MercoPress. South Atlantic News Agency

FIH Group has seen pretax profit rise 74%

The Falkland Islands Company unit saw revenue rise 2.4% to 18.3 million and pretax profit 23% to GBP1.3 million.

Falklands-focused retail and logistics firm FIH Group PLC hiked its dividend on Tuesday after profit and revenue rose amid a much improved performance from its largest unit. For the year ended March, pretax profit widened 74% to GBP3.3 million from GBP1.9 million the year prior. This was after revenue rose 8.2% to GBP43.8 million from GBP40.5 million the year before.

FIH proposed a 3.0 pence per share final dividend. For the full year, the dividend rose 13% to 4.5p from 4.0p the year before.

“I am pleased to report that profits have continued to rise alongside the achievement of record revenues; it has been a busy year for the group and oneof notable recovery in a number of divisions,” FIH Chief Executive Officer John Smart said.

Its largest operating unit by revenue is art transportation firm Momart which saw its pretax profit more than double to 1.0 million on revenue of GBP21.2 million, up 16%. Its Falkland Islands Company unit saw revenue rise 2.4% to 18.3 million and pretax profit 23% to GBP1.3 million.

Ferry operator Portsmouth Harbour Ferry, however, reported pretax profit 1.3% lower to GBP860,000 despite revenue rising 1.5% to GBP4.4 million.

“With a particularly improved performance from Momart and good trading at our other two operating businesses, FIC and PHFC, and a favourable outlook in the Falkland Islands in particular, we are delighted to be recommending an increased dividend for the full year”, Smart added.

“With our strong cash position,” Smart continued, “we continue to actively seek suitable acquisition opportunities, and are confident that we are well-positioned for the year ahead.” Shares in FIH were 1.2% higher at 331.00 pence on Tuesday.