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FIH Group PLC - services businesses such as construction, ferries and art storage in Falkland Islands and UK - Swings to pretax loss of £6.1 million in the six months to September 30, from a profit of £822,000 a year ago. Revenue declines 32% to £18.2 million from £26.7 million, which it attributes ‘to a combination of factors which have severely impacted the trading performance of Falkland Building Services’. Cost of sales reduce by 20% to £12.9 million from £16.1 million. FIH maintains its interim dividend at 1.25 pence per share, citing confidence in its longer-term trading outlook.
Chief Executive Officer Stuart Munro says: ‘The difficulties experienced in the construction division of FIC have had a significant adverse impact on our results. There is more work ahead of us to address these issues, however demand for accommodation in the Falklands Islands remains strong and the longer-term trading outlook for the group remains positive.’
Current stock price: 220.00 pence each, closed 8.3% lower on Thursday in London
12-month change: up 1.5%
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