Falklands : Falkland Islands Holdings Announce Interim Results
Submitted by Falkland Islands News Network (Juanita Brock) 06.12.2006 (Article Archived on 20.12.2006)
It's good news for investors as FIH announce interim results.
6 December 2006
Falkland Islands Holdings plc
Interim Results for the six months ended 30 September 2006
Falkland Islands Holdings (“FIH”), an AIM listed company operating a range of businesses in the Falkland
Islands, and the Portsmouth Harbour Ferry Company in the UK, announces interim results for the six
months ended 30 September 2006.
Financial Highlights
• Turnover from continuing activities was £7.3 million (2005: £7.6million)
• Underlying profits before tax were £696,000* (2005: £747,000)
• EPS on underlying profits were 5.6p (2005: 6.1p)
• Gross cash resources increased to £4.1 million (31 March 2006 £3.6m)
• No interim dividend is proposed
Operating Highlights
• Falkland Islands’ businesses produced satisfactory results:
o Encouraging illex squid catches.
o West Store continued to make progress
o Homecare impacted by reduction in housing starts and increased competition
o Insurance broking & financial services income increased
• Good results from Portsmouth Harbour Ferry Company (“PHFC”) despite the absence of maritime
festivals. PHFC was also awarded a 3 year contract to operate a water taxi service for Berkeley
Homes
• Exploration investments :
o Falkland Oil & Gas now funded for 2007 and work continues to define, and prioritise the top
prospects with a view to drilling in 2008
o Falkland Gold & Minerals is now concentrating on three areas of interest
Outlook
• Economic conditions in the Falklands expected to remain unchanged.
• Trading is expected to continue to benefit from exploration activity and the 25th Commemoration.
• Solid performance from PHFC anticipated, despite entering slow Winter period
• Substantial exposure to oil and minerals exploration through shareholdings in FOGL and FGML.
• Continue to seek earnings enhancing complementary acquisitions.
* Before the amortisation of goodwill, charges for share based payments and
exceptional items.
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