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FIH annual profit jumps alongside revenue; dividend up but shares fall

7th Aug 2023 10:37

(Alliance News) - FIH Group PLC on Monday reported higher profit and revenue amid an optimistic outlook.

The specialist services group with businesses in the UK and the Falkland Islands said pretax profit in the financial year to March 31 jumped 48% to GBP4.0 million from GBP2.7 million a year prior.

Revenue grew 31% to GBP52.7 million from GBP40.3 million. Its fastest growing and biggest unit is Falkland Island Company, which saw revenue climb 37% to GBP29.4 million from GBP21.6 million.

The company declared a final dividend of 5.3 pence per share, up from 2.0p a year prior. This brings the final dividend to 6.5p per share, more than doubled from 3.0p a year ago.

Looking ahead, FIH said its outlook remained positive, as the return of tourism to the Falkland Islands "should continue to boost both direct and indirect revenues across a number of business sectors, which should help to mitigate the challenges of the current global economic crisis."

Further, it said that that its ongoing focus on pricing and cost control gives confidence for the future, as cost and farepricing are carefully managed.

FIH shares fell 3.5% to 245.00 pence each in London on Monday morning.

By Tom Budszus, Alliance News reporter

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