FIH Group lifts interim dividend despite revenue and profit decline
, released interim results on Tuesday which saw it lift its interim dividend despite revenues and profits remaining relatively flat for the half year.
The essential services business owner in the UK and the Falkland Islands posted interim revenues of £19.4 million, down slightly from £19.6 million in 2018, and profits before tax of £1.25 million, down from £1.35 million in 2018.
The company had a cash balance of £9.6 million at 30 September 2019, up from £6.2 million in the prior year, and increased its interim dividend to 1.8p, up from 1.65p.
John Foster, Chief Executive, said: "It has been a challenging period for several business divisions, and especially at Momart in the art sector, so we are satisfied that the Group has delivered a resilient half year performance overall.”
Shares in FIH Group were relatively flat at 321p during Tuesday morning trading
The company operates three core businesses, the Falklands Islands Company, a diversified goods and services firm, the Portsmouth Harbour Ferry Company, and Momart, a commercial art company.
Mr. Foster commented: "Supported by strength in the core Falklands business and tight cost control, the Group's profit before tax was reasonably robust.”
He added: "With a number of exciting medium to long-term growth opportunities in each of our diverse businesses, the Board looks to the future with confidence."
The company said it plans to meet its progressive policy of dividend growth and provided a full year outlook anticipating “a solid trading result for the full year”.
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