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Increase in pre-tax profits by 48% for FIC’s parent company

FIH Group plc announced its annual results on the London Stock Exchange on Monday.

Group Chief Executive, Stuart Munro, said he was delighted to be able to present what he called “a strong set of results” that signalled a good recovery from the pandemic and resilience to cost of living pressures.

Pre-tax profits for the group as a whole increased by 48% from £2.7m in 2021/22, to £4m in 2022/23.

FIC’s contribution in the latest financial year was just under half at £1.9m but it had contributed two thirds of group profits last year.  FIC’s profits only increased by 5.6%, unlike Momart where profits went up by two thirds and the Portsmouth Harbour Ferry where they went up by four times.

FIC’s total revenue increased by 36.6% to £29.4million.  Falkland Building Services was said to have been the predominant growth area, driven by the contract to build seventy houses for FIG and the MoD.

The retail environment was described as “challenging”, but what were called “targeted price increases” combined with a strong tourist season to bring in increased retail revenue in the second half of the year.

Revenue at Falklands 4×4 increased but this was down to vehicle rentals and spare parts. Sales of new and used vehicles remained stable, with a higher proportion of quad and motor bike sales.

A small increase in the number of units in FIC’s property portfolio (from 83 to 85) combined with greater occupancy to increase revenue from that source one million pounds.  The rental market was said to be “buoyant” with potential new tenants waiting for units to become available.

The return of tourists means that Penguin Travel’s revenue was three times what it had been the year before – “further growth opportunities” are expected with 100,000 cruise ship passengers predicted for the next season.

At the end of March, the entire group including Momart and the ferry company as well as FIC now has net cash reserves of over twelve million pounds, up from five million a year before.

The dividends paid to FIH Group shareholders will more be than twice this year than they were last year, with a final dividend of 5.3 pence per share bringing the total to 6.5 pence.

The share price remained unchanged today at 254 pence, but they have gone up by just over 10% over the last year.

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