Financial Highlights

FIH group plc 2022 2021 Change
£’m £’m £’m
Turnover 40.3 32.6 7.7
Underlying operating profit 3.1 1.0 2.1
Interest payable on bank loans (0.4) (0.5) 0.1
Lease finance & pensions charges (0.4) (0.4) -
Financing costs (0.8) (0.9) 0.1
Underlying profit before tax 2.3 0.1 2.2
Restructuring costs (0.3) 0.1 (0.4)
Profit before tax 2.0 0.2 1.8
Avg shares (000's) 12,519 12,752
Diluted EPS on underlying profit after tax 9.5p -

Highlights

  • Revenue increased by £7.7 million (24%) to £40.3 million (2021: £32.6 million) with trading continuing to head towards pre-pandemic levels.
  • Pre-tax profit of £2.0 million (2021: £0.2 million).
  • Underlying pre-tax profit of £2.3 million (2021: £0.1 million) despite COVID-related government support reducing to £0.5 million (2021: £1.8 million).
  • Results underpinned by net cash flow from operating activities of £5.1 million.
  • Underlying pre-tax profit of £1.8 million in the Falkland Islands Company (“FIC”) is consistent with the year ended 31 March 2021, despite a second year without tourists.
  • Momart and the Portsmouth Harbour Ferry Company (“PHFC”) both delivered much improved performances as trading activity continued to recover.
  • Momart delivered an underlying pre-tax profit of £0.6 million (2021: £0.5 million loss).
  • PHFC delivered an underlying pre-tax loss of £0.1 million (2021: £1.2 million loss).
  • The Group balance sheet remains strong with underlying cash as at 31 March 2022 in line with prior year at £9.6 million (after adjusting for the repayment of £5.0 million CBILS loans).
  • Good progress on the £17.3 million contract, awarded to FIC in November 2021, to build 70 houses for the Falkland Islands Government (“FIG”) and the UK Ministry of Defence (“MOD”) and further opportunities to work with FIG and the MOD are being explored.
  • The value of Momart’s property in Leyton has risen substantially since acquisition.
  • A final dividend of 2.0 pence per share will be proposed at the Annual General Meeting, taking the total dividend for the year to 3.0 pence per share (2021: nil).

Post Year-End

  • The Falkland Islands re-opened to tourists from 4 May 2022.
  • John Foster stepped down as Chief Executive on 14 April 2022 and was succeeded by Stuart Munro, who was previously the Chief Financial Officer. Progress is well advanced towards securing a replacement CFO.

Stuart Munro, Chief Executive, said:

"After a challenging two years for the Group, I’m delighted to be able to report a significant improvement in pre-tax profit. Whilst this has been driven by a welcome step towards pre-COVID levels of trading activity, it is also due to the hard work of our employees and the actions taken to reduce our cost base in the early stages of the pandemic.

The overall trading outlook remains positive. In FIC, the lifting of the ban on tourists visiting the Falkland Islands on 4 May 2022, together with a strong order book and potential opportunities for further work, all bode well for the future. As the impact of COVID hopefully continues to reduce, further improvement in activity levels is also expected at Momart and PHFC.

The improvements already delivered, together with the potential for further progress and the continuing financial strength of the Group, give me confidence for the future."

Operating Companies