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Falkland Island beats expectations

Wed, 23rd Jun 2010 07:35

Falkland Islands Holdings said all three of its trading businesses performed well last year in extremely tough market conditions.The company, which gas retailing, property, insurance, hotels, shipping and fishing agency services on the Falkland Islands, saw underlying profit before tax in the year to 31 March 2010 came in ahead of expectations. Excluding non-trading income, which includes a £3.1m profit on the sale of shares in Falkland Oil and Gas Limited (FOGL), the company's profit before tax rose to £2.7m from £2.3m the year before. Market expectations had been for profits to remain flat.The company's Momart division was the best performer, growing operating profit 11.6% to £0.96m from £0.86m the year before, despite revenue sliding 15.9% to £13.07m.The Falklands division was operating profit jump 9.5% to £1.38m while the Portsmouth Harbour Ferry business grew operating profits by 1.3% to £0.79m.Revenue came in bang in line with market expectations at £29.22m, down from £32.25m the year before.The company is proposing the payment of a final dividend of 5p, which would make the full year pay out 9p, up from 8p the year before."Whilst we expect the forthcoming year to be challenging, we are confident that the diversity of the group's portfolio places it in a strong position to benefit in the medium term as the wider economy recovers," said David Hudd, chairman of Falkland Islands."With drilling underway on the Toroa prospect in the South Falklands basin, we are nearer to determining the full potential of our stake in FOGL. Although a deep water rig will be required for FOGL's other prospects, the ongoing drilling activity will continue to boost demand in the Falklands," Hudd added.
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20 Aug 2013 08:26

Tuesday broker round-up UPDATE

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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

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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

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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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