TIDMFIH
RNS Number : 0545F
FIH Group PLC
12 November 2020
12 November 2020
FIH group plc
("FIH" or the "Group")
Results for the six months ended 30 September 2020
FIH, the AIM quoted Group that owns essential services
businesses in the UK and Falkland Islands, is pleased to announce
its unaudited results for the six months ended 30 September 2020
("the period"). Comparisons shown below are for the same period in
2019 unless otherwise stated.
Resilient performance despite impact of Covid-19
Financial Highlights
-- Group revenue reduced by GBP5.0 million to GBP14.4 million
(2019: GBP19.4 million) due to the impact of Covid-19 on our UK
businesses (the Falkland Islands have been Covid-19 free);
-- Pre-tax loss limited to GBP0.2 million (2019: profit before
tax of GBP1.3 million) after including initial restructuring costs
of GBP0.1 million from the cost reduction programme in the UK;
-- Falkland Islands Company ("FIC") operations saw revenue growth and increased profitability;
-- UK businesses were adversely affected by Covid-19 but moved
back into profit by late summer;
-- H1 restructuring costs were GBP0.1 million and further GBP0.4
million incurred to date in H2; Total cost reductions from
restructuring expected to generate ongoing annual savings of GBP1.6
million from November 2020;
-- Bank borrowings at 30 September 2020: GBP20.6 million (31
March 2019: GBP15.7 million) including an interest free GBP5.0
million CBILS loan, drawn down in June 2020 to provide additional
insurance and a GBP13.5 million commercial mortgage on a freehold
property at Leyton;
-- Positive net cash flow from operations of GBP0.3 million, despite pre-tax losses;
-- Closing cash balance at 30 September 2020: GBP14.4 million (31 March 2020: GBP9.1 million);
-- Dividend temporarily suspended until sufficient profitability restored.
Outlook
-- UK lock-down will hit short term revenue but restructuring
actions already taken will help to minimise impact;
-- FIC profitability set to continue as Islands remain virus free;
-- Newly imposed lock-down will reverse progress in short term
and see a return to losses in H2;
-- Cash resources give Group resilience and strategic flexibility;
-- UK businesses remain fundamentally sound and are expected to
return to profitability when the pandemic recedes.
John Foster, Chief Executive, said:
"Our focus has been to protect the business during this
extraordinary year to ensure it is well placed to recover rapidly
when the current crisis passes. We believe this has been achieved.
We have reduced our fixed cost base, increased our access to
capital and have as a result over GBP14 million of cash. More than
sufficient we believe to weather the most pessimistic of forecasts
for the current crisis. Our FIC business has been largely
unaffected and provides a very helpful counterbalance to our two UK
businesses whilst we navigate the current challenges. Perhaps most
importantly in the terms of outlook, the Group has shown that when
its markets are open the businesses are able to move back into
profitability. Taken together, the Board is therefore confident in
the medium and long-term prospects for the Group."
Enquiries:
FIH group plc
John Foster, Chief Executive Tel: 01279 461630
WH Ireland Ltd. - NOMAD and Broker
to FIH Tel: 0207 220 1666
Adrian Hadden / Jessica Cave / Lydia
Zychowska
-------------------------
Novella Communications
Tim Robertson / Chris Marsh Tel: 020 3151 7008
-------------------------
Chairman's Report
FIH Group's Interim results for the 6 months ended 30 September
2020.
The adverse challenges created by the arrival of Covid-19
earlier this year have been severe. The Group's UK businesses were
initially dramatically affected with both the passenger volumes at
the Portsmouth Harbour Ferry Company ("PHFC") and the levels of art
transported by Momart at one point both down to some 10% of
expected levels. However, since we last reported in June, I am
pleased to report that trading has made steady progress and the
heavy losses seen in the early months of the new financial year
were successfully stemmed, demonstrating the fundamental health of
the Group's businesses when allowed to trade.
Both PHFC and Momart have shown a steady recovery although the
renewed lock-down measures recently put in place will delay further
progress, particularly at PHFC, so that we now expect losses to
continue into the second half of the year.
At PHFC, the Board took the decision to maintain the continued
operation of the ferry to support the local community and to
underscore the long-term nature and commitment of the Group to this
vital local service. Over the summer this faith was borne out as
the number of passengers steadily recovered and regular if still
reduced ferry travel was resumed by many local residents. The new
lock-down will take us back again to very low passenger numbers and
continuing losses. As we are not currently running the peak hour
second boat, some 9 staff became redundant and left the business at
the end of October.
At Momart, while there has been some recovery in gallery
services to the private sector and storage income has been
resilient, the return to public museum exhibitions at anything
approaching normal levels is thought to be some time away, so we
were left with no alternative but to announce redundancies of 27
staff over the summer. We do not expect the new lock-down to
flatten demand as it did in the Spring, but nevertheless it will
suppress or reverse some of the recovery we had seen.
The Falkland Islands quickly became virus free, so business
activity remained buoyant and FIC saw its revenues and profits
increase on the back of new Falkland Islands Government ("FIG")
contracts and the continued expansion of its rental portfolio. The
Southern Hemisphere summer will not bring the normal tourism, but
FIC has remained profitable throughout and we expect this to
continue.
A detailed commentary on the results is provided in the Chief
Executive's Review below but I am pleased to report that the Group
has made good progress in facing the challenges presented by
Covid-19. Turnover was down 26% to GBP14.4 million and losses in
the six month period to 30 September were restricted to a pre-tax
loss of GBP0.2 million after incurring GBP0.1million of
restructuring costs.
Despite the challenges brought on by the imposed lock-down the
Group's cash position remains strong and underlying cash flow in
the period was positive. At 30 September 2020 the Group had cash on
hand of GBP14.4 million, an increase of GBP5.3 million since 31
March 2020, brought about by tight cash control and the drawing
down of GBP5.0 million under the CBILS scheme. This strengthened
level of cash resources provides the Group with enviable financial
resilience in the face of the current economic uncertainty.
Despite this, in the current circumstances and until sustainable
profitability is restored, the Board remains prudent and is not
recommending the payment of a dividend. However, the position is
being kept under constant review.
With the recent reintroduction of a lock-down in England and
across much of Europe we currently do not expect the Group to
return to profitability in the second half although the impact of
losses in the UK will be mitigated by the profitability of FIC and
the benefit of the restructuring and cost saving actions already
undertaken.
I would like to thank staff at all levels in the Group for their
professionalism and dedication in the face of the many challenges,
both personal and corporate, that the business has encountered
since March.
Notwithstanding the recent return to a lock-down in the UK, the
Group is in a good position to face what remains an uncertain
near-term outlook. Although serious challenges remain the Group is
well placed to meet these and the board looks forward to a return
to profitable trading once we are through the current turmoil and
to resuming our drive to maximise shareholder value over the medium
term.
Robin Williams
12 November 2020
Chief Executive's Review
Group overview
While the Group's results in the six months to 30 September 2020
reflect the unprecedented impact of the Covid-19 pandemic, which
made our consistently profitable UK operations immediately loss
making, the Group has also demonstrated when allowed to trade
relatively normally it returns to profitability. This, taken
together with the actions to reduce the fixed cost base and the
Group's strong cash reserves gives the Board confidence in the
Group's ability to navigate through the current crisis and emerge
in a good position thereafter.
In both of the Group's UK businesses especially in the initial
lock-down phase in early April, activity shrank to a small fraction
of prior year levels and significant losses were generated despite
making full use of the UK Government's very welcome Coronavirus Job
Retention Scheme ("CJRS"), securing voluntary pay cuts from all
staff of 20% and clamping down an all non-essential expenditure.
The plc Board reduced its salaries and fees by 30%. Pay levels were
restored in all companies by 1 October and the Board would like to
acknowledge the sacrifices made by hard working and committed staff
across the Group.
In welcome contrast, FIC suffered only modest initial
disruption. After a temporary lock-down in early April, an
effective quarantine programme saw the islands virus free by early
summer and business activity quickly recovered with local demand
remaining strong. With this solid platform and building on its
success in winning new FIG construction contracts FIC delivered a
healthy increase in profit helping to mitigate the adverse impact
of Covid-19 on the Group's overall profitability.
In the UK as the lock-down was gradually relaxed from the end of
May, activity slowly recovered but still remained well below normal
levels at the end of the period. In the Falkland Islands,
restrictions on flights into and out of the Islands served to
bolster local demand as the normal winter departures to the
northern hemisphere were curtailed and customer spend held up well
in most areas.
However, the Group's UK revenues reduced by GBP5.7 million (55%)
to GBP4.7 million and the more benign trading environment in the
Falkland Islands which saw FIC deliver a GBP0.6 million increase in
sales to GBP9.7 million (2019: GBP9.1 million) could only partially
offset this decline. Overall Group revenues dropped by 26% to
GBP14.4 million.
In the UK customer activity gradually improved over the summer
and with consistent profits being generated in FIC, the Group moved
into overall profitability by the end of the period. However, the
significant adverse effects in the early months of lock-down
produced first half losses before tax of GBP0.2 million compared to
a Profit Before Tax of GBP1.3 million in the prior year.
An analysis by business is shown below:
Revenue
Six months ended 30 September 2020 2019
GBP million GBP million
Falkland Islands Company 9.7 9.1
Portsmouth Harbour Ferry 0.8 2.3
Momart 3.9 8.0
--------------------------------- -------------- --------------
Total Revenue 14.4 19.4
--------------------------------- -------------- --------------
Profit Before Tax 2020 2019
Six months ended 30 September GBP million GBP million
Falkland Islands Company 0.8 0.7
Portsmouth Harbour Ferry (0.4) 0.5
Momart (0.5) 0.1
Restructuring Costs (0.1) -
--------------------------------- -------------- --------------
Profit / (Loss) Before Tax (0.2) 1.3
--------------------------------- -------------- --------------
Diluted Earnings per Share
in pence (1.5p) 7.6p
--------------------------------- -------------- --------------
The pre-tax loss of GBP0.2 million is stated after GBP0.1million
of restructuring costs, the initial element in a programme
concluded by the end of October led to a total reduction in UK
headcount of 37 staff, (22% of UK employees). A further GBP0.4
million of restructuring costs have been incurred in H2 and taken
together these actions are expected to produce annual savings of
GBP1.6 million which will help offset the loss of UK Government
support from the GBP1.3 million in furlough grants received in the
first half.
The return to lock-down conditions in the UK in early November
is an unwelcome setback and will reverse recent progress in UK. As
a result, we now expect to see a continuation of overall losses in
the second half.
Cash Position
With respect to cash, a clamp down on capital expenditure and
the effective collection of outstanding receivables saw a positive
cash flow in the period of GBP0.3 million after the repayment of
GBP0.1 million of bank loans. With the draw-down of GBP5.0 million
in interest free CBILS loans in late June to provide additional
insurance against unknown future developments, the Group's total
cash reserves increased by GBP5.3 million to GBP14.4 million as at
30 September 2020.
Group bank borrowings at 30 September 2020, including the GBP5.0
million interest free CBILS loan, and a GBP13.5 million commercial
mortgage, were GBP20.6 million (31 March 2020 GBP15.7 million).
Dividend
Until the Group returns to consistent profitability the board
does not consider it appropriate to resume the payment of
dividends. In the prior year an interim dividend of 1.80 pence per
share was paid.
Operating Review
Falkland Islands Company
Trading in FIC was encouraging with an overall 7.2% growth in
revenue to GBP9.7 million (2019: GBP9.1 million) led by growth at
Falkland Building Services (FBS) where continuing work on FIG
housing contract for 26 homes was added to by the successful
tendering for new FIG road maintenance work. Elsewhere, FIC's
retail operations saw 3.1% growth in revenue as domestic demand
remained robust and at Falklands 4x4 overall revenue was flat as
increased vehicle sales largely offset the absence of a large parts
contract seen last year. Revenue from Other Services reduced by
GBP0.1 million as third-party freight was affected by the virus but
steady recurring insurance income helped offset declines at the
Fishing Agency and Penguin Travel. Following continued expansion of
FIC's portfolio of residential properties to 73 houses from 58 last
year, property rental income increased by 31% to GBP0.4
million.
In overall terms FIC enjoyed very encouraging trading boosted by
new contracts from FIG and the stability of the Falklands domestic
economy largely free from the effects of lock-down seen in the
UK.
Reflecting this top-line growth, FIC's Profit Before Tax
increased by 14.3% to GBP0.8 million an increase of GBP0.1 million
compared to the prior period (2019: GBP0.7 million).
FIC 2020 2019 Change
Six months ended 30 September GBP million GBP million %
Revenue
Retail 4.6 4.5 3.1%
FBS (construction) 2.0 1.5 32.8%
Falklands 4x4 1.6 1.6 -1.3%
Other services 1.1 1.2 -5.5%
Property Rental 0.4 0.3 31.3%
Total FIC revenue 9.7 9.1 7.2%
-------------------------------- ------------- ------------- -------
Operating profit 0.9 0.8 13.8%
Pensions charge (0.1) (0.1) -
Profit Before Tax 0.8 0.7 14.3%
-------------------------------- ------------- ------------- -------
Unlike in the UK, FIC's H1 trading results did not suffer any
major adverse effects as domestic demand in the Falklands remained
robust following the success of FIG in stamping out Covid-19 and
imposing an effective quarantine. However, the quarantine is likely
to remain in place to protect the people of the Islands until an
effective vaccine is developed and this will mean the absence of
tourists travelling by air and also of cruise ship visitors during
the coming Falklands summer which normally brings a substantial
uplift to economic activity in the Islands and to FIC's trading
results. Until the Islands' vulnerability to the virus is dealt
with and quarantine removed, trading activity is not expected to
benefit from the normal seasonal boost which last year helped FIC
deliver PBT of GBP1.4 million in the second half.
However, once the current Covid-19 crisis has been reduced or
ended, we believe that tourism to the Islands will resume its
steady growth creating significant new opportunities for the
development of visitor services in the Falklands.
In addition, the continued presence of the UK military and the
planned renewal of the infrastructure of the Mount Pleasant base is
also expected to create new business opportunities for FIC as is
the ongoing capital building programme of FIG. These key
opportunities are now beginning to come through and should provide
a significant boost to local businesses over the medium term.
Portsmouth Harbour Ferry Company
PHFC revenue was dramatically affected by the onset of Covid-19
and UK lock-down in late March 2020, as physical movement and
travel for all but essential services workers ceased. However,
despite the lock-down a regular 15 minute ferry service was
maintained with operating hours reduced by one hour to provide a 17
1/2 hour per day service (5.30am to 11.00pm) primarily carrying
hospital and emergency services personnel. Due to the lack of
demand and to save costs, the two vessel peak hours service was
discontinued.
Passenger volumes in April at the height of the lock-down fell
to less than 10% of the prior year as the number of regular
travellers reduced to below 2,000 per week from over 20,000 per
week in the prior year.
To help reduce the inevitable trading losses full use was made
of the UK Government's furlough scheme with 25 ferry staff out of
35 being placed on furlough during the period while a core team was
retained to maintain operation of the service. Application was made
without success to Central Government for additional financial
assistance to help defray costs but local authorities in the
Portsmouth area did provide a welcome GBP90,000 of grants as well
as agreeing to the deferment of rates and pontoon rent which helped
ease initial cash flow. All ferry staff both including those
working as well as those on furlough, accepted a 20% reduction in
wages which was maintained until 1 September reducing operating
costs by GBP88,000. Furlough grants received from UK Government
amounted to GBP165,000 and all non-essential expenditure was
halted.
Importantly revenue recovered steadily as lock-down measures
were reduced and passengers returned to using the ferry for
travelling to work and to undertake leisure activities and
shopping. By June passenger numbers were 24% of prior year levels,
in August 54% and by September they had risen to 64%. With
increased patronage, and with the help of the UK Government's
furlough scheme the ferry achieved break-even by the end of the six
month period.
Overall revenue for the six months to 30 September was
GBP1.5million ( -65% below the level seen in the prior year).
Despite cost saving measures and the grant income from UK
Government's furlough scheme, the sharp contraction in revenue in
the period saw the ferry suffer an unprecedented loss before tax
(after the allocation of reduced head office costs) of GBP0.4
million (2019 Profit Before Tax GBP0.5 million).
PHFC: 2020 2019 Change
Six months ended 30 September GBP million GBP million %
Revenue
Ferry fares 0.8 2.1 -62.6%
Cruising and Other income - 0.2 -100.0%
-------------------------------- ------------- ------------- --------
Total Ferry Revenue 0.8 2.3 -65.4%
-------------------------------- ------------- ------------- --------
Trading profit (loss) (0.3) 0.7
Bank & Lease interest (0.1) (0.2)
(Loss) /Profit Before Tax (0.4) 0.5
-------------------------------- ------------- ------------- --------
As September came to a close the renewal of UK Government advice
to avoid unnecessary travel to work saw passenger volumes drop back
again and with the imminent closure of the furlough scheme it
became necessary to make permanent cost savings by means of a
programme of largely voluntary redundancies which saw the company's
headcount fall by nine to 25 ferry staff including four members of
staff retained to work part time under the new CJRS. This reduced
establishment will be sufficient to maintain the existing 17 1/2
hour per day service and will allow the resumption of a peak boat
service in 2021 when we hope to see a return to normal
operations.
Looking ahead, in the near term the continued presence of
Covid-19 and the renewal of a national lock-down from 5 November
will reduce passenger volumes albeit probably not as sharply as in
the Spring as schools remain open and many people are still
travelling to work. However, despite the cost savings secured from
redundancies and the extension of the UK Government's furlough
scheme, trading losses are expected to continue until more normal
movement of commuters and leisure travellers resumes.
Momart
After an encouraging performance in the second half of last year
where Momart generated GBP1.0 million of Operating Profit in the
six months to 31 March 2019, the impact of Covid-19 halted this
trading momentum with a virtual cessation of UK and international
art movements in the first two months of the current financial
year. Despite a welcome 15% increase in art storage, Momart's
overall revenue fell by 52% resulting in a loss before tax of
GBP0.5 million (2019 Profit GBP0.1 million).
As museums, galleries and auction houses closed their doors, in
April revenue fell by 95% compared to prior year.
Faced with an effective closure of business activities maximum
use was made of CJRS and 108 staff were placed on furlough
delivering GBP1.1 million of much needed UK Government grants. All
non-essential expenditure was ceased and all staff including
directors and those on furlough, accepted a 20% voluntary reduction
in pay producing savings of GBP0.4 million in the period.
Despite a gradual increase in activity in the first quarter art
handling revenue excluding storage in the three months to 30 June
was still 80% below prior year levels. In June galleries re-opened
but all major international art fairs remained closed. In July, UK
museums reopened in stages but with social distancing in place,
visitor numbers were severely constrained and the large shows
planned for the summer months were put on hold.
The commercial art market recovered more quickly with the
shorter lead times involved and increased use was made of virtual
shows and auctions to satisfy remote buyers and the second quarter
saw a marked recovery in Gallery Services activity. Momart also
benefitted over the summer from securing prestigious UK Government
contracts for work at the Palace of Westminster and with the
storage of elements of the UK Government Art Collection pending
re-siting in Whitehall later in the year. With museum income from
visitors severely restricted, Exhibitions activity was down 70%
over the period at GBP1.3 million (2019: GBP4.3 million). Gallery
Services revenues were not as badly affected but still suffered a
50% drop in sales to GBP1.4 million (2019 GBP2.7 million) as the
market endured the continued cancellation of all major
international Art Fairs.
Recovery was evident in the second quarter and sales progressed
steadily over the summer with overall art handling revenues in
September at 56% of prior year levels.
On a positive note art storage income rose 15.2% to GBP1.2
million following success in securing new public sector storage
clients and the company also avoided any major client defaults with
a focussed programme of cash collection by the Momart finance
team.
Momart: 2020 2019 Change
Six months ended 30 September GBP million GBP million %
Revenue
Museums and public Exhibitions 1.3 4.3 -69.5%
Commercial Galleries and Auction
Houses 1.4 2.7 -50.0%
Art Storage 1.2 1.1 14.4%
---------------------------------- ------------- ------------- -------
Total Revenue 3.9 8.1 -52.1%
---------------------------------- ------------- ------------- -------
Trading profit (0.3) 0.3
Bank & Lease interest (0.2) (0.2)
Profit Before Tax (0.5) 0.1
---------------------------------- ------------- ------------- -------
Looking ahead, with the art market still subdued and the
recovery of the museum sector unresolved, market conditions will
continue to be challenging. The return to lock-down in England and
across much of Europe will dampen activity further although the
cost saving actions taken to date and the reintroduction of the UK
Government furlough scheme until the end of March will help keep
losses to a minimum. With the recently renewed lock-down we do not
expect a return to consistent profitability at Momart until well
into next year.
Balance Sheet and Cash Flow
During the six months to 30 September 2020, with operating
profits of GBP0.2 million and depreciation of GBP1.2 million, the
Group produced EBITDA of GBP1.4 million (2019: GBP2.7 million).
With investment on fixed assets curtailed due to Covid-19, total
capital expenditure in the period decreased to GBP0.7 million
(2019: GBP1.3 million), with continued spend of GBP0.3 million on
investment property and GBP0.4 million on heavy plant in the
Falklands for the civils construction business. After GBP0.1
million of net receipts from consumer finance debtors in the
Falklands, operating cash flow before changes in working capital
but after capital expenditure, was GBP0.8 million (2019: GBP1.6
million).
In the first six months of the new financial year, total
inventories rose by GBP1.0 million to GBP6.3 million linked largely
to an increase in housing work-in-progress at FBS but remained
GBP0.5 million lower than at the same time last year. However,
debtor collection was strong with receivables being reduced by
GBP4.1 million and with reductions in trade creditors of GBP2.5
million from the position at year end, there was an overall
decrease in working capital of GBP0.6 million in the six months to
30 September 2020 (2019: GBP0.4 million increase). GBP0.1 million
in corporation tax was paid but no dividend was paid in the period
and the Group's underlying cash generation was strong given the
trading conditions with GBP0.3 million of positive cash flow after
GBP1.0 million in loan repayments and interest. Following the
draw-down of GBP5.0 million as a CBILS loan the Group's net cash
flow in the six months from 31 March 2020 amounted to an inflow of
GBP5.3 million. As a result, closing cash balances increased from
GBP9.1 million to GBP14.4 million at 30 September 2020.
In addition to the Group's cash balances of GBP14.4 million, and
closing bank borrowings of GBP20.6 million at 30 September 2020,
the Group also had lease liabilities due in less than a year of
GBP0.5 million (31 March 2020: GBP0.6 million), and non-current
liabilities for long-term rental leases of GBP7.4 million (31 March
2020: GBP7.8 million).
Impact of Brexit
As described further below, the Board expects the potential
impact of Brexit on the Group to be limited and mainly felt by
Momart. Additionally, with the benefit of transitionary
arrangements, regulations governing the movement of goods into and
out of the EU have been effectively unchanged from those prior to
the UK's departure from the European Union and to date there has
been little impact on the Group's businesses from Brexit.
In the Falklands, FIC has almost no direct trading links with
the EU but some potential exposure exists for the wider Falklands
economy of exports of squid to Spain, albeit the existence of
potential work arounds and alternative markets means no significant
damage to the wider Falklands economy is likely to be
experienced.
PHFC is also closely linked to the dynamics in its local area
and with the exception of minor spare parts for ferry vessels has
no direct exposure to the EU.
Momart is faced with some potential disruption to its business
and if no trade deal is negotiated by 31 December 2020 it is likely
that there will initially be queues at the channel ports and
increased delays and costs for transporting art into and out of
Europe. After initial teething problems however, it seems unlikely
that increased friction at EU borders will lead to a significant
down-turn in the movement of art into and out of Europe when the
art market as a whole is global and has long contended with and
overcome fiscal and bureaucratic "barriers" of this kind across the
Americas, Asia and the Middle East. It also seems unlikely that
London will lose its pre-eminent place in the global art market or
its attraction as a cultural and economic hub and so although some
modest disruption can be initially anticipated the longer-term
outlook looks robust.
Outlook
The fast-moving events of 2020 have made it unusually hard to
forecast the near-term trading performance of the Group and with
the recent re-introduction of lock-downs in the UK and across much
of Western Europe this uncertainty has only increased.
It should be noted that in the depths of the crisis in the
period covered by this report, although the Group clearly did not
benefit from Covid-19 it nonetheless was able to limit first half
losses to GBP0.2 million, maintain scheduled debt repayments and
actually increase its underlying cash balances.
As we enter the second half of our financial year the Group has
over GBP14 million of "free" cash and a business in FIC that has
shown itself capable of maintaining and increasing profit in these
difficult times. By the start of November, the Group's cost base
had been significantly reduced making it more able to weather what
is still likely to be a difficult period in the UK. In addition,
the Board is hopeful that the possibility of an early return to
normality in 2021 would allow the Group to resume the steady growth
which had seen pre-tax profits increase from GBP2.4 million to
GBP3.9 million in the three years up to 2019.
We expect underlying losses to continue for the second half and
exceptional restructuring costs to be higher than they have been in
the first half, reflecting the cost reduction measures already
taken.
In summary, although the immediate outlook in the UK continues
to be challenging and losses in the UK appear likely whilst
lock-down persists, the strength of FIC in the Falklands provides a
helpful counterbalance to such threats. Cash balances are more than
adequate to see the business through many difficult years if
required and the ability of the Group to rapidly recover its
profitability when external circumstances allow has been well
demonstrated in recent months.
Looking to the longer term, the potential in the Falklands from
tourism and working as a key local partner with FIG and the
military remains undimmed. In the UK, the recently announced GBP56
million of UK Government investment from the "Transforming Cities"
fund looks set to make a real difference to the outlook for Gosport
and PHFC and at Momart a recent strengthening and reorganisation of
the operational management team will help underpin a return to
organic growth once market stability and confidence is
re-established. We continue to be vigilant for any permanent
changes that our markets may experience once the pandemic has
cleared away.
In addition to the potential of the Group's existing businesses
the recent economic turbulence may create new opportunities for
acquisition led growth and the Board's strategy and commitment to
significant enlargement of the Group via earnings enhancing
acquisitions remains in place.
Although near term challenges remain the Board looks forward to
the future with confidence.
John Foster
Chief Executive
12 November 2020
Condensed Interim Consolidated Income Statement
FOR THE 6 MONTHSED 30 SEPTEMBER 2020
Unaudited
6 months Unaudited Audited
to 6 months to Year ended
30 September 30 September 31 March
2020 2019 2020
Notes GBP'000 GBP'000 GBP'000
-------------------------------------- -------------- -------------- ------------------
2 Revenue 14,384 19,430 44,600
Cost of sales (9,212) (11,131) (26,521)
---------------------------------- -------------- -------------- ------------------
Gross profit 5,172 8,299 18,079
Other administrative expenses (4,958) (6,699) (13,745)
Consumer finance interest income 113 94 231
Goodwill impairment - - (7,479)
---------------------------------- -------------- -------------- ------------------
Operating expenses (4,845) (6,605) (20,993)
Restructuring costs (102) - -
---------------------------------- -------------- -------------- ------------------
Operating profit / (loss) 225 1,694 (2,914)
Finance income - 3 13
Finance expense (472) (447) (869)
---------------------------------- -------------- -------------- ------------------
3 Net financing costs (472) (444) (856)
(Loss) / profit before tax (247) 1,250 (3,770)
4 Taxation 57 (288) (958)
(Loss) / profit attributable
to equity holders of the Company (190) 962 (4,728)
---------------------------------- -------------- -------------- ------------------
5 Earnings per share
Basic (1.5p) 7.7p 22.0p
Diluted (1.5p) 7.6p 21.7p
See note 5 for an analysis of earnings per share on underlying
profit (defined as profit after tax before non-trading items).
Condensed Consolidated Balance Sheet
AT 30 SEPTEMBER 2020
Unaudited Unaudited Audited
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ----------
Non-current assets
Intangible assets 4,212 11,739 4,246
Right to use assets - 2,894 -
Property, plant and equipment 40,940 38,439 41,712
Investment properties 6,691 5,843 6,458
Investment in joint venture 259 259 259
Debtors due in more than one
year 88 88 88
Hire purchase debtors 527 600 519
Deferred tax assets 651 721 677
--------------------------------------- -------------- -------------- ----------
Total non-current assets 53,368 60,583 53,959
Current assets
Inventories 6,333 6,787 5,374
Trade and other receivables 4,635 5,776 8,696
Hire purchase debtors 589 553 596
Cash and cash equivalents 14,367 9,561 9,108
--------------------------------------- -------------- -------------- ----------
Total current assets 25,924 22,677 23,774
TOTAL ASSETS 79,292 83,260 77,733
Current liabilities
Trade and other payables (6,082) (8,610) (8,611)
Interest bearing loans and borrowings (1,468) (1,182) (1,165)
Derivative financial instruments (537) (110) (537)
Corporation tax payable (112) (422) (233)
Total current liabilities (8,199) (10,324) (10,546)
--------------------------------------- -------------- -------------- ----------
Non-current liabilities
Interest bearing loans and borrowings (27,037) (23,098) (22,942)
Deferred tax liabilities (2,849) (2,529) (2,849)
Employee benefits (2,615) (2,784) (2,604)
--------------------------------------- -------------- -------------- ----------
Total non-current liabilities (32,501) (28,411) (28,395)
--------------------------------------- -------------- -------------- ----------
TOTAL LIABILITIES (40,700) (38,735) (38,941)
Net assets 38,592 44,525 38,792
--------------------------------------- -------------- -------------- ----------
Capital and reserves
Equity share capital 1,250 1,250 1,250
Share premium account 17,590 17,590 17,590
Other reserves 703 1,162 703
Retained earnings 19,584 24,955 19,784
Financial assets fair value
reserve (535) (432) (535)
--------------------------------------- -------------- -------------- ----------
Total equity 38,592 44,525 38,792
--------------------------------------- -------------- -------------- ----------
Condensed Consolidated Cash Flow Statement
FOR THE 6 MONTHSED 30 SEPTEMBER 2020
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2020 2019 2020
Notes GBP'000 GBP'000 GBP'000
------------------------------------------------ -------------- -------------- ------------
Profit for the period (190) 962 (4,728)
Adjusted for (i) Non-cash items:
Depreciation of rental leases - 159 -
Depreciation and amortisation 1,175 822 2,063
Goodwill impairment - - 7,479
Loss on disposal of fixed assets 60 34 78
Interest cost on pension scheme liabilities 60 - 65
Equity-settled share-based payment expenses 22 49 97
----------------------------------------------- -------------- -------------- ------------
Non-cash items adjustment 1,317 1,064 9,782
(ii) Other items:
Net finance expense 423 444 737
Decrease in hire purchase debtors (1) 90 128
Corporation and deferred tax expense/(income) (57) 288 958
----------------------------------------------- -------------- -------------- ------------
Other adjustments 365 822 1,823
Operating cash flow before changes in
working capital and provisions 1,492 2,848 6,877
Decrease / (increase) in trade and other
receivables 4,061 1,985 (935)
(Increase) / decrease in trading inventories (959) (972) 471
Decrease in trade and other payables (2,529) (1,429) (980)
----------------------------------------------- -------------- -------------- ------------
Changes in working capital and provisions 573 (416) (1,444)
Cash generated from operations 2,065 2,432 5,433
Cash outflow on nil cost option exercise (32) (28) (29)
Payments to pensioners (49) (48) (97)
Corporation taxes paid (64) (265) (659)
----------------------------------------------- -------------- -------------- ------------
Net cash from operating activities 1,920 2,091 4,648
Cash flows from investing activities
Purchase of property, plant and equipment (662) (1,267) (3,361)
Purchase of software - - (27)
Bank interest received - 3 13
----------------------------------------------- -------------- -------------- ------------
Net cash flows from investing activities (662) (1,264) (3,375)
Cash flows from financing activities
Bank loan drawn down 5,000 13,819 13,875
Repayment of bank loans (148) (10,266) (10,955)
Bank interest paid (252) (216) (478)
Lease lability draw down - - 534
Repayment of finance lease principal (439) (199) (395)
Lease liabilities interest paid (160) (169) (340)
Dividends paid - (419) (644)
----------------------------------------------- -------------- -------------- ------------
Net cash flows from financing activities 4,001 2,550 1,597
----------------------------------------------- -------------- -------------- ------------
Net (decrease) / increase in cash and
cash equivalents 5,259 3,377 2,870
Cash at start of year 9,108 6,184 6,184
Exchange gains on cash balances - - 54
----------------------------------------------- -------------- -------------- ------------
Cash and cash equivalents at end of year 14,367 9,561 9,108
----------------------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Comprehensive Income
FOR THE 6 MONTHSED 30 SEPTEMBER 2020
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2020 2019 2020
Notes GBP'000 GBP'000 GBP'000
------------------------------------------ -------------- -------------- ------------
Cash flow hedges - effective portion
of changes in fair value - (418) (521)
Deferred tax on effective portion
of changes in fair value - - 102
Items that are or may be reclassified
subsequently to profit or loss - (418) (419)
Re-measurement of the FIC defined
benefit pension scheme - - 136
Movement on deferred tax asset relating
to the pension scheme - - (35)
Items which will not ultimately
be recycled to the income statement - - 101
Other comprehensive expense - (418) (318)
(Loss) / profit for the period (190) 962 (4,728)
Total comprehensive income (190) 544 (5,046)
----------------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Changes in Shareholders'
Equity
FOR THE 6 MONTHSED 30 SEPTEMBER 2020
Unaudited
Unaudited 6 months Audited
6 months to to Year ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ------------
Shareholders' funds at beginning
of period 38,792 44,567 44,567
Restatement related to the application
of IFRS 16 - - (153)
---------------------------------------- -------------- -------------- ------------
Restated balance at beginning of
period 38,792 44,567 44,414
(Loss) / profit for the period (190) 962 (4,728)
Cash flow hedges - effective portion
of changes in fair value - (418) (419)
Re-measurement of the defined benefit
pension liability, net of tax - - 101
---------------------------------------- -------------- -------------- ------------
Total comprehensive income (190) 544 (5,046)
Transactions with owners in their
capacity as owners:
Share-based payments 22 49 97
Opening adjustment for the impact - (188) -
of IFRS 16 (note 1)
Shares issued on exercise of options (32) (28) (29)
Dividends paid - (419) (644)
Shareholders' funds at end of period 38,592 44,525 38,792
---------------------------------------- -------------- -------------- ------------
Notes to the Unaudited Interim Statements
1. Basis of preparation
This interim financial statement comprises the condensed
consolidated balance sheets at 30 September 2020, 30 September 2019
and 31 March 2020 and condensed consolidated statements of income,
comprehensive income, cash flows and changes in shareholders'
equity for the periods then ended and related notes of FIH group
plc (hereinafter 'the interim financial information').
In adopting the going concern basis of preparation in the
interim financial statements, the directors have considered the
current trading performance of the Group, and the principal risks
and uncertainties it faces. This includes the modelling of "severe
but plausible" downside scenarios including longer term changes
brought about by Covid-19 in the key markets of group companies, in
addition to a cautious scenario for the more near-term impact of
Covid-19.
At 30 September 2020 the Group had available cash resources of
GBP14.4 million and bank borrowings of GBP20.6 million, GBP0.9
million of which were repayable within the next 12 months. Despite
losses in the 6 months to 30 September 2020 the Group's underlying
cash flow remained positive.
The directors believe that the Group is well placed to manage
the risks and uncertainties it faces. As such, the directors have a
reasonable expectation that the Group will have adequate financial
resources to continue in operational existence and have, therefore,
considered it appropriate to adopt the going concern basis of
preparation in the interim financial statements.
The interim financial information has been prepared in
accordance with the accounting policies set out in the Group's 2020
annual financial statements. As permitted, these interim financial
statements have been prepared in accordance with AIM rules and not
in accordance with IAS34 'Interim Financial Reporting'.
Adoption of new accounting standards
The Group adopted new international accounting standard IFRS 16:
Leases for the first time in the financial statements to 30
September 2019. The application of IFRS 16 has not had any material
impact on the trading results of the Group but IFRS 16 requires a
company's operating lease liabilities to be shown on the balance
sheet together with the related assets which correspond to the
right to use such assets over the remaining life of the related
lease contracts.
IFRS 16: Leases
The Group assesses whether a contract contains a lease at
inception of the contract. A lease provides the right to use an
asset for a period of time in exchange for consideration, usually
cash payments. The lease liability is measured at the present value
of the future lease payments, discounted at the rate implicit in
the lease, or if that cannot be readily determined, at the lessee's
incremental borrowing rate specific to the terms of the lease.
Lease payments include: payments fixed at the start of the lease
and; variable lease payments dependent on an index, such as RPI;
and payments in an optional renewal period if the Group is
reasonably certain to exercise the option.
The lease liability is subsequently measured at amortised cost
using the effective interest rate method. It is re-measured, with a
corresponding adjustment to the right of use asset, when there is a
change in future lease payments resulting from a rent review. The
right of use asset is subsequently depreciated on a straight-line
basis over the shorter of the lease term. Leases of low value
assets and short-term leases of 12 months or less are expensed to
the income statement as a charge is incurred.
There has been no change in the treatment of finance leases, to
either amounts due from lessees or to lessors under finance leases.
Finance lease income is allocated to accounting periods so as to
reflect a constant periodic rate of return. There has been no
change in the treatment of rental income from operating leases,
incurred in the Falklands and the rental portfolio income continues
to be recognised on a straight-line basis over the term of the
lease.
The full revised accounting policies applicable from 1 April
2019 were provided in the Group's consolidated financial statements
for the year ending 31 March 2020. Other amendments to IFRSs that
became effective for the period beginning on 1 April 2019 did not
have any impact on the Group's accounting policies.
The Interim Report was approved by the Board on 10 November
2020.
Section 245 Statement
The comparative figures for the financial year ended 31 March
2020 are not the Company's full statutory accounts for that
financial year. Those accounts have been reported on by the
Company's auditors and delivered to the Registrar of Companies. The
report of the auditor was unqualified, did not include a reference
to any matters to which the auditor drew attention by way of
emphasis without qualifying their report and did not contain a
statement under section 498 (2) or 498 (3) of the Companies Act
2006.
2. Segmental revenue and profit analysis
Unaudite d - Six months to 30 September
2020
General Ferry Arts Unallocated Total
trading services logistics GBP'000 GBP'000
(Falklands) (Portsmouth) &
GBP'000 GBP'000 storage
(UK)
GBP'000
External revenue 9,735 800 3,849 - 14,384
================================== ============= ============== =========== ============= =========
Operating profit 867 (267) (273) (102) 225
-
Finance income - - - - -
Finance expense (62) (168) (242) - (472)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (62) (168) (242) - (472)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment profit before tax 805 (435) (515) (102) (247)
================================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 33,000 10,922 30,319 5,051 79,292
Segment liabilities (7,584) (8,939) (18,528) (5,649) (40,700)
Segment net assets 25,416 1,983 11,791 (598) 38,592
================================== ============= ============== =========== ============= =========
Other segment information:
Capital expenditure -
Property, plant and equipment 362 - 1 - 363
Investment properties 300 - - - 300
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Capital expenditure 662 - 1 - 663
---------------------------------- ------------- -------------- ----------- ------------- ---------
Depreciation
Property, plant and equipment 381 226 456 - 1,063
Investment properties 78 - - - 78
Computer equipment - - 34 - 34
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Depreciation 459 226 490 - 1,175
================================== ============= ============== =========== ============= =========
2. Segmental revenue and profit analysis (continued)
Unaudited - Six months to 30 September 2019
General Ferry Arts Unallocated Total
trading services logistics GBP'000 GBP'000
(Falklands) (Portsmouth) &
GBP'000 GBP'000 storage
(UK)
GBP'000
External revenue 9,084 2,314 8,032 - 19,430
================================== ============= ============== =========== ============= =========
Operating profit 762 667 265 - 1,694
Finance income 3 - - - 3
Finance expense (61) (177) (209) - (447)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Net finance expense (58) (177) (209) - (444)
---------------------------------- ------------- -------------- ----------- ------------- ---------
Segment profit before tax 704 490 56 - 1,250
================================== ============= ============== =========== ============= =========
Assets and liabilities
Segment assets 27,612 15,796 35,179 4,673 83,260
Segment liabilities (9,180) (9,122) (19,298) (1,135) (38,735)
Segment net assets 18,432 6,674 15,881 3,538 44,525
================================== ============= ============== =========== ============= =========
Other segment information
Capital expenditure
Property, plant and equipment 508 42 39 - 589
Investment properties 671 - - - 671
Computer equipment - - 7 - 7
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Capital expenditure 1,179 42 46 - 1,267
---------------------------------- ------------- -------------- ----------- ------------- ---------
Depreciation
Property, plant and equipment 242 229 409 - 880
Investment properties 67 - - - 67
Computer equipment - - 34 - 34
---------------------------------- ------------- -------------- ----------- ------------- ---------
Total Depreciation 309 229 443 - 981
================================== ============= ============== =========== ============= =========
2. Segmental revenue and profit analysis (continued)
Year ended 31 March 2020
General Ferry Art Logistics Unallocated Total
Trading Services and Storage
(Falklands) (Portsmouth) (UK)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 21,671 4,125 18,804 - 44,600
--------------------------------- ------------ ------------- -------------- ------------ ---------
Segment operating profit
before tax & non-trading
items 2,121 975 1,469 - 4,565
Impairment of goodwill - (3,979) (3,500) - (7,479)
Profit / (loss) before
net financing costs 2,121 (3,004) (2,031) - (2,914)
Finance income 5 4 4 - 13
Finance expense (69) (344) (456) - (869)
--------------------------------- ------------ ------------- -------------- ------------ ---------
Net finance expense (64) (340) (452) - (856)
--------------------------------- ------------ ------------- -------------- ------------ ---------
Segment profit / (loss)
before tax 2,057 (3,344) (2,483) - (3,770)
--------------------------------- ------------ ------------- -------------- ------------ ---------
Assets and liabilities
Segment assets 28,492 10,983 32,462 5,796 77,733
Segment liabilities (9,208) (8,834) (20,331) (568) (38,941)
Segment net assets 19,284 2,149 12,131 5,228 38,792
--------------------------------- ------------ ------------- -------------- ------------ ---------
Other segment information
Capital expenditure:
Property, plant and equipment 1,343 65 1,363 - 2,771
Investment properties 1,351 - - - 1,351
Computer software - - 27 - 27
--------------------------------- ------------ ------------- -------------- ------------ ---------
Total Capital expenditure 2,694 65 1,390 - 4,149
--------------------------------- ------------ ------------- -------------- ------------ ---------
Capital expenditure:
cash 2,685 65 638 - 3,388
Capital expenditure:
non-cash 9 - 752 - 761
Total Capital expenditure 2,694 65 1,390 - 4,149
--------------------------------- ------------ ------------- -------------- ------------ ---------
Depreciation and amortisation:
Property, plant and equipment 564 459 840 - 1,863
Investment properties 132 - - - 132
Computer software - - 68 - 68
Total Depreciation and
Amortisation 696 459 908 - 2,063
Impairment of goodwill - 3,979 3,500 - 7,479
--------------------------------- ------------ ------------- -------------- ------------ ---------
Total Depreciation &
impairment 696 4,438 4,408 - 9,542
--------------------------------- ------------ ------------- -------------- ------------ ---------
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2020 2019 2020
3. Finance income and expense GBP'000 GBP'000 GBP'000
Bank interest receivable - 3 13
Total finance income - 3 13
-------------------------------- -------------- -------------- ------------
Interest payable on bank loans (252) (218) (464)
Pension scheme finance costs (60) (60) (65)
Lease liability finance charge (160) (169) (340)
Total finance expense (472) (447) (869)
-------------------------------- -------------- -------------- ------------
Net finance cost (472) (444) (856)
-------------------------------- -------------- -------------- ------------
4. Taxation
The taxation charge has been estimated to be 23.0% (September
2019: 23.0%).
5. Earnings per share
Earnings per share on underlying profit
To provide a comparison of earnings per share on underlying
performance, the table below sets out basic and diluted earnings
per share based on profits after tax before amortisation
('underlying profit after tax'):
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Weighted average number of shares
in issue 12,509,543 12,503,482 12,504,000
Less: shares held under the ESOP* (1,633) (3,267) (1,633)
----------------------------------- -------------- -------------- ------------
Average number of shares in issue
excluding the ESOP* shares 12,507,910 12,500,215 12,502,367
Maximum dilution with regards
to share options 201,603 158,429 181,663
----------------------------------- -------------- -------------- ------------
Diluted weighted average number
of shares 12,709,513 12,658,644 12,684,030
=================================== ============== ============== ============
* The ESOP was the Employee Share Ownership Plan, which was
terminated on 9 August 2019.
5. Earnings per share (continued)
Unaudited Unaudited
6 months 6 months Audited
to to Year ended
30 September 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ------------
(Loss)/profit before tax as reported (247) 1,250 (3,770)
Non-trading items:
Impairment of goodwill - - 7,479
---------------------------------------- -------------- -------------- ------------
Underlying profit before tax (247) 1,250 3,709
Underlying taxation 57 (288) (958)
Tax rate 23.1% 23.0% 25.8%
Underlying profit after tax (190) 962 2,751
======================================== ============== ============== ============
Basic earnings per share on underlying
profit (1.5p) 7.7p 22.0p
Diluted earnings per share on
underlying profit (1.5p) 7.6p 21.7p
---------------------------------------- -------------- -------------- ------------
6 Employee benefits
The Company has elected to follow precedent and decided not to
revalue its pension obligations at the half-year. The Group's
pension obligation, the Falkland Islands Company Limited Pension
Scheme, is unfunded and therefore not subject to valuation
volatility as a result of stock market fluctuations.
7. Analysis of cash and interest-bearing loans and
borrowings
As at Movement As at 30 As at 30
1 GBP'000 September September
April 2020 2019
2020 GBP'000 GBP'000
GBP'000
Cash and other cash equivalents
in the balance sheet 9,108 5,259 14,367 9,561
--------------------------------- --------- --------- ----------- -----------
Interest-bearing loans and
lease liabilities due in <
1 year
Secured bank loans (607) (320) (927) (1,075)
Lease liabilities (558) 16 (542) (217)
Total interest-bearing loans
and lease liabilities due in
< 1 year (1,165) (304) (1,469) (1,292)
--------------------------------- --------- --------- ----------- -----------
Interest-bearing loans and
lease liabilities due in >
1 year
Secured bank loans (15,127) (4,510) (19,637) (15,294)
Lease liabilities (7,815) 416 (7,399) (7,804)
Total interest-bearing loans
and lease liabilities due in
> 1 year (22,942) (4,094) (27,036) (23,098)
--------------------------------- --------- --------- ----------- -----------
Total interest-bearing loans
and lease liabilities
Secured bank loans (15,734) (4,830) (20,564) (16,369)
Lease liabilities (8,373) 432 (7,941) (8,021)
Total interest-bearing loans
and lease liabilities (24,107) (4,398) (28,505) (24,390)
--------------------------------- --------- --------- ----------- -----------
Net debt
Cash balances 9,108 5,259 14,367 9,561
Less: Total interest-bearing
loans and lease liabilities (24,107) (4,398) (28,505) (24,390)
Total net debt (14,999) 861 (14,138) (14,829)
--------------------------------- --------- --------- ----------- -----------
8 Capital commitments
At 30 September 2020 the Group had capital commitments of
GBP389,000 for two bespoke trucks on order at Momart, which has not
been provided for in these financial statements.
At 30 September 2019 the Group had capital commitments of
GBP430,000 for six bespoke trucks on order at Momart, which has not
been provided for in these financial statements.
Directors Registered Office
John Foster Chief Executive Kenburgh Court
Robin Williams Non-executive Chairman 133-137 South Street
Jeremy Brade Non-executive Director Bishop's Stortford
Rob Johnston Non-executive Director Hertfordshire CM23 3HX
Dominic Lavelle Non-executive Director E: admin@fihplc.com
W: www.fihplc.com
Company Secretary Registered number 03416346
Iain Harrison
Corporate Information
Stockbroker and Nominated Adviser
W.H. Ireland Limited
24 Martin Lane,
London EC4R 0DR
Solicitors
BDB Pitmans LLP
50 Broadway,
Westminster,
London SW1H 0BL
Auditor
KPMG LLP
St. Nicholas House,
Park Row,
Nottingham NG1 6FQ
Registrar
Link Asset Services
The Registry, 34 Beckenham Road,
Beckenham,
Kent BR3 4TU
Financial PR
Novella Communications
South Wing, Somerset House
Strand, London
WC2R 1LA
The Falkland Islands Company The Portsmouth Harbour Momart Limited
Kevin Ironside, Director Ferry Company Alan Sloan, Director
T: 00 500 27600 Clive Lane, Director T: 020 7426 3000
E: info@fic.co.fk T: 02392 524551 E: enquiries@momart.com
W: www.falklandislandscompany.com E: admin@gosportferry.co.uk W: www.momart.com
W: www.gosportferry.co.uk
www.fihplc.com
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END
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November 12, 2020 02:00 ET (07:00 GMT)
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