LONDON (Alliance News) - Falkland Islands Holdings PLC Tuesday said trading in its second half has improved, and it now expects to show an encouraging increase in underlying pretax profits for its full year.
The international services group, which focuses on transport and logistics, said its underlying pre-tax profit for the full year ending March 31, before amortisation and non-trading items, is expected to increase due in particular to improvements at the company's Momart operations.
Falkland Islands Holdings said it continues to see strong performance from its Momart operations, with record levels of activity and a strong contribution from both Exhibition and Gallery Services boosted further by a favourable mix of contracts in the UK and overseas.
The company said its Falkland Islands Company operations saw a subdued trading environment in the Falklands in the absence of offshore drilling, but said the second half saw its usual seasonal uplift. Trading performance for the year is expected to satisfactory.
Falkland Islands Holdings said its Portsmouth Harbour Ferry Company is trading at a similar level to the prior year with revenues marginally ahead despite passenger numbers down 1.6%.
The company said it had cash balances of GBP5.5 million and GBP1.0 million in bank borrowings at March 31 and noted that its total dividend payment for the full year will not be less than its previous full year's 11.5 pence per share.
Falkland Islands Holdings shares were up 6.1% to 339.00 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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