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Falkland Islands Holdings to report fall in annual profits

Wed, 17th Apr 2013 10:23

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 trading was satisfactory at its division Falkland Islands Company (FIC), which provides services to retail, distribution, port services, shipping, hotels and mineral exploration.Retail sales experienced growth while tourist activity declined with fewer cruise ship visits. Preparations to ramp up activity at the Sea Lion discovery continued, including preliminary work on planning for related infrastructure projects. "As a result, although turnover increased on the record levels seen last year, FIC's contribution is expected to be slightly lower," the company said.Momart, the fine art and antiques shipping and storage company, delivered record revenues on the back of growth in large exhibitions and the global commercial art market.Revenues at the Portsmouth Harbour Ferry Company were little changed on lower passenger numbers. Profits are expected to fall at the ferry company as a result of an increase in costs. The Falkland Oil and Gas arm's drilling campaign proved a working hydrocarbon system in the South and East Falklands Basins. An extensive 3D seismic campaign is now underway to de-risk further the prospectivity and identify the next prospects for drilling.The group ended the period with cash balances of £11.5m and bank borrowings of £2.0m."2012/13 was a particularly significant year for the group, as we raised an additional £10m of equity funds which will enable us to participate in the opportunities now emerging in the Falkland Islands," said Chairman David Hudd. "We expect that there will be a quantum leap in the economy over the next decade and momentum is expected to build in 2014 as the development of Sea Lion commences. However in the short term conditions are expected to be quieter in the absence of drilling activity which has been a factor since 2010."Shares fell 0.80% to 315p at 10:59 Wednesday.RD
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4 Oct 2013 11:42

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24 Sep 2013 12:42

DIRECTOR DEALINGS: Falkland Island Holdings Non-Executive Director Buys shares

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20 Aug 2013 08:26

Tuesday broker round-up UPDATE

AMEC: Liberum Capital cuts target price from 1135p to 1120p and reiterates a hold recommendation. BAE Systems: Investec increases target price from 370p to 450p upgrading from hold to add. Bovis Homes Group: Deutsche Bank shifts target price from 900p to 901p and keeps a buy recommendation. Citi r

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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

UK small caps fall 0.2 percent, faring slightly better than their mid-cap and blue-chip counterparts, both off 0.5 percent. Shares in JD Sport Fashion fall 4.3 percent as the British retailer post a 20 percent fall in full-year profit, hit by operating losses from its Blacks Leisure acquis

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17 Apr 2013 07:20

Wednesday broker round-up UPDATE

African Barrick Gold: Deutsche Bank cuts target price from 230p to 173p, while its hold recommendation is reiterated. Ashmore Group: Morgan Stanley raises target price from 395p to 444p and maintains an equal-weight rating. Ashtead Group: Jefferies increases target price from 615p to 690o and reit

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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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