MercoPress. South Atlantic News Agency

FIH Group recovering from covid-19 and optimistic about a stronger second half

The return of tourists to the Falklands is expected to boost FIC retail sales in the second half of the financial year

The FIH Group announced it continues to recover from the impact of Covid-19 and the progress demonstrated in the first half of the year is expected to continue with the coming of the traditionally stronger second half, including the return of tourists to the Falklands.

CEO Stuart Munro explained that “Albeit the global economic crisis has provided an additional challenge, it is pleasing to see an overall step forward in pre-tax profit over the prior year, reflecting an ongoing focus on cost control and pricing and the geographical breadth and diversity of the Group's operations.”

In effect FIH Group Plc reported at the start of this week that its interim profit grew as its trading outlook remained positive due to UK businesses delivering as expected.

The Group with businesses in the UK and the Falkland Islands said its interim pretax profit for the six months that ended September 30 grew by 50% to GBP600,000 from GBP400,000 a year ago. Its interim total revenue also rose by 32% to GBP22.8 million from GBP17.3 million a year ago.

FIH increased its interim dividend to 1.2 pence from 1.0 pence a year ago, set to be paid out on January 13, 2023.

It explained that improvements in Momart and Portsmouth Harbor Ferry Company offset reduced profits in the Falkland Islands Company. Passenger numbers continued to rise for PHFC and the return of tourists to the Falklands is expected to boost FIC retail sales in the second half of the financial year.

FIH added its pretax profit was despite reducing Covid-19-related government support.
“The group continues to recover from the impact of Covid-19, albeit the global economic crisis has provided an additional challenge. It is therefore pleasing to see an overall step forward in pre-tax profit over the prior year, reflecting an ongoing focus on cost control and pricing and the geographical breadth and diversity of our operations.

The progress demonstrated in the first half of the year is expected to continue as we move into the traditionally stronger second half,” said Chief Executive Stuart Munro.

Meanwhile, Reuben Shamu was appointed Chief Financial Officer on September 12, replacing Munro who became Chief Executive on April 14. FIH said Shamu will work closely with Monro to deliver its growth strategy.