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Falkland Islands Holdings rises on oil hopes

Thu, 06th Dec 2012 14:07

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, Falkland Island Company (FIC), its trading company on the Falkland Islands, increased pre-tax profits to £0.54m (2011: £0.51m) on sales of £6.94m (£6.99m).Portsmouth Harbour Ferry Company (PHFC) increased sales by 3.3% to £2.22m, although passenger numbers declined by 7.6% to just over 1.6m. Pre-tax profits fell to £0.31m (2011: £0.39m).Momart, its London-based group art handling and logistics business maintained sales at £7.4m, with profits rising to £0.14m (2011: £89,000).However, it is a 4% holding in Falklands Oil and Gas (FOGL) that has investors excited as this is seen as making it a relatively low-risk play on the potential development of oil around the Falkland Islands. During the period, FOGL announced farm-ins with Noble Energy and Edison International diluting FOGL's interest to a 40% interest in its northern licences and 52.5% in its southern licences. Drilling at FOGL's Scotia and Loglio wells has been completed, with hydrocarbons discovered. Further evaluation of these discoveries is in progress and a 3D seismic survey is imminent. At 15:30 Falkland Island Holdings' shares were up 11p at 311p.CM
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20 Apr 2011 10:35

Falkland Islands ahead of expectations

Falkland Islands Holdings, the AIM-quoted retail, transport and logistics services group with an 8.2% stake in Falkland Oil and Gas Ltd, says that trading in the year ended 31 March has been ahead of expectations, and underlying pre-tax profits will be around £2.7m, a similar level to the previous y

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3 Dec 2010 15:19

Falkland Islands Holdings hit by weak art market

Profits dipped at Falkland Islands Holdings in the half year to September 30 as economic weakness in mother country hit trading at its art handling division Momart. The company, which is involved in retail, property, and oil exploration in the Falklands, said underlying pre-tax profits for the peri

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10 Sep 2010 06:47

Friday tips round-up: Premier Farnell, Redrow, Home Retail...

There is potentially more to go for at Premier Farnell. In the US, web sales are about a third of the total, well behind the 46% seen across the group. There is also more scope for growth in China and in India, South Korea, Taiwan and Thailand, where it has just set up shop. About 300,000 new custom

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9 Sep 2010 14:48

Small caps: Cluff, Ocean Power, Falkland...

Cluff Gold's production is now above estimates at the half year with cash costs continuing to fall compared to 2009. "Kalsaka has achieved its best operating performance to date, whilst the new crushing facility now being commissioned at Angovia is expected to have a significant effect on the pro

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23 Jun 2010 07:52

Falkland Islands Holdings Swings To FY10 Profit

LONDON (Dow Jones)--Falkland Islands Holdings PLC (FKL.LN), an international services group, reported Wednesday a swing into pretax profit for fiscal 2010 and said its trading performance year to date is in line with its expectations. MAIN FACTS: -Revenue for the year ended March 31 GBP29.2

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23 Jun 2010 07:35

Falkland Island beats expectations

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

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22 Apr 2010 14:22

Small caps round-up: Caza Oil & Gas, Alexon, Falkland Island

Shares in Caza Oil & Gas jumped after it said it encountered 'multiple gas bearing sands' after drilling at the Wharton West Wilcox Field in Texas. Shares in vehicle tracking systems specialist Minorplanet slumped after it said it is selling its UK arm, which accounts for about 40% of overall reven

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8 Dec 2009 06:36

Tuesday tips round-up: BHP Billiton, Rio Tinto, Shanks

The fundamentals for both BHP Billiton and Rio Tinto look good now their iron ore tie-up in Australia has finally happened. Spot iron ore prices are currently around one-third higher than contract prices, indicating the latter will move in line, and Chinese steel production continues at high level

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7 Dec 2009 12:05

Small caps round-up: Assetco, IS Pharma, Safeland

Fire service equipment outsourcer Assetco's profits fell to £5.4m in the six months to September from £6.5m, though its underlying half year performance was significantly ahead of the comparable period. The core Integrated Support Services business delivered a 25% increase in profit to £3.9m as a r

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30 Nov 2009 16:32

London close: Shares drop again in late trading

London's blue chips recovered most of their losses in late afternoon trading and looked like they could be set for a positive finish before turning down again just before the close. Banks such as Lloyds Banking, Royal Bank of Scotland and Standard Chartered remained nervous about the debt situation

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30 Nov 2009 14:36

London afternoon: Banks pare losses

Leading share prices are still holding steady at lower levels as investors await further developments from Dubai. Banks such as Lloyds Banking, Royal Bank of Scotland and Standard Chartered remain nervous about the debt situation in emirate, though the morning's losses have been pared. HSBC defie

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30 Nov 2009 14:21

Falkland Islands makes killing on Falkland Oil share sale

Falkland Islands Holdings has made a £3.1m profit after selling 3m shares in Falkland Oil and Gas. The group, which owns businesses in the South Atlantic territory, offloaded 20% of its stake in Falkland Oil, but still owns 12m shares, or 8.2% of the business. Falkland Oil shares have doubled this

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11 Sep 2009 06:48

Friday tips round-up: Royal Bank of Scotland, BG, Galliford Try

Royal Bank of Scotland is in a mess and its chief executive, Stephen Hester, has made no bones about that fact. The shares have recovered strongly recently. Although the economic outlook appears better than it was and RBS should benefit, be wary of backing the lender at these levels until there is

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16 Jun 2009 08:23

Art write-down puts Falkland Islands in red

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%

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