12th Nov 2019 09:42
(Alliance News) - FIH Group PLC on Tuesday expressed confidence for future despite terming its first-half "challenging" amid decline in both profit and revenue.
The AIM-listed company, which is engaged in general trading in the Falkland Islands, said pretax profit in the six months to the end of September declined by 7.6% to GBP1.3 million from GBP1.4 million a year ago, as revenue slipped by 0.8% to GBP19.4 million from GBP19.6 million.
Despite that, FIH increased its interim dividend to 1.80 pence a share from 1.65p it paid a year prior.
"It has been a challenging period for several business divisions, and especially at Momart in the art sector, so we are satisfied that the group has delivered a resilient half year performance overall," said Chief Executive John Foster.
Overall revenue in the Momart declined by 13% to GBP8.0 million, due to an uncertainty amongst "high-net-worth individuals" and ensuing reduced activity by commercial clients in the face of challenging UK and international art market conditions.
More positively, Falkland Islands Co delivered an "encouraging" and profitable trading results, led by solid growth across multiple divisions and strong recovery in construction. Revenue was up 14% in the first half at GBP9.1 million.
Elsewhere, Portsmouth Harbour Ferry Co delivered lower revenue in the period, down 1.2% to GBP2.3 million, reflecting a 3.2% decline in passenger numbers, which in turn was hurt by aircraft carrier's summer deployment.
Foster added: "With a number of exciting medium to long-term growth opportunities in each of our diverse businesses, the board looks to the future with confidence."
The stock was trading 3.7% lower on Tuesday in London at 312.00p a share.
By Evelina Grecenko; [email protected]
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