The Falkland Islands Company has announced the expansion of its tax efficient share plan (Share Incentive Plan or SIP) which is open to all its 180 full time employees. The company believes in share ownership by staff and the public company status of its parent company, Falkland Islands Holdings plc (FIH), allows local staff to benefit from this in a meaningful way.
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, 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.