MercoPress. South Atlantic News Agency
Falkland Islands Holdings Plc
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."
David Hudd, Chairman
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