Final Results

FIH group plc

("FIH" or the "Group")

Final Results

FIH, the AIM quoted international specialist services group with businesses in the Falkland Islands and the UK, is pleased to announce the Group's audited results for the year ended 31 March 2025 ("the period").

Highlights

· Revenue significantly below prior year at £40.9 million (2024: £52.5 million). The majority of the reduction was from Falkland Building Services ("FBS"), the construction division of the Falkland Islands Company ("FIC"), where the work was severely disrupted.

· Underlying pre-tax loss of £6.2 million as a result (2024: profit of £3.4 million).

· Pre-tax loss of £6.6 million (2024: £2.8 million profit) including non-trading items.

· Group cash balance of £7.8 million (2024: £9.6 million).

· Underlying loss per share of 41.0p (2024: Underlying earnings per share 19.4p).

· A final dividend of 5.5 pence per share will be proposed at the forthcoming Annual General Meeting, taking the total regular dividend for the year to 6.75 pence per share (2024: 6.75 pence per share).

Stuart Munro, Chief Executive, said:

"It has been a challenging year for the Group, particularly in FIC, where the challenges in the construction division reported at the half year continued to adversely impact results in the second half, albeit to a lesser extent. Having secured both construction and retail management resource to address the issues within those business areas, the newly appointed Managing Director will provide additional support to those divisions, as well drive a programme of improvement across all areas of the business.

The market remains difficult for Momart, but is being addressed by a continued focus on client relationships, process efficiency and cost management. At Portsmouth Harbour Ferry, passenger numbers were slightly reduced, but continue to be mitigated by a combination of fare pricing, cost management and the maximisation of secondary revenues.

Whilst there are significant challenges ahead, the Group now has the management teams in place to address them in all businesses."

Enquiries:

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

The person responsible for arranging the release of this announcement on behalf of the Company is Stuart Munro Chief Executive Officer of the Company.

Chairman's Statement 2025

While this has been a demanding year, marked by persistent economic uncertainty and business-specific pressures, progress in stabilising performance and positioning the Group for long-term resilience and growth has been made. Our diversified portfolio and prudent management have helped to cushion the impact of headwinds across our operating companies.

Although we have reported an underlying loss before tax and non-trading items of £6.2m for the year, encouragingly, the second half of the year showed signs of operational improvement across most sectors of our businesses. Ferry and Momart contributed positively in the second half, while cost management and strategic review initiatives are underway at FIC to support recovery.

I would like to thank the Board, our leadership teams, and our employees across the Group for their continued commitment and effort during what has been a particularly challenging period.

Dividend

Following the payment of an interim dividend of 1.25 pence per share in January 2025 and reflecting on the overall performance of the Group, a final dividend of 5.5 pence per share will be proposed at the forthcoming Annual General Meeting. This will maintain the total regular dividend for the year ended 31 March 2025 at 6.75 pence per share (2024: 6.75 pence per share).

Board and Governance

There have been no changes to the composition of the Board during the year. The Board remains fully engaged and committed to ensuring strong governance, oversight, and strategic direction across the Group.

Outlook and strategy

The Board remains focused on strengthening the foundations of the business and pursuing targeted strategic initiatives that support sustainable growth and value creation.

As we move forward, we remain confident in the underlying potential of our businesses and optimistic about our ability to return to profitable growth in the medium term.

Nick HenryChairman24 July 2025

Strategic Report

Overview

Total revenue of £40.9 million was significantly below prior year, with improvements in Momart and Portsmouth Harbour Ferry Company ("PHFC") offset by a substantial reduction in Falkland Islands Company ("FIC").

This resulted in an underlying loss before tax of £6.2 million versus a profit of £3.4 million in the prior year. The reported loss for the year after non-trading items was £6.6 million (2024: £2.8 million profit).

Net cash inflow from operating activities was £4.1 million compared to £2.0 million in the prior year, largely due to improvements in working capital, which were predominantly driven by reduced activity within Falkland Building Services ("FBS"), the FIC construction business.

Group Trading Results for the Year Ended 31 March 2025

A summary of the trading performance of the Group is given in the table below.

* Underlying pre-tax (loss) / profit is defined as (loss) / profit before tax before non-trading items.

** (Losses) / profits reported for each operating company are stated after allocation of head office and plc costs which have been applied to each subsidiary consistently.

*** Non-trading items were comprised of the following:

- £0.2 million people-related costs in FIC and Momart for which management consider separate presentation is appropriate (2024: £0.5 million).

- £0.2 million adverse fair value movements on derivative financial instruments (2024: £0.2 million favourable).

- 2024 included a release of £0.1m of old credit balances.

Group Operating Company Performance

Falkland Islands Company ("FIC")

Total revenue decreased by £12.0 million to £17.0 million.

The majority of the reduction was in FBS, where the completion of the contract to build a total of 70 houses for the Falkland Islands Government ("FIG") and the Ministry of Defence ("MOD") was disrupted by changes in management earlier in the year, adverse weather conditions, and a lack of power on the MOD Mount Pleasant Complex ("MPC"), which the client is contractually obliged to provide.

The shortfall in Retail mainly related to food sales, while in Support Services, activity levels were lower in the provision of fishing agency services, agency workers and hire purchase facilities.

The underlying loss before tax of £7.4 million (2024: £1.7 million profit) was predominantly due to the 70 house project for FIG and the MOD incurring power-related disruption costs and increased costs to complete. Compensation for the power-related disruption costs is under discussion with the client, but in the meantime, in accordance with International Accounting Standards, no recovery is reflected in the results for the year.

The reported loss before tax was £7.5 million (2024: £1.7 million profit).

FIC Divisional Activity

FBS activity was lower than the prior year due to a lack of tender opportunities and the issues noted above on the 70 house contract for FIG and MOD. Progress with this contract on the Bennetts Paddock site for FIG was in line with expectations.

Retail activity reduced during the year, reflecting continuing inflationary and global economic pressures, but also the need to increase focus on the challenges of making an appealing range of products available to the customer in an efficient, cost effective and timely manner. Following the departure of the Retail Director in January 2025, a Retail Transformation Director was appointed in April 2025 to identify and drive improvement initiatives in the Retail business.

At Falklands 4x4, revenue remained in line with the prior year, despite continuing difficulties in sourcing vehicles for sale being experienced in the first half of the year. This was addressed in the second half of the year, with the business now having access to a supply of high-quality used vehicles from a reliable supply partner at a price point that makes them attractive to the local market.

In Support Services, activity levels reduced in three main areas. The decision was taken during the year to cease the provision of agency services to the fishing industry, following a substantial reduction in the customer base, resulting from a combination of licensing changes and a move by customers to self-deliver. Income from the provision of agency workers to FIG reduced, reflecting a change in demand, as did the level of hire purchase income.

In Property Rental, revenue was in line with the prior year.

FIC Key Performance Indicators and Operational Drivers

* Includes ten mobile homes rented to staff.

** Relates to kit home sales to third parties and excludes houses built under contract for Falkland Island Government.

Momart

The fine art market continued to see a contraction due to ongoing global uncertainty.

This particularly impacted the Gallery Services side of the business, as major auction houses cancelled sales and saw large overall drops in activity. Similarly, several commercial galleries closed, and the level of activity at art fairs diminished. Momart continued to maintain strong relationships with key clients, but a reduction in their activity inevitably reduced the volume of business.

The public sector continued to be affected by a lack of certainty around funding. However, through effective relationship management and strong tender responses, the conversion rate improved and revenue increased. Museum Exhibitions work tends to be at a lower margin than Gallery Services, which has therefore impacted overall profitability.

Having held a Royal Warrant, granted by Queen Elizabeth II, since 1993, the business was recently awarded a Royal Warrant by King Charles III, which is a testament to Momart's quality, expertise, and continued relationship with the royal household.

Momart Operating results

Momart Key Performance Indicators

Portsmouth Harbour Ferry Company ("PHFC")

Passenger numbers at PHFC were slightly lower than the prior year, although this was offset by inflationary fare rises in April 2024, resulting in fares income increasing by £0.1 million to £4.2 million.

Other revenue remained at £0.1 million due to continued focus on maximizing ancillary income from existing assets such as advertising, berthing and storage services.

Inflationary cost pressures were partially offset by fare rises resulting in an underlying operating profit of £0.7 million (2024: £0.9 million) and an underlying pre-tax profit of £0.5 million (2024: £0.7 million).

PHFC Operating results

PHFC Key Performance Indicators and Operational Drivers

* Total ferry fares divided by the total number of passengers

Trading Outlook

It has been a challenging year for FIC, due to the departure of a number of key personnel, including the Managing Director, the FBS management team and the Retail Director, as well as to specific workload and contract issues within FBS. Despite the challenges of replacing key staff in such a remote location, FIC have now secured both construction and retail management resource to address the issues within these business areas, as well as a new Managing Director, who will provide additional support in those areas, as well as driving a programme of improvement across all areas of the business.

Demand for accommodation in the Falkland Islands remains strong, with a shortage of suitable housing units for both local residents and contractors on upcoming projects and potential new business areas and FIC continue to explore options to develop their land assets, particularly the expansion of the existing rental portfolio.

The lack of power at MPC on the contract to build 70 houses for FIG and the MOD remains very challenging for FBS. However, the FBS management team are working closely with the client to find a solution and extensive work continues to be carried out to identify, quantify and justify the recovery of the costs of the disruption. Workload is another key issue in FBS and whilst the business continues to focus on securing additional work and on the potential to utilise the team to develop FIC's own land assets, management are mindful of the cost base and the need to flex with demand.

Following the departure of the Retail Director at the end of January 2025, the appointment of a Retail Transformation Director in April is already providing renewed focus on range, customer experience and efficiency of operation in this business area.

At Momart, trading conditions remain challenging, but are being mitigated by a continued focus on client relationships and business development, as well as on process efficiency. The cost base is also under review and a number of savings have already been identified and delivered.

At PHFC, demand continues to be relatively steady and management will continue to carefully manage costs and fare pricing, as well as maximise secondary revenue wherever possible. As noted in previous years, available capacity means that future passenger growth can be accommodated without a commensurate increase in cost.

Whilst there are significant challenges ahead, particularly in FIC and Momart, the Group now has the management teams in place to address them in all businesses.

Group Strategy

The Board's stated strategy is to build a Group of greater scale, providing consistent earnings growth and cash generation that will provide shareholders with both predictable capital growth and regular dividend income. To do so, there are three strands to the strategy; build profits of existing the businesses, invest in developing existing businesses and explore potential for strategic acquisitions.

Focus continues to be directed on addressing issues and building up profits within existing businesses, as well as to investing in them to allow them to develop further and to maximise opportunities that present themselves.

As noted at the half year, the Group is also evaluating strategic options to maximise shareholder value for all divisions. This includes reviewing available options for unlocking value within the Group, where the Board feel it is not adequately reflected in the share price.

The evaluation of strategic options is ongoing but, in the meantime, strategic acquisitions are not currently a primary focus for the Board.

Risk Management, Principal Risks and Impact

The Board is ultimately responsible for setting the Group's risk appetite and for overseeing the effective management of risk. The Group faces a diverse range of risks and uncertainties which could have an adverse effect on results if not managed. The principal risks facing the Group have been identified by the Board and the mitigating actions agreed with senior management and are discussed in the following table:

Financial Review

Revenue

Group revenue of £40.9 million was significantly below the previous year, with improvements in Momart and PHFC offset by a reduction in FIC, due primarily to FBS.

Operating Loss

Underlying operating loss was £5.5 million (2024: £4.0 million profit).

Non-trading items in the year of £0.2 million consisted of people related costs across Momart and FIC. As a consequence, the operating loss was £5.7 million (2024: £3.6 million profit).

Net Finance Expense

The Group's net finance expense of £0.9 million was In line with prior year.

Reported Pre‑tax Loss

Reported pre-tax loss for the year ended 31 March 2025 was £6.6 million (2024: £2.8 million profit). The Group's underlying loss before tax before non-trading items was £6.2 million (2024: £3.4 million profit). Non-trading items in the year included £0.2 million adverse fair value movements on derivative financial instruments in addition to the items referred to above in operating loss.

Taxation

Current year losses resulted in a tax credit of £1.5 million compared to a tax charge on prior year profits of £0.8 million.

Earnings per Share

Basic and diluted loss per share ("EPS") derived from reported losses was 41.0 pence per share (2024: earnings per share 15.7 pence per share). Basic and diluted loss per share derived from underlying losses was 38.3 pence per share (2024: earnings per share 19.4 pence per share). The decrease in underlying EPS is due to the losses incurred in the year.

Balance Sheet

The Group's net assets fell to £37.9 million from £45.1 million in the previous year as a result of the loss incurred in the year.

Bank loans reduced to £11.3 million (2024: £12.3 million) as a result of scheduled loan repayments of £1.0 million. Group cash balances decreased to £7.8 million with outflows from FBS losses and higher dividends paid offset by reduced working capital and lower capital expenditure compared to the previous year. Consequently, net debt before lease liabilities increased to £3.5 million (2024: £2.6 million) which includes a mortgage on the Leyton property of £11.0 million (2024: £11.6 million).

The Group's outstanding lease liabilities totalled £5.4 million (2024: £6.1 million) with £4.1 million of the balance (2024: £4.2 million) relating to the 50-year lease from Gosport Borough Council and associated ground rent, which run until June 2061.

The net book value of the investment properties and undeveloped land of £7.5 million (2024: £7.7 million) had a fair value of approximately £13.3 million (2024: £12.8 million).

Inventory values in FIC reduced in the year, with reduced activity in FBS driving the movement, but also from reduced stock holdings within the retail division of FIC.

Trade and other receivables of £7.5 million at 31 March 2025 were below the prior year (2024: £10.9 million), with a £2.7 million decrease in construction contract balances along with a £0.7 million reduction in trade receivables. Construction contract balances decreased due to a reassessment of the completion percentage on the contract to build 70 houses for FIG and the MOD within FIC. Momart trading activity in March was lower than last year and trade receivables outstanding at year end were lower as a result.

Trade and other payables increased by £2.0 million to £13.1 million (2024: £11.1 million). The majority of the increase was due to the timing of a small number of large recurring payments around year end.

The Group's defined benefit pension liability decreased by £0.6 million which was mainly due to pension payments and a transfer out of the FIC defined benefit scheme. Finance costs on the scheme were largely offset by the re-measurement of the pension liability.

Cash Flows

Net cash inflow from operating activities of £4.1 million was £2.1 million higher than the prior year. The increase was largely due to a working capital movements of £11.1 million partially offset by a decrease in EBITDA of £9.4 million, with lower tax payments compared to prior year.

Most of the £11.1 million working capital movement arose on the contract to construct 70 houses for FIG and MOD in FIC. This was due to a higher level of cash applications received compared to the revenue recognised on the contract, which excluded any potential benefit of contract claims due to power-related disruption.

The Group's cash flows can be summarised as follows

* EBITDA is defined as earnings before interest and tax after adding depreciation and amortisation

Financing and Investing Activities

During the year the Group invested £1.6 million of capital expenditure, comprising plant and equipment and vehicles.

The bank and lease repayments were in line with prior year.

Statement by the Directors under Section 172(1) Companies Act 2006

As an experienced Board, our intention is to behave responsibly and we consider that we, both as individuals and as a collective Board, as representatives of FIH group plc, during the year ended 31 March 2025 have acted in good faith, to promote the success of the Company for the benefit of its members as a whole, having regard to the wider stakeholders as set out in s172 of the Companies Act.

Section 172 (1) of the Companies Act obliges the directors to promote the success of the Company for the benefit of the Company's members as a whole.

The section specifies that the directors must act in good faith when promoting the success of the Company and in doing so have regard, amongst other matters, to:

a) the likely consequences of any decision in the long term;

b) the interests of the Company's employees;

c) the need to foster the Company's business relationship with suppliers, customers and others;

d) the impact of the Company's operations on the community and environment;

e) the desirability of the Company maintaining a reputation for high standards of business conduct; and

f) the need to act fairly as between members of the Company.

The Board is collectively responsible for the decisions made towards the long-term success of the Company and how the strategic, operational and risk management decisions have been implemented throughout the business is detailed in this Strategic Report.

The directors engage with the Group's stakeholders on material issues relating to their business, taking into consideration current and future events and principal decisions. The engagement supports the directors in understanding the impact of their decisions and identifying any material issues. This aligns with the Group's purpose and strategy. The details of the Group's interaction with its wider stakeholders are as follows:

Customers:

FIC demonstrates its customer focus through regular engagement with key customers to understand their requirements and to build long-term relationships. During the financial year ended 31 March 2025, Board members met with the Governor of the Falkland Islands, the Chief Executive of FIG and the MOD.

PHFC maintains open communication channels with its customer base through its website and digital advertising platforms, keeping passengers informed about services, promotions, and local events of interest to the local community and visiting tourists. PHFC also maintains close links to the Navy based in Portsmouth.

Momart maintains strong, collaborative relationships with its clients and actively engages with them to understand their specific needs and preferences, ensuring the delivery of tailored fine art logistics solutions. Additionally, Momart hosts client events to share their specialist knowledge, attends global conferences to interact with clients and industry colleagues, and participates in industry forums and working groups to stay abreast of best practices and innovations.

Colleagues:

We have an experienced, diverse and dedicated workforce which we recognise is a key asset of our businesses. Therefore, it is important that we continue to create the right environment to encourage and create opportunities for individuals and teams to realise their full potential.

The health, safety, and wellbeing of our employees are of utmost importance. FIC has recently been successful in achieving ISO 9001:2015 (Quality Management), ISO 140001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health and Safety Management accreditation for FBS, its construction division.

We have an open, collaborative and inclusive management structure and engage regularly with our employees. The directors meet with the management teams of the businesses throughout the year to work together on strategy and policies to ensure companywide engagement.

Suppliers:

The Board acknowledges that a strong business relationship with suppliers is a vital part of growth. Across the Group, we aim to build long-term relationships with our suppliers that help ensure the continued delivery of the high-quality services the Group provides. We are clear about our payment practices. We expect our suppliers to adopt similar practices throughout their supply chains to ensure fair and prompt treatment of all creditors. All suppliers are vetted to ensure compliance with the Group's zero tolerance approach to modern slavery.

The Board supports ethical business behaviour and encourages management to seek comparable business practices from all suppliers doing business with the Company.

Communities:

We are committed to supporting and ensuring a positive impact on the communities in which we operate, including local businesses, residents and the wider public.

In the Falkland Islands and in Gosport/Portsmouth (where PHFC provide the ferry service), the subsidiaries of the Group work closely with local communities. Momart, is an active and founding member of several art communities and its employees give talks at conferences, sharing their experiences on the import and export of artwork.

We engage with the local communities in Gosport/ Portsmouth and in the Falkland Islands through our community donations and providing employment and work experience opportunities.

PHFC also work closely with local government to ensure representation in local transport developments.

Environment:

The Group is committed to doing its part to protect the local and global environment, minimising the environmental impacts of its activities, products and services, and to the continual improvement of its environmental performance.

Steps already taken include:

FIC

• Use of ground heat source systems on new housing developments and fitting solar panels.

• Elimination of plastic bags from all retail outlets and use of paper cups, straws, and other recyclable packaging in the FIC cafes wherever possible.

• LED lighting in offices, warehouses and retail outlets.

• Utilisation of best practice insulation methods for building construction and renovation.

Momart

• An accredited member of the Galleries Climate Coalition, one of only two Fine Art Shippers to have attained this level.

• Engaged a specialist consultancy to analyse all current impacts and further develop the existing overall environmental strategy.

• Conversion of vehicles to meet the Euro 6 emissions standard.

• LED lighting and movement sensors across all warehouse units.

• Renewable energy from solar panels installed at the Leyton warehouse unit 14.

• Sourcing of materials for packing cases from sustainable sources wherever possible.

• Wood waste repurposed or burnt for energy rather than going to landfill

PHFC

• Investigation and analysis into International Maritime Organisation (IMO) Tier 3 compliant machinery.

• Smart LED lighting across the estate.

• Provision of coffee cup recycling.

• Investigation of smart apps to promote environmentally friendly journey planning.

Governments and Regulatory Authorities

FIC's work brings us into regular contact with the MOD, FIG and local authorities, as we deliver construction projects, repairs and other work. We strive to be proactive and transparent, consulting with them to ensure that our planning reflects local sensitivities.

PHFC staff attend meetings with local government members and Gosport Borough Council.

The Momart Business Process and Compliance Manager attends industry forums, such as Logistics UK, discussing developments in the industry with the forum and any attending HMRC officers. The Momart Security Manager liaises with the Civil Aviation Authority to ensure that Momart's security procedures and staff training remain compliant.

Non-governmental Organisations:

PHFC is a Heritage Committee member.

Momart is a member of the UK Registrars' Group, which is a non-profit association providing a forum for the exchange of ideas and expertise between registrars, collection managers and other museum professionals in the United Kingdom, Europe and worldwide.

Momart is a founding member of ARTIM, "The Art Transporter International Meeting" and attends the annual conference to discuss the best practices and the key business issues concerning the packing, transportation and movement of works of art.

Momart representatives attend the UK Registrars' Group conference and the European Registrars' Group conference and speak on issues such as customs procedures, Brexit, or specialised export licences, such as the "Convention on International Trade in Endangered Species of Wild Fauna and Flora", and includes the import export of items made out of ivory, rosewood, tortoiseshell, ebony and mahogany.

With over 50 years of experience and expertise in handling, transportation and storage of art, Momart has held a Royal Warrant for work with the Royal Collection since 1993.

Momart has been an Active Member of the Galleries Climate Coalition for the past two years - this is an industry wide body working to improve and drive sustainability across the art world, and Momart has been accredited based on its on-going work in this area

Shareholders and Analysts:

The Board places equal importance on all shareholders and recognises the significance of transparent and effective communications with them. The Company values the views of its shareholders, and the directors are keen to engage and work with them so that they are aligned with the strategy for the growth of the business.

As an AIM quoted company, there is a need to provide fair and balanced information in a way that is understandable to all stakeholders and, particularly, our shareholders. The primary communication tool with shareholders is through the Regulatory News Service ("RNS") on regulatory matters and matters of material substance. The Company's website provides details of the business, investor presentations, details of the Board and Board Committees, changes to major shareholder information and QCA Code disclosure updates under AIM Rule 26. Changes are published promptly on the website to enable shareholders to be kept abreast of Company's affairs. The Company's Annual Report and Notice of Annual General Meetings (AGM) are available to all shareholders. The Interim Report and other investor presentations are also available on the Company's website.

The AGM is an annual opportunity for shareholders and analysts to meet the Board face-to-face and receive an update on the business. There is full transparency of the voting on the resolutions at the AGM, with the Company disclosing the proxy votes received on each resolution in the RNS released shortly after the AGM.

Beyond the Annual General Meeting, the Chief Executive, Chief Financial Officer and the Chairman offer to meet with all significant shareholders after the release of the half year and full year results. The Chief Executive, Chief Financial Officer and the Chairman are the primary points of contact and are available to answer queries over the phone or via email from shareholders throughout the year.

Debt Providers:

The Group has several debt facilities provided by HSBC, who are kept fully informed on all relevant areas of the business, through regular meetings and presentations. The relationship with HSBC dates back to the Company's incorporation in 1997.

Maintaining High Standards of Business Conduct

FIH is incorporated in the UK and governed by the Companies Act 2006. The Board guides management and the employees to conform with relevant statutory and regulatory provisions in the United Kingdom and the Falkland Islands.

The Company has adopted the Quoted Companies Alliance Corporate Governance Code 2023 ("QCA Code") which the Board believes is the most appropriate corporate governance code for FIH and has set out an explanation in the Corporate Governance Statement of how it complies with its principles. The Board recognises the importance of maintaining a good level of corporate governance, which together with the requirement to comply with the AIM Rules ensures that the interests of the Company's stakeholders are safeguarded.

The Group is committed to maintaining the highest standards of ethics and integrity in conducting its business. It is committed to operating legally, honestly, and fairly across all the businesses within the Group and requires all employees to carry out their duties in accordance with these principles.

The Group has a zero-tolerance attitude to bribery, fraud, dishonesty, illegal or improper activity amongst its employees, partners, subcontractors, or suppliers. The Group has an anti-bribery and corruption policy and a modern slavery statement. There are also policies and procedures relating to whistleblowing which state the Group's commitment to conducting its business with honesty and integrity, its expectation that staff will maintain high standards, and enable staff to confidentially raise any concerns freely, and to discuss any issues that arise.

Accordingly, our objectives are to:

• Comply with all laws and regulations applicable to our business activities.

• Ensure that all business activities across the Group are conducted in an ethical manner.

• Maintain and protect the reputation of the Group with clients, suppliers, contractors, employees, and all other parties with whom the Group has dealings or who may be affected by our activities.

• Provide our staff with guidance on how to perform their duties and, where appropriate, training to equip them with the skills to identify and report any improper activities.

The Strategic Report has been approved by the Board of Directors.

Stuart MunroChief Executive24 July 2025

Directors' Report

The directors present their annual report and the financial statements for the Company and for the Group for the year ended 31 March 2025.

Results and Dividend

As set out in the Consolidated Income Statement, the Group loss for the year after taxation amounted to £5,131,000 (2024: £1,966,000 profit). Basic loss per share was 41.0 pence (2024: earnings per share 15.7 pence).

The Board is pleased to announce that a final dividend of 5.5 pence per share will be recommended for approval at the Annual General Meeting. Together with the interim dividend of 1.25 pence paid in the final quarter of the financial year, the proposed dividend will take the total dividend for the year ended 31 March 2025 to 6.75 pence per share (2024: 6.75 pence). The Board believes in maintaining an appropriate balance between cash returns to shareholders and investment in the business.

Principal Activities

The business of the Group during the year ended 31 March 2025 was general trading in the Falkland Islands, the operation of a passenger ferry across Portsmouth Harbour and the provision of international arts logistics and storage services. The principal activities of the Group are discussed in more detail in the Strategic Report.

The principal activity of the Company is that of a holding company.

Qualifying Indemnity Provisions

A Directors' and Officers' Liability Insurance policy is maintained for all directors and each director has the benefit of a Deed of Indemnity.

Future Developments

Details of future developments are presented within the Strategic Report.

Matters of Strategic Importance

Details of matters of strategic importance are presented within the Strategic Report.

Financial risk management

Details of the Group's financial instruments and its policies with regard to financial risk management are given in note 26 to the financial statements.

Events after the Reporting Date

There are no events requiring disclosure post the reporting date.

Directors

The directors of the Company who served during the year and to the date of this report were as follows:

Nick HenryStuart MunroReuben ShamuRobert JohnstonDominic LavelleHolger Schröder

Relevant details of the directors, which include committee memberships, are set out on pages 21 and 22.

Directors' Interests in Shares

The interests of the directors, their immediate families and related trusts in the shares of the Company according to the register kept pursuant to the Companies Act 2006 were as shown below:

* Robert Johnston holds 60,000 shares in his own name, and as he is also the representative of the Company's largest shareholder, "The Article 6 Marital Trust, created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07", which holds 3,596,553 Shares, Robert Johnston is interested in 3,656,553 shares in total, representing 29.2 percent of the Company's 12,519,900 total voting rights.

** Holger Schröder is the representative of Janser Group which holds 1,451,998 shares and a further 125,327 held personally by Martin Janser, representing 12.6% of the ordinary share capital of FIH.

Share Capital and Substantial Interests in Shares

During the year, no shares were issued. Further information about the Company's share capital is given in note 25. Details of the Company's executive share option scheme can be found in note 24.

The Company has been notified of the following interests in 3% or more of the issued ordinary shares of the Company as at 30 June 2025:

Health and Safety

The Group is committed to the health, safety and welfare of its employees and third parties who may be affected by the Group's operations. The focus of the Group's effort is to prevent accidents and incidents occurring by identifying risks and employing appropriate control strategies. This is supplemented by a policy of investigating and recording all incidents. The Board reviews Health and Safety performance at every Board meeting. 

Employees

The Board is aware of the importance of good relationships and communication with employees. The Board also recognises the importance of communication with employees to motivate them and involve them fully in the business. Staff are kept informed of major developments and are encouraged to discuss these matters openly within the Company. Where appropriate, employees are consulted about matters which affect the progress of the Group and which are of interest and concern to them as employees.

Members of the Board regularly engage with FIC, Momart and PHFC senior management employees to update them on Group matters and to ensure that they feel engaged in the Group. Members of the Board also visit Momart and PHFC regularly to engage with senior management employees. As part of the regular communication with employees, emphasis is placed on developing greater awareness of the financial and economic factors which affect the performance of the Group. Employment policy and practices in the Group are based on non-discrimination and equal opportunity irrespective of age, race, religion, sex, gender identity, sexual orientation, colour and marital status.

In particular, the Group recognises its responsibilities towards disabled persons and does not discriminate against them in terms of job offers, training or career development and prospects. If an existing employee were to become disabled during the course of employment, every practical effort would be made to retain the employee's services with whatever retraining is appropriate.

The Group's pension arrangements for employees are summarised in note 23.

Suppliers

Information regarding the Group's engagement with suppliers is included in the Directors' statement under Section 172 of the Companies Act 2006.

The policy of the Company and each of its trading subsidiaries, in relation to all its suppliers, is to settle the terms of payment when agreeing the terms of the transaction and to abide by those terms, provided that it is satisfied that the supplier has provided the goods or services in accordance with agreed terms and conditions. The Group does not follow any code or standard payment practice. As a holding company, the Company had £355,000 of trade creditors at 31 March 2025 (2024: £320,000).

Charitable and Political Donations

Charitable donations made by the Group during the year amounted to £14,140 (2024: £17,646), these were largely paid to local community charities in the Falkland Islands. There were no political donations in the year (2024: nil).

Greenhouse Gas Emissions

The 2018 Regulations introduced requirements under Part 15 of the Companies Act 2006 for large unquoted companies to disclose their annual energy use and greenhouse gas emissions, and related information. However, the Group has applied the option permitted to exclude any energy and carbon information relating to its subsidiaries which any subsidiary would not itself be obliged to include if reporting on its own account. This applies to all subsidiaries within the Group. FIH group plc itself consumes less than 40MWh and, as a low energy user, is not required to make the detailed disclosures of energy and carbon information but is required to state, in its relevant report, that its energy and carbon information is not disclosed for that reason. FIH group plc's annual energy use and greenhouse gas emissions, and related information has not been disclosed in this annual report as it is a low energy user.

Auditors

In accordance with Section 489 of the Companies Act 2006, a resolution for the re-appointment of Grant Thornton UK LLP as auditors of the Company is to be proposed at the Annual General Meeting to be held on 23 September 2025.

Disclosure of Information to the External Auditor

The directors who held office at the date of this Directors' Report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's external auditor is unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company's external auditor is aware of that information.

Approved by the Board and signed on its behalf by:

AMBA Secretaries Limited24 July 2025

Kenburgh Court133-137 South StreetBishop's StortfordHertfordshireCM23 3HX

Board of Directors and Secretary

Nicolas Henry, Non-executive Chairman

Nick joined the Board on 14 August 2023 and was appointed non-executive Chairman after the 2023 AGM. He was CEO of James Fisher & Sons plc from 2004 to 2019, a global supplier of specialist marine engineering services across a number of different industries. Prior to that, Nick had an international career with P&O, working in Europe, South Asia, the Far East and Australasia. He is currently a non-executive director of Ark Topco Limited, the holding company of Survitec Group Limited and non-executive Chairman of Giles W. Pritchard-Gordon & Co. Limited. Nick is a member of the Audit and Risk and Remuneration Committees and is Chairman of the Nominations Committee.

Stuart Munro, Chief Executive

Stuart joined the Board on 28 April 2021 as Chief Financial Officer before taking over as Chief Executive on 14 April 2022. He qualified as a chartered accountant with Ernst & Young and worked as a divisional finance director in number of UK companies including Balfour Beatty, Alfred McAlpine Infrastructure Services and FirstGroup as well as Transport for London. From 2015 until joining FIH group, Stuart provided strategic, financial and operational consultancy to a number of medium sized Private Equity backed services companies across a variety of sectors.

Reuben Shamu, Chief Finance Officer

Reuben joined the Board on 12 September 2022 as Chief Financial Officer. He qualified as a chartered accountant with KPMG and worked in professional practice for 12 years before moving into industry in 2008. For 4 years he was a Commercial Director for the UK operations of privately-owned CP Holdings Group, which has interests in hotels and leisure, commercial office real estate, engineering and construction. His previous roles include Finance Director at Sturrock and Robson Group, Financial Planning and Analysis Director at Smiths Detection Group and Group Financial Controller at Veolia Water UK.

Robert Johnston, Non-executive director

Robert joined the Board on 13 June 2017. He is an experienced non-executive director and investment professional and has served on the boards of several quoted companies in both North America and in UK, including Fyffes PLC and Supremex Inc. Robert has been the Chief Strategy Officer and Executive Vice President at The InterTech Group, Inc. and has over 20 years of experience in various financial and strategic roles. He is the principal representative of the Jerry Zucker Revocable Trust. Robert brings experience on many transactions at both the corporate and asset level, including debt and equity, and his experience in the finance sector will prove invaluable to developing the Group. Robert represents the Company's largest shareholder, "The Article 6 Marital Trust, created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07", which has a beneficial holding of 3,596,553 ordinary Shares, representing 28.7% of the Company's issued share capital.

He is currently on the boards of Colabor Group Inc, Supremex Inc. (where he is Chairman), Swiss Water Decaffeinated Coffee Inc and RGC Resources Inc. Robert is a member of the Nominations and Audit and Risk Committees and is Chairman of the Remuneration Committee.

Dominic Lavelle, Non-executive director

Dominic joined the Board on 1 December 2019. He brings to FIH a wide breadth of corporate experience. Most recently, Dominic was Chief Financial Officer of SDL plc from 2013 to 2018. He has over 15 years' experience as a UK plc Main Board Director and has been Finance Director/Chief Financial Officer of seven UK publicly traded companies including Mothercare plc, Alfred McAlpine plc, Allders plc and Oasis plc. His experience, in both permanent roles and turnaround and restructuring projects across several business sectors is a great benefit to the Group, particularly with the various business streams operated by FIC.

After graduating in Civil and Structural Engineering from the University of Sheffield in 1984, Dominic trained with Arthur Andersen and qualified as a chartered accountant in 1989. He is currently senior independent non-executive director and Chairman of the Audit Committee of Fulcrum Utility Services Limited and a director of Steenbok Newco 10 SARL, a wholly owned subsidiary of the Steinhoff Group. Dominic is a member of the Nominations and Remuneration Committees and is Chairman of the Audit and Risk Committee.

Holger Schröder, Non-executive director

Holger joined the Board on 1 June 2023. He has over 28 years' experience gained in a variety of predominantly Swiss companies, most recently as the CFO and a board member of Janser Group, a family-owned real estate and investment business based in Switzerland, where he has been for the last eight years. Janser Group controls 12.6% of the ordinary share capital of FIH (which comprises 1,451,998 shares in FIH held by Janser Group and a further 125,327 held personally by Martin Janser). Holger is a member of the Audit and Risk, Nominations and Remuneration Committees.

Company Secretary

AMBA Secretaries Limited400 Thames Valley Park DriveReadingBerkshireRG6 1PT

Corporate Governance Statement

Dear Shareholder,

As Chairman of the Company, my role is to is to work alongside my fellow Board members to uphold high governance standards and ensure the Company has robust structures and processes that enable effective decision-making and management of risk. My responsibilities as Chairman include leading the Board effectively, overseeing the Group's corporate governance model, communicating with shareholders and ensuring that information flows freely between the executive and non-executive directors in a timely manner.

This Governance section of our report outlines the Company's comprehensive governance framework, designed with clearly defined responsibilities and accountabilities to safeguard long-term shareholder value.

The FIH group plc Board values include embedding a culture of ethics and integrity, and the adoption of higher governance standards, to maintain its reputation by fostering good relationships with employees, shareholders and other stakeholders to deliver long term business success.

Beyond the Annual General Meeting, the Chief Executive and the Chief Financial Officer offer to meet with all significant shareholders after the release of the half year and full year results. The Chief Executive, Chief Financial Officer and the Chairman are the primary points of contact for the shareholders and are available to answer queries over the phone or via email from shareholders throughout the year.

Quoted Companies Alliance Corporate Governance Code

The Board fully endorses the importance of good corporate governance and has applied the QCA Code which we believe is the most appropriate recognised governance code for a company with shares admitted to trading on the AIM market of the London Stock Exchange. The Company has chosen to comply as far as possible with the QCA Code to maintain the highest possible standards of governance.

The QCA Code provides a robust framework to support the Company in upholding strong governance, embedding its governance culture, and building a successful and sustainable business for the benefit of all stakeholders.

The QCA has ten principles which the Company is required to adhere to and to make certain disclosures both within this report and on its website. The Board has reviewed its compliance with the provisions of the QCA Code and made appropriate changes to its practices and reporting in order to comply, as far as possible, with the QCA Code. The Company's website disclosures can be found at www.fihplc.com/company-profile/corporate-governance.php

FIH QCA Annual Report Disclosures

The Company has adopted the QCA Code as its governance framework and is committed to maintaining high standards of corporate governance.

In line with the 12-month period provided for adoption of the updated QCA Code, the Company has implemented a number of the updated provisions and is working towards full compliance by the end of the next financial year. A detailed explanation of the current position and areas for development is given below:

Board Directors

The Board comprises Nick Henry, the non-executive Chairman, Stuart Munro, the full time Chief Executive, Reuben Shamu, the full time Chief Financial Officer and three other non-executive directors, Robert Johnston, Dominic Lavelle and Holger Schröder.

Time Commitment of Directors

Stuart Munro, Chief Executive and Reuben Shamu, Chief Financial Officer are the only executive directors. Nick Henry, Robert Johnston, Dominic Lavelle and Holger Schröder have all been appointed on service contracts for an initial term of three years. Overall, it is anticipated that non-executive directors spend 10-15 days a year on the Group's business after the initial induction, which includes a trip to the Group's subsidiary in the Falkland Islands. However, the non-executive directors and the Chairman in particular, spend significantly more time than this on the business of the Group.

All directors are expected to attend all Board meetings, the Annual General Meeting and any extraordinary general meetings. Non-executive directors are expected to devote additional time in respect of any ad hoc matters, such as significant investment opportunities, responding to market changes, consideration of any business acquisitions, and any significant recruitment or corporate governance changes.

Skills and Qualities of Each Director

The Chairman believes that the Board has a suitable mix of skills and competencies in order to drive the Group's strategy and is best placed to secure the future of the Company and create long-term value for all stakeholders. The Board has significant industry, financial, public markets and governance experience, possessing the necessary mix of experience, skills, personal qualities and capabilities to deliver the strategy of the Company for the benefit of the shareholders over the medium to long-term.

The Board is kept informed of ongoing changes relating to governance and compliance by the Company's lawyers, and of updates to AIM Rules for companies, QCA Code, the UK Market Abuse Regulations and other statutory and regulatory developments by Zeus Capital Limited, the Company's Nominated Adviser and the Company Secretary. The Group's auditors, Grant Thornton UK LLP, meet with the Board as a whole twice a year and keep the Board updated with any regulatory changes in finance and accounting.

Internal Advisory Responsibilities

The Chief Executive and the Chief Financial Officer help keep the Board up to date on areas of new governance and liaise with the Nominated Adviser on areas of AIM requirements, and with the Company's lawyers on areas such as Modern Slavery, Data Protection and other legal matters. They also liaise with the Company's tax advisers with regards to tax matters and with the Group's auditors with respect to the application of current and new accounting standards, and on the status on compliance generally around the Group. The Chief Executive has frequent communication with the Chairman and is available to other members of the Board as and when required.

Any External Advice Sought by the Board

RSM Tenon, the Group's tax advisors ensure compliance with taxation law and transfer pricing and the Company's lawyers advised on a number of areas.

The Remuneration Committee sought advice from FIT Remuneration Consultants on executive compensation.

Board Meetings

The Board holds five scheduled board meetings throughout the year and ad-hoc board meetings are scheduled as and when the business demands. Attendances of directors at board and committee meetings convened in the year, and which they were eligible to attend, are set out below:

* Chairman

** Directors attended a number of meetings of Committees of which they were not members during the course of the year at the invitation of the Committee chairman.

The Nominations Committee meets on an ad-hoc basis to consider Board composition and succession and did not meet during the year to 31 March 2025.

Board Performance Evaluation

The Company continues to monitor the performance of the Board, ensuring that the required skill set and balance of independent non-executive directors is present. Whilst the Company has not undertaken a formal Board evaluation in the year, regular consideration is given by the Board to its performance to ensure the requirements of the business are met.

Nick HenryNon-executive Chairman

24 July 2025

Audit and Risk Committee Report

The Audit and Risk Committee comprises the four non-executive directors: Dominic Lavelle, Robert Johnston, Holger Schröder and Nick Henry, and is chaired by Dominic Lavelle.

Purpose and Responsibility

The purpose of the Audit and Risk Committee is:

• To ensure that the Group's accounting and financial policies and controls are appropriate and effective;

• To review and challenge the process of identification of risks and opportunities, and the adequacy of risk mitigation structures and processes across the Group;

• To ensure that external auditing processes are properly co-ordinated and work effectively and to monitor compliance with statutory requirements for financial reporting; and

• To review the half year and annual financial statements before they are presented to the Board for approval.

The Committee meets at least three times a year and, in the year, ended 31 March 2025, it met four times. The Group's external auditors attend the meeting to present the annual audit plan and the meeting to review the results of the annual audit.

It is the Audit and Risk Committee's role to provide formal and transparent arrangements, to consider how to apply financial reporting under UK-adopted International Accounting Standards, the Companies Act 2006, and the requirements of the QCA Code and also to maintain an appropriate relationship with the Group's external auditors.

The current terms of reference of the Audit and Risk Committee were reviewed and updated in June 2025.

Activities of the Audit and Risk Committee

In the year ended 31 March 2025, the activities of the Audit and Risk Committee included:

• Reviewing the financial reporting judgements and key accounting estimates associated with the Group's full and half-year results;

• Reviewing and making recommendations to the Board regarding dividends to be paid to shareholders by the Company during the course of the year;

• Ensure that risk management procedures and controls over financial reporting remained appropriate; and

• Reviewing and updating the Audit and Risk Committee Terms of Reference.

Effectiveness of the External Audit Process

The Audit and Risk Committee is committed to maintaining the effectiveness and integrity of the external audit process. The Committee ensures this by:

• Assessing auditor independence: Regularly evaluating the independence of the incumbent external auditor to ensure continued independence.

• Evaluating audit planning and resourcing: Reviewing the audit plan, including the scope and resourcing of the audit team, to ensure it is appropriate and proportionate to the Group's needs.

• Monitoring the quality of communications: Ensuring communications with the external auditor are timely, transparent, and clearly articulated, and that any recommendations are constructive and relevant.

• Applying professional scepticism: Taking a critical approach to key areas of judgment, including reviewing the sufficiency and appropriateness of audit evidence, challenging assumptions made by management, and considering the potential for fraud or the need for additional procedures.

• Gathering post-audit feedback: Receiving feedback from the external auditor at the conclusion of the audit process. This includes one-to-one meetings between the Audit and Risk Committee Chair and the audit engagement partner, as well as holding private sessions with the external auditor without management present, where deemed appropriate.

External Auditor

The external auditor, Grant Thornton UK LLP, were appointed in 2023 at the Company's Annual General Meeting. The analysis of the auditor's remuneration is shown in note 6.

Non‑audit Services Provided by the External Auditor

The Audit and Risk Committee keeps the appointment of external auditors to perform non-audit services for the Group under continual review. In the year ended 31 March 2025, there were no non-audit fees paid to the external auditor Grant Thornton UK LLP (2024: £nil).

Emerging Risks

The risk management approach is subject to continuous review and updates in order to reflect new and developing issues which might impact business strategy. Emerging or topical risks are examined to understand their significance to the business. Risks are identified and monitored at the Group level and discussed at Audit and Risk Committee meetings.

Areas of Judgement and Estimation

In making its recommendation that the financial statements be approved by the Board, the Audit and Risk Committee has taken account of the following significant areas of estimation and judgement and judgements involving estimation:

Long term construction contracts

Significant estimation is involved in determining the revenue and profit to be recognised on long term contracts. This includes determining percentage completion at the balance sheet date by estimating the total expected costs to complete each contract along with their future profitability. These estimates directly influence the revenue and profit that can be recognised on such contracts.

Inventory Provisions

An inventory provision is booked when the realisable value from sale of the inventory is estimated to be lower than the inventory carrying value, or where the stock is slow-moving, obsolete or damaged, and is therefore unlikely to be sold. The quantification of the inventory provision requires the use of estimates and judgements and if actual future demand were to be lower or higher than estimated, the potential amendments to the provisions could have a material effect on the results of the Group.

Defined Benefit Pension Liabilities

A significant degree of estimation is involved in predicting the ultimate benefit payments to pensioners in the FIC defined benefit pension scheme. Actuarial assumptions have been used to value the defined benefit pension liability (see note 23). Management have selected these assumptions from a range of possible options following consultations with independent actuarial advisers. The actuarial valuation includes estimates about discount rates and mortality rates, and the long-term nature of these plans, make the estimates subject to significant uncertainties.

There are nine pensioners currently receiving a monthly pension under the scheme and one deferred member.

Dominic LavelleChairman of the Audit and Risk Committee

24 July 2025

Remuneration Committee Report

The Remuneration Committee comprises the four non-executive directors: Robert Johnston, Dominic Lavelle, Holger Schröder and Nick Henry, and is chaired by Robert Johnston.

The Committee meets at least once a year and, in the year ended 31 March 2025, it met three times to consider all material elements of remuneration policy, share schemes and the remuneration and incentivisation of executive directors and senior management.

Where considered appropriate, independent advice is sought to assist the Committee in its deliberations. During the year ended 31 March 2025, the Remuneration Committee engaged remuneration consultants to assist in various matters relating to executive remuneration.

The current terms of reference of the Remuneration Committee were reviewed and updated in May 2025.

Remuneration Policy

The Group's policy is to provide remuneration packages that will attract, retain and motivate its executive directors and senior management to deliver the business objectives. This consists of a basic salary, ancillary benefits and other performance-related remuneration appropriate to their individual responsibilities and having regard to the remuneration levels of comparable posts. The Remuneration Committee determines the contract term, basic salary, and other remuneration for the members of the Board and the senior management team.

Executive Directors - Remuneration package

The Chief Executive, Stuart Munro, participates in an annual performance related bonus arrangement, with the potential during the year to earn up to 60% of his salary. The Chief Finance Officer, Reuben Shamu, participates in an annual performance related bonus arrangement, with the potential during the year to earn up to 30% of his salary. The bonuses are subject to the achievement of specified corporate and personal objectives and are payable in cash.

Non‑Executive Directors - Fees

The remuneration of non-executive directors consists only of annual fees for their services, both as members of the Board, and of Committees on which they serve.

The Company pays non-executive directors fees which are set at a level in line with market and appropriate to the size of the business. The fees of the Non-Executive Directors are determined by the Board and the Chair and the other Non-Executive Directors are not involved in any discussions or decisions about their own remuneration.

Details of Directors' Remuneration and Emoluments

An analysis of the remuneration and taxable benefits in kind (excluding share options) provided for and received by each director during the year to 31 March 2025 and in the preceding year is as follows:

Share Options

No LTIP share options were granted during the year.

Approved for issue by the Board of Directors and signed on its behalf:

Robert JohnstonChairman of the Remuneration Committee

24 July 2025

Statement of Directors' Responsibilities in Respect of the Annual Report and the Financial Statements

The directors are responsible for preparing the Annual Report, Strategic Report, Directors' Report, and the Group and Company financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare Group and parent Company financial statements for each financial year. Under the AIM Rules of the London Stock Exchange, they are required to prepare the Group financial statements in accordance with UK-adopted international accounting standards and applicable law and they have elected to prepare the parent Company financial statements on the same basis.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and parent Company and of the Group's profit or loss for that period. In preparing each of the Group and parent Company financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable, relevant and reliable;

• state whether they have been prepared in accordance with UK-adopted international accounting standards;

• assess the Group and parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the parent Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Under applicable law and regulations, the directors are also responsible for preparing a Strategic Report and a Directors' Report that complies with that law and those regulations.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Consolidated Income Statement

FOR THE YEAR ENDED 31 MARCH 2025

The accompanying notes form part of these Financial Statements.

Consolidated Statement of Comprehensive Income

FOR THE YEAR ENDED 31 MARCH 2025

The accompanying notes form part of these Financial Statements.

Consolidated Balance Sheet

AT 31 MARCH 2025

These financial statements, of which the accompanying notes form part, were approved by the Board of Directors on 24 July 2025 and were signed on its behalf by:

Company Balance Sheet

AT 31 MARCH 2025

As permitted by Section 408 of the Companies Act 2006, a separate profit and loss account of the Parent Company has not been presented. The Parent Company's loss for the financial year is £99,000 (2024: profit of £214,000).

These financial statements, of which the accompanying notes form part, were approved by the Board of Directors on 24 July 2025 and were signed on its behalf by:

Registered company number: 03416346

Consolidated Cash Flow Statement

FOR THE YEAR ENDED 31 MARCH 2025

Consolidated Cash Flow Statement

FOR THE YEAR ENDED 31 MARCH 2025

The accompanying notes form part of these Financial Statements.

Company Cash Flow Statement

FOR THE YEAR ENDED 31 MARCH 2025

The accompanying notes form part of these Financial Statements.

Consolidated Statement of Changes in Shareholders' Equity

FOR THE YEAR ENDED 31 MARCH 2025

The accompanying notes form part of these Financial Statements.

Company Statement of Changes in Shareholders' Equity

FOR THE YEAR ENDED 31 MARCH 2025