FIH Group PLC AGM Statement (1991Z)
30 August 2018 - 4:00PM
UK Regulatory
TIDMFIH
RNS Number : 1991Z
FIH Group PLC
30 August 2018
30 August 2018
FIH group plc
AGM Statement
FIH group plc ("FIH", "the Company" or the "group"), the AIM
quoted international services group that owns essential services
businesses in the Falkland Islands and the UK is holding its Annual
General Meeting ("AGM") at the offices of FTI Consulting at 200
Aldersgate, London EC1A 4HD at 2.30 p.m. today.
At the meeting, Chairman, Robin Williams, will make the
following statement:
"I am delighted to report to shareholders today at my first AGM
since becoming non-executive chairman of the FIH group on 11
September 2017. I am pleased to say that in the past year the group
has made considerable progress: resuming the payment of dividends,
posting record levels of turnover and delivering a 35% increase in
pre-tax profits in the year to 31 March 2018."
Proposed Final Dividend
"As announced in the group's annual report issued on 12 June
2018, subject to approval by shareholders at today's AGM, a final
dividend of 3.0p per FIH share will be paid on 21 September 2018 to
shareholders on the register at the close of business on 17 August
2018. This will take the total dividend paid for the year to 31
March 2018 to 4.5p per share, up 12.5% on the 4.0p dividend paid
last year.
Update on Trading
"The group's trading performance for the first five months of
the financial year was encouraging, and in line with management's
expectations. There was continued growth and improvement at Momart
and a solid performance from the group's two other businesses,
which traded broadly in line with the equivalent period in the
prior year. The group's liquidity position remains strong with cash
balances of GBP16.0 million at 30 August 2018 (2017: GBP15.3
million). Surplus cash flows have also been managed strategically,
focusing reinvestment on capital projects in the Falklands, the
scheduled repayment of bank debt, and the resumption of dividends.
Bank borrowings at 30 August were GBP3.1 million compared to GBP3.6
million the prior year.
Developments in the Falklands
"The Board is keeping close to developments in the Falklands,
both in relation to potential oil extraction, on which a decision
by Premier Oil is expected in 2019, and with regard to potential
assistance to the Falkland Islands Government and the Ministry of
Defence for their developing investment plans. We are in close
contact with the parties concerned regarding how FIH could support
their plans, while remaining cautious in our expectations
particularly in relation to oil extraction, as the bulk of this
activity will take place off-shore.
Outlook
"Investments made, in both capital projects and by strengthening
the teams in the Falkland Islands, and at head office including the
appointment of a new Financial Controller, positions FIH favourably
to deliver a sustainable growth in earnings.
"The Company's balance sheet is strong and FIH is well placed to
take full advantage of the opportunities that present themselves in
its existing operations and to add to shareholder value by seeking
out acquisitions that will both enlarge the group and enhance the
quality of its earnings.
"Your board looks forward to the future with confidence."
- Ends -
Enquiries:
FIH group plc
John Foster, Chief Executive Tel: 01279 461 630
WH Ireland Ltd. - NOMAD and Broker
to FIH
Adrian Hadden / Jessica Cave Tel: 020 7220 1666
FTI Consulting - Communications adviser
to FIH
Alex Beagley / Eleanor Purdon Tel: 020 3727 1000
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END
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