LONDON (Alliance News) - Falkland Islands Holdings PLC on Tuesday said its profit for the financial year to the end of March will fall due to the reduced contribution from its Momart UK art storage business.
Falkland Islands Holdings, which owns services businesses based in the UK and the Falkland Islands, said its underlying profit for the year to March 31 is set to fall around by 10% to 15% year-on-year to around GBP3.0 million to GBP3.2 million.
The main driver of this will be Momart, where profitability improved in the second half but will be depressed for the full year by significant investments made in marketing and sales infrastructure, along with a competitive and slowing global art market.
The company said its Falkland Islands Co business has performed well, helped by a boost to the local economy from offshore exploration drilling. Its West Store shopping centre in Stanley, the capital of the Falkland Islands, also performed well, with sales at the centre at record levels over the year.
Passenger numbers at its Portsmouth Harbour Ferry Co business were down 3.3% year-on-year, though trading in the passenger ferry business was "broadly satisfactory".
Shares in the company were down 12% to 181.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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