30th Aug 2018 15:15
LONDON (Alliance News) - FIH Group PLC on Thursday said it looks forward with confidence following improved annual results and continued growth of transportation firm Momart Ltd.
Prior to its annual general meeting, the Falklands-focused retail & logistics firm said its trading performance in the first five months of the financial 2019 was encouraging.
The company's largest operating unit Momart saw continued growth, while its other segments traded broadly in line with the prior year.
FIH also said it continues to monitor the developments in the Falklands. It is in contact with the related parties, including Premier Oil PLC, the Falkland Islands government and the Ministry of Defence regarding how FIH could support their plans of the potential offshore oil extraction.
The company believes that its project investments, including strengthening the teams in the Falkland Islands and at head office positions it favourably to deliver a sustainable growth in earnings.
Looking forward, FIH said it will seek acquisition opportunities to enlarge the company and enhance the quality of its earnings.
"I am pleased to say that in the past year the group has made considerable progress: resuming the payment of dividends, posting record levels of turnover and delivering a 35% increase in pretax profit," said Chairman Robin Williams.
For the year ended March 31, pretax profit widened 74% to GBP3.3 million from GBP1.9 million the year prior, as revenue rose 8.2% to GBP43.8 million from GBP40.5 million the year before.
FIH proposed a 3.0 pence per share final dividend. For the full year, the dividend rose 13% to 4.5p from 4.0p the year before.
"Your board looks forward to the future with confidence," added Williams.
Shares in FIH were trading 1.5% higher on Thursday at 335.00p each.
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PMO.LFih Group