Friday, April 19th 2013 - 06:32 UTC

Falkland Islands Holdings expects a quantum leap in the local economy over the next decade

Falkland Islands Holdings, which owns the Falkland Islands Company, FIC, expects to report a slight fall in annual profits but anticipates a quantum leap in the Falklands’ economy over the next decade with the oil industry and the commencement in 2014 of the Sea Lion project.

Chairman Hudd pleased to report another year of solid trading for the group

The company anticipates pre-tax profit of £3m for the year to the end of March, compared to £3.2m a year earlier. The group’s trading performance for the year was said to be in line with market expectations.

The group said that the performance of FIC trading had been satisfactory with retail sales experiencing renewed growth and the company’s new building services arm enjoying its first sales.

However “tourist activity for the FIC declined with fewer cruise ship visits following Argentine pressure but, the issue had largely been resolved by the year end”.

Falkland Islands Holdings said that preparations for the increase in activity related to the Sea Lion discovery have continued, including further strengthening of the management team in Stanley and preliminary work taking place on planning for related infrastructure projects.

As a result, “although turnover increased on the record levels seen last year, FIC contribution is expected to be slightly lower”.

Falkland Islands Holdings Chairman David Hudd said he was pleased to report another year of solid trading for the group.

Mr Hudd described “2012/13 was a particularly significant year for the group, as they were able to raise an additional £10m of equity funds which will enable the company to participate in the opportunities now emerging in the Falkland Islands”.

“We expect a quantum leap in the Falklands’ economy over the next decade and momentum is expected to build in 2014 as the development of Sea Lion commences” said chairman Hudd.

However, “in the short term conditions are expected to be quieter in the absence of drilling activity which has been a factor since 2010”. (FIRS)

6 comments Feed

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1 Escoses Doido (#) Apr 19th, 2013 - 07:44 am Report abuse
I think we should give argentina a big round of applause for ultimately being the cause (their 1982 invasion) of the good fortune/prosperity these Islands are about to experiance.
2 Pete Bog (#) Apr 19th, 2013 - 05:27 pm Report abuse
Also congratulations to Argentina for persuading the MLA's to get off their asses and give the Falkland Islander's views plus the accurate history of the Falklands (ie backed up by documents raher than flatulence) that Argentina is incapable of telling the world.
3 Brazilian (#) Apr 20th, 2013 - 04:52 pm Report abuse
Quantum leap? Long live hyperbole!
4 Escoses Doido (#) Apr 21st, 2013 - 07:58 am Report abuse
You should learn to spell in Portuguese, if you want to give the impresion you are not an argentinian.

5 Steve-33-uk (#) Apr 23rd, 2013 - 02:11 pm Report abuse
''Malvinas by peoples' hood grows in Patagonia, NOA and NEA
The campaign “Falklands towns”, which ensures that citizenship is “guarantor of dialogue”, grows in Patagonia and the Northwest (NOA) and northeast (NEA) Argentine and adds signature of Governors and mayors and supported by provincial legislatures and mayors, as well as endorsements from across the political and social spectrum, organizers reported.
The Patagonian Parliament endorsed last week a million signatures by Falkland initiative, supported by the front for victory (FpV), within the framework of the last session of this political space that brings together the provinces of La Pampa, Neuquén, Río Negro, Chubut, Santa Cruz and Tierra de Fuego.
On the occasion, the various supporters of the Regional Parliament blocks pledged to territorialize campaign, pawning their local actors to add one million signatures, which will be forwarded to President Cristina Fernández de Kirchner to be presented subsequently to the United Nations Decolonization Committee....'
6 Be serious (#) Apr 23rd, 2013 - 02:34 pm Report abuse
Tinkadova is invested here. Not that he's in the know or anything just that this particular Company had taken his fancy so to speak. BK was of a similar mind.

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