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Falkland Islands Holdings Plc

Wednesday, December 15th 2004 - 20:00 UTC
Full article

Falkland Islands Holdings (“FIH”), the AIM listed company operating in The Falkland Islands and the UK, announces interim results for the six months ended 30 September 2004.

Financial Highlights

- Turnover rose 10.2% to £5.4m (2003: £4.9m)

- Operating profit increased 5% to £319,000 (2003: £304,000)

- Pre-tax profits of £294,000 (2003: £300,000)

- Group intends to pursue a progressive dividend policy

Operational highlights

- Recovery in shipping profits

- Strong performance in management services and vehicle sales

- New management contract at Upland Goose Hotel to improve performance

Post Balance Sheet Events

- Successful AIM Admissions for associated companies FOGL and FGML

- £22m raised by associated companies to fund exploration activities over next three years

- Portsmouth Harbour Ferry Company acquisition reduces dependence on Falklands' economy and will enhance earnings

The Board continues to seek further acquisitions of a similar nature in the UK

Brokers

- FIH also announces the appointment of KBC Peel Hunt as the Company's sole broker

David Hudd, Chairman of Falkland Island Holdings plc, commented:

"2004 has seen a period of intense corporate activity for the company, which has transformed its prospects and valuation. The Falklands' economy remains sensitive to fishing activity, but we believe that the Group's result for the year will be satisfactory following the Board's acquisition in the UK.

"Longer-term, the exploration activity to be undertaken by FOGL and FGML will stimulate the economy, benefiting the Group's wide range of activities. The Group remains a significant long-term investor in both these companies."

15 December 2004 Falkland Islands Holdings

David Hudd, Chairman

Categories: Falkland Islands.

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