FIH Group PLC Full Year Trading and COVID-19 Update (1293I)
31 Marzo 2020 - 12:00AM
UK Regulatory
TIDMFIH
RNS Number : 1293I
FIH Group PLC
31 March 2020
31 March 2020
FIH group plc
("FIH" or "the Group")
Full Year Trading and COVID-19 Update
FIH group plc ("FIH"), the AIM quoted international specialist
services group with businesses in the Falkland Islands and UK,
provides an update on the Group's expected trading performance for
the year ended 31 March 2020 and an initial update of the effects
of COVID-19 on its businesses.
Full Year Trading
Despite challenging trading conditions and in particular the
negative impact of COVID-19 on activity in the last 4-6 weeks of
the financial year, subject to audit the Group expects its results
for the year finishing today to be in line with market
expectations. FIH's liquidity position at year end is strong and
the Group is in a good position to meet the financial challenges
presented by the outbreak of the virus.
Impact of Covid -19
Across the Group our first priority has been to ensure the
health and well-being of our staff and customers and all necessary
steps have been taken to follow government guidelines on social
distancing and personal protection and to facilitate home working
and self- isolation wherever possible.
With respect to trading, in the near term, activity at both
Momart and the Portsmouth Harbour Ferry Company ("PHFC") has
reduced significantly and both companies will be taking advantage
of the UK government's Job Protection Scheme as we weather the
storm.
At Momart, the closing of galleries and museums has meant
commercial activity is now mostly just storage. Passenger levels at
the Portsmouth to Gosport Ferry are some 90% down and a reduced
service is held in place while we request Government support for
this essential local service.
In the Falklands, precautionary measures to safeguard public
health have already been effected with containment measures similar
to those in the UK now in place. Although some elements of FIC's
business will be adversely affected others including the supply of
food, logistics services, property construction, rental and
insurance should prove more resilient.
Given the extent of these uncertainties the full impact on the
Group's trading in the year ending 31 March 2021 cannot be assessed
with any certainty although profits and cash flow will be
materially adversely affected. The Company is therefore suspending
forward guidance until there is greater understanding of the effect
COVID-19 has had.
Operational Response and Financial Strength
The Group's liquidity position is strong with cash balances as
at 31 March 2020 in excess of GBP8million (GBP6.2million 31 March
2019). Medium term bank borrowings at 31 March 2020 were
GBP2.3million and in addition the Group has a long- term loan with
a 20 year repayment profile of GBP13.4million secured on its
freehold London art storage warehouse. This leaves the Group in a
good position to meet its financial and commercial commitments
until trading can recover to normal levels.
In order to extend and protect the Company's cash reserves, the
Board and management are implementing a range cost saving measures.
All bonus plans for senior management have been suspended and a 30%
reduction in Board salaries and non-executive fees is being
introduced for three months to the end of June, for review at that
point. All group bonus plans for 20/21 have been cancelled.
In addition, the Board will not be recommending a final dividend
payment to shareholders when it announces the full year results for
the period ended 31 March 2020. We will resume dividend
distributions when circumstances allow.
We will continue to monitor the situation closely and are taking
all necessary steps to preserve the financial health of the Group
and the integrity of its skilled and committed workforce. We remain
confident that the long- term prospects of the Group remain bright
and that profitability and growth will resume quickly when the
crisis lifts.
Enquiries:
FIH group plc
John Foster, Chief Executive Tel: 01279 461 630
WH Ireland Ltd. - NOMAD and Broker
to FIH
Adrian Hadden / Darshan Patel / Lydia Tel: 020 7220 1666
Zychowska
Novella - Communications Advisor Tel: 020 3151 7008
to FIH
Tim Robertson
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END
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