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Art write-down puts Falkland Islands in red

Tue, 16th Jun 2009 08:23

An impairment charge of £2m linked to its art logistics business has sent Falkland Islands Holdings into the red.The group, which owns businesses in the South Atlantic territory, reported a loss before tax of £600,000 for the year to 31 March 2009 versus a £1.9m profit last time. Turnover rose 84% to £31.7m.A downturn in the commercial art market in the second half of the year forced the firm to reassess the carrying value of the goodwill linked to the purchase of Momart in March 2008.But underlying profit (before tax, amortisation and non-trading items) was up 3% to £2.1m from £2m in 2008. Retail and fishing activity in the Falklands fell, but profits at the Portsmouth ferry business were maintained.The company still has high hopes for Falkland Oil and Gas Limited (FOGL), in which it has a 14.6% stake, worth £10.9m at the year end, down from £18.5m in 2008.“Drilling for hydrocarbons in the South Atlantic by FOGL and others gets ever closer and remains a potentially transformational event for the Falkland Islands and your company,” it said.Targets have been identified and drilling is expected to take place in 2009/10. “Given the challenging environment we are satisfied with the results for the year. Our three operating businesses traded profitably,” said chairman David Hudd.“We do not expect any improvement in the trading performance of the group this year. We continue to generate cash, which coupled with our strong balance sheet and control over costs, gives the group resilience going forward.”Broker KBC Peel Hunt is revising down estimates, given little sign of economic recovery.But it says cash flow remains robust and, with the potential from the strategic investment in FOGL, remains positive with a ‘buy’ recommendation.The dividend stays at 8p a share.
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4 Oct 2013 11:42

DIRECTOR DEALINGS: Falkland Islands Director's Holding Shares Reduced As His Children Turn 18

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24 Sep 2013 12:42

DIRECTOR DEALINGS: Falkland Island Holdings Non-Executive Director Buys shares

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20 Aug 2013 08:26

Tuesday broker round-up UPDATE

AMEC: Liberum Capital cuts target price from 1135p to 1120p and reiterates a hold recommendation. BAE Systems: Investec increases target price from 370p to 450p upgrading from hold to add. Bovis Homes Group: Deutsche Bank shifts target price from 900p to 901p and keeps a buy recommendation. Citi r

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10 Jun 2013 10:35

Ice Age Art helps drive revenue rise at Falkland Islands

Group revenue rose 4.4 per cent to 35.6m pounds at AIM-listed international services group Falkland Islands in the year ended March 31st, underpinned in part by strong activity in the group's art-focussed business division. In its final results for the year, the group - which owns essential service

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17 Apr 2013 10:32

STOCKS NEWS EUROPE-UK small caps off 0.2 pct at mid-session

UK small caps fall 0.2 percent, faring slightly better than their mid-cap and blue-chip counterparts, both off 0.5 percent. Shares in JD Sport Fashion fall 4.3 percent as the British retailer post a 20 percent fall in full-year profit, hit by operating losses from its Blacks Leisure acquis

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17 Apr 2013 10:23

Falkland Islands Holdings to report fall in annual profits

Falkland Islands Holdings, a British conglomerate which owns logistics, warehouses and retail outlets on the islands, expects to report a fall in annual profits. The company anticipates pre-tax profit of £3.0m for the year to March 31st 2013, compared to £3.2m a year earlier. The group said tradin

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17 Apr 2013 07:20

Wednesday broker round-up UPDATE

African Barrick Gold: Deutsche Bank cuts target price from 230p to 173p, while its hold recommendation is reiterated. Ashmore Group: Morgan Stanley raises target price from 395p to 444p and maintains an equal-weight rating. Ashtead Group: Jefferies increases target price from 615p to 690o and reit

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10 Dec 2012 16:25

Chamberlin Chairman invests 75k

Castings and engineering group Chamberlin announced on Monday that its Chairman has topped up his stake in the company twice over the couple of weeks. Keith Butler-Wheelhouse acquired a total of 44,500 Chamberlin ordinary shares through his family trust, BW Family Limited (BWFL), representing 0.56%

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6 Dec 2012 14:07

Falkland Islands Holdings rises on oil hopes

Falkland Islands Holdings has risen despite producing uninspiring interims, with both revenues and profits virtually flat year-on-year. For the six months ended September 30th revenues were virtually unchanged at £16.5m, with pre-tax profits marginally up at £1.08m (2011: £0.99m). Divisionally, F

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6 Jul 2012 15:59

ReThink Group CFO buys 1.4m shares

Steve Wright, the Chief Financial Officer of ReThink Group, has purchased more than 1.4m shares in the recruitment and technology services firm. Wright purchased the shares at 7.00p each and for a total of £100,000. The company's share price has fallen over 25% in the last year, equal to 2.62p.

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14 Jun 2012 13:13

Falkland Islands Holdings raises funds

Falkland Islands Holdings, the AIM quoted international services group, has raised eight million pounds following a subscription for shares by Blackfish Capital, an investment fund. In addition, the company is making an open offer under which the company's existing shareholder can buy one open offe

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6 Jun 2012 12:56

Profits rise at Falkland Islands but growth expected to slow

Falkland Islands, an international services group, offset news of a rise in both revenue and profits with warnings of a slowdown in growth. Underlying pre-tax profits for the year rose 18.7% from £2.73m to £3.24m, slightly higher than expectations of £3.0m, despite higher financing costs this tim

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4 Apr 2012 08:50

Falkland Islands Holdings on a high

Shares in Falkland Islands Holdings were up on Wednesday after the firm said trading for the year was ahead of market expectations. The AIM-traded group which, amongst other things, operates a ferry service across the mouth of Portsmouth harbour, expects its total dividend payment to be at least 10

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13 Jan 2012 10:04

Falkland Oil slides after discounted placing

Falkland Oil and Gas (FOGL), one of the firms hoping to discover substantial oil resources around the Falkland Islands, saw its share price sink after placing shares at a steep discount. The company has raised £48.5m through the placing of 112.8m shares at 43p per share, more than 7p below the mid-

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