5th May 2023 12:50
(Alliance News) - FIH Group PLC on Friday said it expects to outperform market consensus for its recently-ended financial year, following a strong second half.
The specialist services group with businesses in the UK and the Falkland Islands said progress seen in the first half of the financial year ended March 31 continued into the "traditionally" stronger second half.
It explained that Momart continued to improve across all segments, whilst Portsmouth Harbour Ferry, passenger numbers continued to recover. Underlying pretax profit for Falkland Islands Co remained broadly in line with the prior year, it added.
Based on this, the company expects to deliver an underlying pretax profit significantly ahead of market expectations for the financial year.
In the year ended March 31, 2022, FIH posted a pretax profit of GBP2.0 million, up sharply from the GBP202,000 achieved a year prior. Revenue grew 24% to GBP40.3 million from GBP32.6 million.
Chief Executive Officer Stuart Munro said: "The challenge of the global economic crisis remains, but the progress delivered to date, an ongoing focus on pricing and cost control and the strength that our geographical breadth and diversity of operations brings, give me confidence for the future."
Shares in FIH were up 6.0% to 264.00 pence each in London on Friday afternoon.
By Sophie Rose, Alliance News reporter
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