FIH Group PLC Trading Statement (8903U)
April 09 2021 - 01:00AM
UK Regulatory
TIDMFIH
RNS Number : 8903U
FIH Group PLC
09 April 2021
FIH group plc
("FIH" or "the Group")
Full Year Trading Update
FIH group plc ("FIH", "Group"), the AIM quoted international
specialist services group with businesses in the Falkland Islands
and UK, provides an update on the Group's expected trading
performance for the year ended 31 March 2021.
Full Year Trading
Trading in the second half remained challenging for the UK
businesses, with a full national lockdown in four of the six months
of trading. However, the Group's Falkland Islands operations traded
well, resulting, subject to audit, in an overall Group breakeven
result, before exceptional items, for the full year. The emergence
of the UK from lockdown restrictions will benefit the UK
businesses, particularly Momart when the galleries and museums
begin to reopen, and more generally the Portsmouth Harbour
Ferry.
The Group's cash position remains strong with cash balances at
31 March 2021 of over GBP14 million. Bank borrowings at 31 March
2021 were GBP20.2 million (GBP20.6 million at 30 September 2020),
including a GBP5 million interest free CBILS loan, (taken out as a
precaution and to be repaid, in full, in June 2021), and a GBP13.2
million long-term mortgage on a freehold property at Leyton
purchased in December 2018 for GBP19.6 million.
Decisive action was taken to mitigate costs and this, together
with sacrifices made by staff through voluntary pay cuts, helped
prevent the significant losses that might otherwise have arisen.
Notwithstanding this, COVID-19 substantially reduced the expected
profitability of the Group and in the circumstances the Board will
not be recommending a final dividend. Resumption of dividends will
be considered when the pandemic has receded and sustainable
profitability has been restored.
Looking to the future, the financial position of the Group
remains strong. The Group is well placed to invest in the growth
and recovery that the Board is confident will occur in the new
financial year. The Group's operating businesses remain
fundamentally healthy and capable of both recovering to pre-COVID
levels and delivering further growth. In addition, the Board
continues to search for acquisitions to add further scale and value
to the Group and recruitment of an experienced CFO to further
strengthen the executive management team is at the shortlist
stage.
Enquiries:
FIH group plc
John Foster, Chief Executive Tel: 01279 461 630
WH Ireland Ltd. - NOMAD and Broker
to FIH
Adrian Hadden / Jessica Cave / Lydia Tel: 020 7220 1666
Zychowska
Novella - Communications Advisor Tel: 020 3151 7008
to FIH
Tim Robertson/ Chris Marsh
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END
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