6th Jul 2021 13:58
FIH Group PLC - essential services provider in UK and Falkland Islands - Says Covid-19 "substantially reduced" revenue in the financial year that ended March 31, down 27% to GBP32.6 million from GBP44.6 million the year before. Nonetheless, manages to post pretax profit of GBP202,000 from loss of GBP3.8 million the year before. Decides against issuing dividend.
Says pretax profit from its Falkland Islands Co subsidiary of GBP20.9 million in - down only 3.7% from GBP21.7 million a year prior - offset losses incurred in the UK. In the UK, its Portsmouth Harbour Ferry Co was hit hardest due in the recent financial year due to its fixed costs, resulting in a 66% revenue drop to GBP1.4 million from GBP4.1 million the year before. The ferry company swung to a GBP1.2 million pretax loss from a GBP600,000 pretax profit. Income from art storage allowed its other UK business, Momart, to mitigate some of the pandemic's impact.
"The outlook for the current year remains inevitably uncertain but provided no serious reversals are experienced linked to the pandemic, we are cautiously optimistic that we will see a slow but steady recovery over the remainder of the year," FIH says.
Current stock price: 250.00 pence, down 5.7% on Tuesday
Year-to-date change: up 6.4%
By Scarlett Butler; [email protected]
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