32,251 (9.4)
(Loss)/profit before tax 5,669 (627) -
Underlying profit before tax* 2,688 2,316 16.1
Diluted earnings per share before amortisation and non-trading items 21.7p 18.8p 15.4
Proposed dividend per share 9.0p 8.0p 12.5
Cash flow from operations 2,349 4,100 (42.7)
Net asset value per share 376p 276p 36.4

Preliminary results 2010 presentation (pdf 497kb)

An introduction to Falkland Islands Holdings plc (pdf 830kb)
An introduction to FIH plc

Financial Highlights

  • Reported pre-tax profit of £5.7 million (2009: loss £0.6 million)
  • Underlying pre-tax profits* up 17% to £2.7 million (2009: £2.3 million)
  • Earnings per share on underlying profits* increased by 15% to 21.7p (2009: 18.8p)
  • Reported earnings per share were 57.5p (2009: loss of 12.8p)
  • Significant non-trading income of £3.3 million, including £3.1 million profit on the sale of shares in FOGL
  • Strong cash flow reduced Group's net borrowings to £1.5 million (2009: £4.2 million)
  • Directors pleased to recommend a final dividend of 5.0p per share resulting in total dividends for the year of 9.0p per share up 12.5% (2009: 8.0p per share)

*excludes amortisation and non trading items.

Operating Highlights


The Group's three trading businesses all performed well in difficult market conditions:

  • Falklands Islands Company ("FIC")
    • Underlying operating profit up 9.5% to £1.38 million (2009: £1.26 million)
    • Improved trading in H2 with the commencement of exploration drilling and the opening of the West Store extension

  • Portsmouth Harbour Ferry Company ("PHFC")
    • Underlying operating profit up 1.3% at £0.79 million (2009: £0.78 million)
    • Profitability maintained on reduced passenger numbers

  • Momart
    • Underlying operating profit up 11.6% at £0.96 million (2009: £0.86 million)
    • Performance improved in H2 with increased activity in the art market
    • Revenues from services to commercial art galleries maintained at broadly constant levels
    • Revenues from museum activities declined as institutional budgets came under pressure

  • Strategic stake in FOGL
    • FIH owns 12 million shares in FOGL (8.2% of the issued share capital)
    • The market value of this shareholding on 31st March 2010 was £15.5 million (129.5p per FOGL share)

Outlook

  • Current economic conditions do not allow much forward visibility. However in the year to date, the Group's overall trading performance is in line with our expectations.