Falkland Islands Holdings chairman David Hudd has resigned from the board with immediate effect and been succeeded by non-executive deputy chairman Edmund Rowland, it was reported on Monday. John Foster continues as group managing director.
Falkland Island Holdings PLC announced on Monday that its pre-tax profit increased slightly in its first half as strong sales at the company's London-based Momart operations offset increased costs at its Falkland operations. The international services group, which focuses on transport and logistics, said its underlying profit before tax was up 14.8% to £ 1.37 million for the six months ended September 30 compared to £ 1.19 million the previous year.
Falkland Islands Holdings' shares rose on Monday after it posted an increase in underlying pre-tax profits and looked forward to 'an exciting future'. FIH reported underlying pre-tax profits of £3.29m for the year to the end of March - 1.9% up on last time.
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.
London’ AIM quoted international services group Falkland Islands Holdings has raised eight million pounds following a subscription for shares by Blackfish Capital, an investment fund, reported the company in a release.
Falkland Islands Holdings has agreed to subscribe for 2 million new shares placed by Falkland Oil and Gas Limited. FIH says the £860,000 cost of the shares will be met from the group's existing cash resources.