LONDON (Alliance News) - Falkland Islands Holdings PLC on Thursday said its pretax profit edged up in the first half following a solid trading performance across the business, though revenue was slightly lower.
The company, which owns service businesses based in the Falkland Islands and the UK, said its pretax profit for the half to the end of September rose to GBP1.4 million from GBP1.2 million a year earlier, despite revenue falling to GBP17.7 million from GBP18.2 million.
The group said it saw solid trading in its property portfolio in the half, with a good performance for the West Store shopping centre in Stanley, the capital of the Falkland Islands, where revenue rose 2.4%. Revenue was lower, however, for its Portsmouth Harbour Ferry Co in the UK, which the company blamed on cheaper fuel prices encouraging people to drive their cars, which resulted in reduced passenger numbers.
Revenue for Momart, its UK art storage business, edged up in the half, boosted by a series of high-profile museum acquisitions in London.
"The outlook for the group remains positive and we remain confident that the diverse range of high quality, niche service businesses supplemented by strategic acquisitions to increase the group's scale and earnings potential, will produce sustainable long term returns for shareholders," said Edmund Rowland, Falkland Islands' chairman.
Shares in the company were up 0.6% to 226.2278 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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