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 period were down to £1.15m from £1.17m over the same period the previous year. Turnover rose to £14.4m from £13.8m.Momart's revenues fell to £5.83m from £6.31m as exhibition revenues slumped by 30%. Retail sales were higher though and the property portfolio has been expanded.Falkland also saw increased demand for oil exploration support activities and is hopeful that its investment in Falkland Oil & Gas, which has been stepping up exploration activities, will pay off. 'The results for the first half of the current financial year were satisfactory, with a strong performance from FIC following an increase in economic activity in the Falkland Islands and the extension of the West Store,' the company said. 'Trading conditions in the UK were more challenging, leading to a reduction in both revenues and profits at Momart.'