TIDMFIH
RNS Number : 8596R
FIH Group PLC
10 November 2021
10 November 2021
FIH group plc
("FIH" or the "Group")
Results for the Six Months Ended 30 September 2021
FIH, the AIM quoted Group that owns essential services
businesses in the UK and Falkland Islands, is pleased to announce
its unaudited results for the six months ended 30 September 2021
("the period"). Comparisons shown below are for the same period in
2020 unless otherwise stated.
Return to Profitability and Dividend List
Highlights
-- Group revenue increased by 20% to GBP17.3 million (2020:
GBP14.4 million) reflecting a markedly better performance from the
UK based businesses and a continued good performance from the
Falkland Islands Company ("FIC");
-- Pre-tax profit of GBP0.4 million (2020: loss of GBP0.2
million) with trading improving alongside the lifting of
restrictions in the UK and significant scope for further
improvement;
-- Passenger numbers rising again for Portsmouth Harbour Ferry
Company ("PHFC") as people return to offices, and following cost
savings from a 25% reduction in headcount last year, PHFC is
expected to continue its recovery;
-- Much improved performance from Momart despite sections of the
art world still largely shut and assuming the gradual reopening
continues, further improvement is anticipated;
-- Strong cash position of GBP8.0 million as at 30 September 2021; and
-- Return to the dividend list with the payment of an interim dividend of 1.0 pence per share.
Outlook
-- Direction of travel encouraging across all three divisions
with the potential to accelerate further;
-- Balance sheet strength continues to underpin trading position
and provide strategic flexibility; and
-- Overall, the outlook is positive as reflected in the Board's
decision to re-instate the dividend.
John Foster, Chief Executive, said:
"We have three good businesses and when conditions permitted,
the Group quickly returned to profitability. Our financial position
is strong and customer activity is heading back towards
pre-pandemic levels. We are also benefitting from the actions taken
last year to reduce our cost base, whilst continuing to invest in
areas where we see opportunities. We expect the progress
demonstrated in the Group's first half results to continue as we
move into the traditionally stronger second half."
Enquiries:
FIH group plc
John Foster, Chief Executive Tel: 01279 461630
Stuart Munro, Chief Financial Officer
WH Ireland Ltd. - NOMAD and Broker
to FIH Tel: 0207 220 1666
Adrian Hadden / Jessica Cave / Megan
Liddell
-------------------------
Novella Communications
Tim Robertson / Chris Marsh Tel: 020 3151 7008
-------------------------
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Chairman's Statement
I am pleased to report further progress in the Group's recovery
from the adverse effects of the coronavirus. FIH's UK operations
saw a slow return towards more normal trading as lockdown
restrictions were finally lifted in England in late July 2021
whilst the Falkland Islands Company ("FIC"), which has been much
less affected by COVID-19, maintained its healthy profitability in
the traditionally quieter austral winter.
A detailed commentary on the results is provided in the Chief
Executive's Review but in overview, although demand has not yet
fully returned to pre-COVID levels, profitability improved across
the Group despite a marked reduction in the level of financial
support from the UK government's furlough scheme allowing the Group
to produce a pre-tax profit of GBP0.4 million for the six months
ended 30 September 2021 compared to a loss of GBP0.2 million in the
same period last year.
In April 2021, the Group took steps to further strengthen its
executive team with the recruitment of an experienced Chief
Financial Officer, Stuart Munro, and in the Falkland Islands, an
experienced executive was recruited to further develop FIC's
construction and infrastructure activities and its ability to
deliver larger more complex projects.
Provided there is no recurrence of lockdown restrictions, we
expect to see further improvement in the Group's traditionally
stronger second half, reinforced by a continuing return to more
normal patterns of business and client activity.
Once again, our staff have shown great resilience and
dedication, applying considerable skill and devotion to the needs
of our customers, so I would like to thank them on behalf of the
Board for all their efforts.
Reflecting the Board's confidence in the underlying resilience
of the Group, its return to profitability before taking into
account Government support and its ability to recover from the
effects of the pandemic, the Board is announcing the resumption of
dividends with the payment of an interim dividend of 1.0 pence per
share which will be paid on 14 January 2022 to shareholders on the
register at the close of business on 3 December 2021.
The Group has a Dividend Reinvestment Plan ("the Plan") that
allows shareholders to reinvest dividends to purchase additional
shares in the Group. For shareholders to apply the proceeds of this
and future dividends to the Plan, application forms must be
received by the Group's Registrars by no later than Wednesday 22
December 2021*.
Firm progress has been made in the past six months and with the
benefit of a lower cost base following the necessary restructuring
activity seen last year, steadily recovering demand, and a strong
balance sheet, the Board looks to the future with confidence.
Robin Williams
Chairman
10 November 2021
* Existing participants in the Plan will automatically have the
interim dividend reinvested. Details on the Plan can be obtained
from Link Group on 0371 664 0381 or at www.signalshares.com. Calls
are charged at the standard geographic rate and will vary by
provider. If you are outside the United Kingdom, please call +44
371 664 0381. Calls outside the United Kingdom will be charged at
the applicable international rate. The lines are open from 9.00am
to 5.30pm, Monday to Friday excluding public holidays in England
and Wales.
Chief Executive's Review
Overview
The Group's results for the six months to 30 September 2021
reflect a slow but steady improvement in activity compared to first
half of the previous financial year. The Group's UK businesses
enjoyed a marked increase in revenue and a welcome move back
towards profitability and in the Falkland Islands, FIC delivered
another robust performance. This encouraging performance was
achieved despite the adverse effects of COVID-19, which saw
lockdown restrictions in place for many weeks at the start of the
period, and not fully released in England until late July 2021.
Despite these challenges and an increased investment in central
management, the Group was able to move back into profit, returning
a profit before tax of GBP0.4 million in the period compared to a
loss of GBP0.2 million in the prior year. This result can also be
compared to a profit before tax of GBP1.3 million in the period to
September 2019 which was not impacted at all by COVID-19.
In both the UK businesses, activity steadily improved as
lockdown restrictions were removed from mid-April onwards and
public confidence was slowly rebuilt. The Falkland Islands were
free from local restrictions but remained essentially quarantined
from the outside world. However, economic activity remained solid
and helped by a much-improved illex squid catch, FIC was able to
maintain a healthy level of profitability.
In the face of still challenging trading conditions and
improving, but reduced demand for services, both the Group's UK
businesses benefitted from the restructuring programmes put in
place last autumn, which delivered GBP1.6m of savings in annual
operating costs and accelerated their return to profitability. The
gradually increasing activity levels evident in the period,
together with a reduced UK headcount did however lead to a
significant fall in the level of Government support and income from
the Job Retention Scheme and related grants fell by 78.6% to GBP0.3
million compared to the GBP1.4m received in the prior period.
By September 2021, despite increased investment in head office
resource to support longer term growth, the Group returned to
consistent profitability compared to the COVID-induced losses seen
at the start of the period. Further improvement is expected in the
traditionally stronger second half, augmented by a continued
building of customer demand as the impact of COVID-19 steadily
recedes.
Group Trading Results for the Six Months Ended 30 September
2021
A summary of the trading performance of the Group is given in
the table below.
Six Months Ended 30 September 2021 2020
GBP million GBP million
-------------------------------- ------------- -------------
Group Revenue
Falkland Islands Company 9.9 9.7
Portsmouth Harbour Ferry 1.5 0.8
Momart 5.9 3.9
--------------------------------- ------------- -------------
Total revenue 17.3 14.4
--------------------------------- ------------- -------------
Group Underlying Pre-tax
Profit*
Falkland Islands Company** 0.6 0.8
Portsmouth Harbour Ferry** - (0.4)
Momart** (0.2) (0.5)
--------------------------------- ------------- -------------
Total underlying pre-tax
profit / (loss)* 0.4 (0.1)
Non-trading items (see note
3) - (0.1)
--------------------------------- ------------- -------------
Reported profit / (loss)
before tax 0.4 (0.2)
--------------------------------- ------------- -------------
Diluted earnings per share
in pence (1.3p) (1.5p)
--------------------------------- ------------- -------------
* Underlying pre-tax profit is defined as, profit before tax,
before non-trading items.
** As in prior years the profits reported for each operating
company are stated after the allocation of head office
management and plc costs which have been applied to each
subsidiary on a consistent basis.
Dividend
With the Group's recovery now well established and further
improvement expected in the second half, the Board is pleased to
announce the resumption of dividends with the payment of an interim
dividend of 1.0 pence per share.
Group Operating Company Performance
Falkland Islands Company
Trading in FIC was once again encouraging with an overall 2.1%
growth in revenue to GBP9.9 million (2020: GBP9.7 million) helped
by the absence of the initial lockdown restrictions which impacted
trading in April / May 2020 and by a strong illex squid catch in
April / May 2021. Overheads were increased to further strengthen
the Stanley-based team and to secure a platform for delivering
longer term growth and these increased costs resulted in a small
reduction in FIC's overall pre-tax contribution compared to the
prior year.
FIC saw revenue growth in Retail whilst 4x4 maintained sales at
their previous healthy levels. At Falkland Building Services
("FBS"), revenue dipped following the successful completion of work
on the Falkland Islands Government ("FIG") housing contract for 26
homes started in November 2019. Despite this temporary slow-down,
the department was successful in securing additional work from FIG
during the period which will underpin FBS's continuing
development.
Revenue from Other Services increased by GBP0.3 million as
Fishing Agency revenues were buoyed by the strong illex squid
catch. Income from FIC's portfolio of 80 residential properties was
unchanged at GBP0.4 million.
FIC Operating Results 2021 2020 Change
Six Months Ended 30 September GBP million GBP million %
-------------------------------- ------------- ------------- -------
Revenue
Retail 4.7 4.6 2.2
FBS (construction) 1.8 2.0 (10.0)
Falklands 4x4 1.6 1.6 -
Other services 1.4 1.1 27.3
Property rental 0.4 0.4 -
Total revenue 9.9 9.7 2.1
-------------------------------- ------------- ------------- -------
Underlying operating profit 0.6 0.9 (33.3)
Finance expense - (0.1) 100.0
Underlying profit before tax 0.6 0.8 (25.0)
-------------------------------- ------------- ------------- -------
With some pressure from increased costs, FIC saw a small
reduction in operating profit but in overall terms still produced a
solid trading performance in the traditionally quiet austral
winter. On a positive note, FIC's success in winning competitive
tenders for important government housing and infrastructure works
points to the growth potential in the coming years working on
similar vital infrastructure projects for both FIG and the UK
Ministry of Defence.
Looking ahead, in the near term, FIG remains cautious in its
approach to reopening borders and commercial flights to the Islands
via South America are unlikely to resume until well into 2022.
Cruise ship visits will be similarly curtailed and no visits from
the major cruise operators are expected until October 2022, when it
is hoped the Islands will see the return to something close to
pre-pandemic levels of tourism. In the short term, as with 2020,
the seasonal summer uplift to the Falkland Islands' economy and to
FIC's trading activities will be once again dampened by an absence
of tourists, although the significant long-term potential of this
sector of the economy remains undimmed.
With respect to the potential development of oil in the Falkland
Islands, the announcement on 23 September 2021 by Harbour Energy,
the principal licence holder in Sea Lion, that it was seeking to
exit from the project was disappointing, although with the price of
Brent Crude having since risen to over $80/barrel it is hoped that
other oil companies may yet show an interest in taking the project
forward. Whilst such developments would be positive for both the
Falkland Islands and FIC, the future success and growth of FIC does
not depend on the development of oil. The Board is confident that
significant potential exists for FIC by building on its success in
construction, infrastructure, specialist local services and
tourism.
Portsmouth Harbour Ferry Company
After enduring a second dramatic fall in ferry passenger volumes
in the first quarter of 2021, it was pleasing to see a slow but
steady recovery in numbers using the Gosport Ferry as COVID-19
lockdown restrictions were gradually lifted in the first months of
the new financial year. With the reopening of non-essential retail
shops in mid-April, passenger volumes lifted to 45% of pre-COVID
levels and by late July, with the ending of all formal restrictions
in England, ferry volumes had recovered to 64% of 2019 levels.
Since then, customer confidence has continued to improve and by
September 2021 passenger numbers had returned to 80% of pre-COVID
volumes, and the business has made a welcome return to
profitability.
Although a complete return to pre-COVID levels of passenger
activity seems uncertain given the continued level of hybrid
working, the Portsmouth Harbour Ferry Company ("PHFC") has acted to
counteract the effects of lost revenue by restructuring the
service; reducing the workforce by 25% to deliver annual cost
savings of over GBP0.3 million.
The rise in the numbers of COVID cases across the UK over the
mid-summer period as government restrictions came to an end, did
however mean that for a second summer, the ferry company was unable
to operate its popular programme of leisure cruises around
Portsmouth Harbour and the Solent.
Working closely with local Councils and supported by First Bus,
in late June PHFC launched a "Park & Float" scheme offering a
combined parking and ferry fare to provide potential passengers not
living within walking distance of the ferry terminal, a convenient
alternative to driving around the harbour to Portsmouth. However,
with the resumption of Portsmouth Council's own subsidised Park
& Ride scheme on the outskirts of the city, to date customer
uptake of "Park & Float" has been lower than hoped.
PHFC's revenue for the six months to 30 September 2021 of GBP1.5
million, was almost double the GBP0.8 million seen in the first
half of the prior year but as passenger numbers are still
recovering, it remained some GBP0.8 million below the pre-COVID
levels of revenue seen in the period to 30 September 2019 when PHFC
achieved sales revenue of GBP2.3 million.
PHFC Operating Results 2021 2020 Change
Six Months Ended 30 September GBP million GBP million %
-------------------------------------- ------------- ------------- -------
Revenue
Ferry fares 1.5 0.8 87.5
Cruising and other income - - -
-------------------------------------- ------------- ------------- -------
Total revenue 1.5 0.8 87.5
-------------------------------------- ------------- ------------- -------
Underlying operating profit / (loss) 0.1 (0.3) 133.3
Finance expense (0.1) (0.1) -
-------------------------------------- ------------- ------------- -------
Underlying profit / (loss) before
tax - (0.4) 100.0
-------------------------------------- ------------- ------------- -------
Despite a reduction in the level of support from the UK
Government's furlough scheme in the current period, PHFC's cost
saving programme and the slow but steady improvement in passenger
volumes saw profitability improve by GBP0.4 million leading to a
small operating profit (after the allocation of head office costs)
and a break-even result at the pre-tax level.
Momart
After a virtual cessation of UK and international art movements
in the first half of last year, Momart saw something of a recovery
in the second half of FY 2020-21 as revenues increased from GBP3.9
million to over GBP6.4 million in the 6 months to 31 March 2021.
However, as the new financial year started, UK museums remained
closed and restrictions on movement in both the UK and
internationally meant that collectors and commercial galleries were
cautious in committing to any significant expansion.
On a positive note, activity with auction houses showed
continued improvement as the large international houses adapted
well to online selling. In addition, the significant reduction in
Momart's headcount undertaken in late 2020 reduced the company's
fixed costs which mitigated the impact of the sluggish recovery in
the global art market.
Momart's art storage revenues were once again robust, although
lockdown restrictions meant that in practice, it was almost
impossible to replace storage business lost through scheduled
returns to temporary storage clients but despite this, total
revenues were broadly unchanged at GBP1.2 million.
By July, most UK museums had cautiously reopened but with
precautionary limits set and virtually no overseas tourists in
London over the summer, museum visitor numbers were limited to well
below normal levels, constraining ticket sales and forcing museum
managers to delay planned exhibitions and scale back activity for
the remainder of 2021.
The commercial art market was more buoyant but with the decision
to postpone Europe's largest art fair, Art Basel until late
September, the market remained well below pre-COVID levels, albeit
activity across the commercial market recovered markedly in the
last weeks of the period and further improvement was evident with
the re-opening of Frieze London in early October after a hiatus of
two years.
Exhibitions revenues at GBP2.4 million improved markedly on the
disastrous levels seen in the first half of last year of GBP1.3
million but still lagged behind the GBP3.2 million delivered in H2.
In contrast, more consistent progress was seen in the commercial
market; Gallery Services revenues at GBP2.3 million were well ahead
of the GBP1.4 million seen in H1 2020 and 15% ahead of the GBP2.0
million of revenue generated in the second half of that year. The
continued absence of major art fairs until late summer 2021
restricted recovery and there was little in the way of new, large
exhibitions from cash constrained museums. Hence, although first
half revenue improved upon that seen in the first half of last
year, reflecting both continuing lockdown effects and normal
seasonality, Momart's overall revenues in H1 fell back below the
level seen in the second half last year from GBP6.4 million to
GBP5.9 million.
Momart Operating Results 2021 2020 Change
Six Months Ended 30 September GBP million GBP million %
-------------------------------------- ------------- ------------- -------
Revenue
Museum Exhibitions 2.4 1.3 84.6
Gallery Services 2.3 1.4 64.3
Storage 1.2 1.2 -
-------------------------------------- ------------- ------------- -------
Total revenue 5.9 3.9 51.3
-------------------------------------- ------------- ------------- -------
Underlying operating profit / (loss) - (0.3) 100.0
Finance expense (0.2) (0.2) -
-------------------------------------- ------------- ------------- -------
Underlying loss before tax (0.2) (0.5) 60.0
-------------------------------------- ------------- ------------- -------
With a welcome recovery in revenue and benefitting from a lower
cost base, after a slow start in the early months of the period,
Momart was able to improve profitability by GBP0.3 million and
achieve a breakeven position at the operating level. At the pre-tax
level after mortgage interest costs, losses of GBP0.5 million in
the prior period were reduced to GBP0.2 million.
Looking ahead, Exhibitions' activity is expected to slowly
improve although continuing pressure on museum visitor numbers
means recovery is expected to be gradual until well into 2022. In
contrast, in the commercial art market as confidence grows and
international air travel increases, we expect to see a return to
something close to pre-COVID art fair openings in the remainder of
2021 and, provided the global economy remains robust, further
increases in activity by auction houses and by private
collectors.
Trading Outlook
The current financial year has reflected a slow but steady trend
towards a return to pre-COVID levels of activity and we expect the
progress demonstrated in the Group's first half results to continue
as we move into the traditionally stronger second half.
In the Falkland Islands, FIC has demonstrated a robust
commercial strength and has built solid foundations to continue the
expansion of its construction and infrastructure arms as well as
its core specialist services. Although the current financial year
will not benefit from any substantial tourist income, the
fundamental strength of the Falkland Islands' economy and FIC's
place within it provide solid platform for continued growth which
will only improve when tourism resumes in the austral spring of
2022.
In the UK, provided there are no unexpected setbacks in relation
to the virus, given the progress made to date since April 2021, we
expect to see a further strengthening in the trading performance of
both Momart and PHFC in the second half, although neither are
expected to return to pre-COVID levels of activity until well into
2022.
Moving beyond the current year we will continue to invest in
both Momart and FIC to help unlock their undoubted potential for
further growth and in addition, following the recent hiring of
Stuart Munro as Group CFO, we will continue to search for strategic
earnings enhancing acquisitions to increase the scale and investor
appeal of the Group.
John Foster
Chief Executive
10 November 2021
Chief Financial Officer's Review
Financial Review
Revenue
Group revenue increased by GBP2.9 million (20.1%) to GBP17.3
million (2020: GBP14.4 million) due principally to improvements in
Momart and PHFC of GBP2.0 million and GBP0.7m respectively,
following the easing of UK COVID-19 lockdown restrictions, together
with a GBP0.2 million increase in FIC.
Underlying Operating Profit
Underlying operating profit before non-trading items and net
finance costs increased to GBP0.8 million (2020: GBP0.3 million)
reflecting the revenue improvements noted above, the impact of
actions taken to reduce cost in the year ended 31 March 2021 and
the receipt of GBP0.3 million of COVID-19 Government funding (2020:
GBP1.4 million).
Net Financing Costs
The Group's net financing costs remained broadly flat at GBP0.4
million (2020: GBP0.5 million). Two UK Government-backed CBILS
loans totalling GBP5.0 million were drawn down in June 2020 and
repaid in June 2021 but as the first 12 months of interest payments
were covered by the UK Government, these loans had no impact on net
financing costs.
Reported Pre-tax Profit
The reported pre-tax result for the six months ended 30
September 21 was a profit of GBP0.4 million (2020: GBP0.2 million
loss). The result for the six months ended 30 September 2020
included restructuring costs of GBP0.1m and the Group's underlying
profit before tax before non-trading items was GBP0.4 million
(2020: GBP0.1 million loss).
Taxation
The taxation charge on the current period result of GBP0.1
million (2020: GBP0.1 million credit) has been estimated on the
basis of 19% and 26% of profits arising in the UK and the Falkland
Islands respectively (2020: based on a blended rate of 23.0%). In
addition, an increase in the UK corporation tax rate from 19% to
25% (effective 1 April 2023) was substantively enacted on 24 May
2021. This has increased the deferred tax liability of the Group
and the tax charge for the period by an estimated GBP0.4 million,
resulting in an overall tax charge of GBP0.5 million (2020: GBP0.1
million credit).
Earnings per Share
Diluted Earnings per Share ("EPS") derived from reported losses
was -1.3 pence (2020: -1.5 pence) and diluted EPS derived from
underlying losses was -1.0 pence (2020: -0.9 pence).
Balance Sheet and Cash Flow
The Group's balance sheet remained strong with total net assets
of GBP38.7 million broadly in line with the balances at 31 March
2021 and 30 September 2020 of GBP38.9 million and GBP38.6 million
respectively.
Net Debt
30 September 31 March Change
2021 2021
GBPm GBPm GBPm
--------------------------------- -------------------- --------- -------
Bank loans (14.7) (20.1) 5.4
Cash and cash equivalents 8.0 14.6 (6.6)
--------------------------------- -------------------- --------- -------
Bank loans net of cash and cash
equivalents (6.7) (5.5) (1.2)
Lease liabilities (7.8) (8.1) 0.3
Net debt (14.5) (13.6) (0.9)
--------------------------------- -------------------- --------- -------
Bank loans reduced to GBP14.7 million (31 March 2021: GBP20.1
million) following the repayment of GBP5.0 million CBILS loans in
June 2021 and scheduled loan repayments of GBP0.4 million. GBP12.9
million of the balance was in respect of the long-term mortgage
secured on the Group's freehold premises in Leyton (31 March 2021:
GBP13.2 million).
The Group's cash balances reduced to GBP8.0 million (31 March
2021: GBP14.6 million), reflecting the loan payments totalling
GBP5.4 million noted above and a reduction in the underlying cash
balance of GBP1.2 million.
The reduction in underlying cash was due mainly to capital
expenditure of GBP1.1 million (GBP0.8 million on investment
property and GBP0.3 million on property, plant and equipment both
largely in FIC) and interest and lease liability repayments of
GBP0.4 million and GBP0.3 million respectively, which were partly
offset by a GBP0.7 million net cash inflow from operating
activities. The latter included a GBP1.2 million increase in
working capital which largely arose in FIC, where circa GBP1.0
million was due to an increase in inventory (predominantly a
GBP0.8m increase in housebuilding stocks and work in progress) and
GBP0.2 million was due to increases in trade and other
receivables.
The Group's outstanding lease liabilities totalled GBP7.8
million (31 March 2021: GBP8.1 million) with GBP5.7 million of the
balance (31 March 2021: GBP5.7 million) relating to the leases from
Gosport Borough Council to PHFC for the Gosport Pontoon and
associated ground rent, which run until June 2061.
Overall, net debt increased to GBP14.5 million (31 March 2021:
GBP13.6 million).
Stuart Munro
Chief Financial Officer
10 November 2021
Consolidated Income Statement
For the Six Months Ended 30 September 2021
Unaudited Unaudited
Six Months Six Months Audited
to to Year Ended
30 September 30 September 31 March
2021 2020 2021
Notes GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ------------
2 Revenue 17,267 14,384 32,578
Cost of sales (10,064) (9,212) (19,437)
------------------------------------ -------------- -------------- ------------
Gross profit 7,203 5,172 13,141
Other administrative expenses (6,454) (4,958) (12,307)
Consumer finance interest income 79 113 192
------------------------------------ -------------- -------------- ------------
Operating expenses (6,375) (4,845) (12,115)
Operating profit before non-trading
items 828 327 1,026
3 Non-trading items (44) (102) 57
------------------------------------ -------------- -------------- ------------
Operating profit 784 225 1,083
4 Finance expense (421) (472) (881)
Profit / (loss) before tax 363 (247) 202
5 Taxation (523) 57 (193)
(Loss) / profit attributable
to equity holders of the Company (160) (190) 9
------------------------------------ -------------- -------------- ------------
6 Earnings per share
Basic (1.3p) (1.5p) 0.1p
Diluted (1.3p) (1.5p) 0.1p
See note 6 for an analysis of earnings per share on underlying
profit (defined as profit after tax before non-trading items).
Consolidated Balance Sheet
At 30 September 2021
Unaudited Unaudited Audited
30 September 30 September 31 March
2021 2020 2021
Notes GBP'000 GBP'000 GBP'000
------------------------------------------ -------------- -------------- ----------
Non-current assets
Intangible assets 4,167 4,212 4,183
Property, plant and equipment 39,552 40,940 40,361
Investment properties 7,794 6,691 7,123
Investment in joint venture 259 259 259
Debtors due in more than one
year 88 88 88
Hire purchase debtors 605 527 590
Deferred tax assets 739 651 739
-------------------------------------- -------------- -------------- ----------
Total non-current assets 53,204 53,368 53,343
-------------------------------------- -------------- -------------- ----------
Current assets
Inventories 6,878 6,333 5,871
Trade and other receivables 6,114 4,635 5,868
Hire purchase debtors 647 589 558
8 Cash and cash equivalents 7,976 14,367 14,556
-------------------------------------- -------------- -------------- ----------
Total current assets 21,615 25,924 26,853
Total assets 74,819 79,292 80,196
Current liabilities
Trade and other payables (6,777) (6,082) (6,775)
9 Interest bearing loans and borrowings (1,403) (1,468) (3,424)
Derivative financial instruments - (537) -
Corporation tax payable (237) (112) (113)
Total current liabilities (8,417) (8,199) (10,312)
-------------------------------------- -------------- -------------- ----------
Non-current liabilities
9 Interest bearing loans and borrowings (21,046) (27,037) (24,799)
Derivative financial instruments (234) - (234)
Deferred tax liabilities (3,559) (2,849) (3,113)
Employee benefits (2,828) (2,615) (2,842)
-------------------------------------- -------------- -------------- ----------
Total non-current liabilities (27,667) (32,501) (30,988)
-------------------------------------- -------------- -------------- ----------
Total liabilities (36,084) (40,700) (41,300)
Net assets 38,735 38,592 38,896
-------------------------------------- -------------- -------------- ----------
Capital and reserves
Equity share capital 1,251 1,250 1,251
Share premium account 17,590 17,590 17,590
Other reserves 703 703 703
Retained earnings 19,423 19,584 19,584
Hedging reserve (232) (535) (232)
-------------------------------------- -------------- -------------- ----------
Total equity 38,735 38,592 38,896
-------------------------------------- -------------- -------------- ----------
Consolidated Cash Flow Statement
For the Six Months Ended 30 September 2021
Unaudited Unaudited
Six Months Six Months Audited
to to Year Ended
30 September 30 September 31 March
2021 2020 2021
Notes GBP'000 GBP'000 GBP'000
---------------------------------------------------- -------------- -------------- ------------
Cash flows from operating activities
(Loss) / profit for the period after
taxation (160) (190) 9
Adjusted for:
(i) Non-cash items:
Amortisation 16 34 63
Depreciation: Property, plant and equipment 1,101 1,063 2,193
Depreciation: Investment properties 98 78 37
Loss on disposal of fixed assets - 60 53
Interest cost on pension scheme liabilities 35 60 64
Equity-settled share-based payment expenses 10 22 1
--------------------------------------------------- -------------- -------------- ------------
Non-cash items adjustment 1,260 1,317 2,411
(ii) Other items:
Exchange losses - - 3
Bank interest payable 217 263 469
Lease liability finance expense 169 160 348
Increase in hire purchase leases receivable (104) (1) (33)
Corporation and deferred tax expense/(income) 523 (57) 193
--------------------------------------------------- -------------- -------------- ------------
Other adjustments 805 365 980
Operating cash flow before changes in
working capital 1,905 1,492 3,400
(Increase) / decrease in trade and other
receivables (246) 4,061 2,828
Increase in inventories (963) (959) (497)
Increase / (decrease) in trade and other
payables 2 (2,529) (1,836)
--------------------------------------------------- -------------- -------------- ------------
Changes in working capital (1,207) 573 495
Cash generated from operations 698 2,065 3,895
Payments to pensioners (49) (49) (98)
Corporation taxes received / (paid) 47 (64) (64)
--------------------------------------------------- -------------- -------------- ------------
Net cash flow from operating activities 696 1,952 3,733
Cash flows from investing activities
Purchase of property, plant and equipment (336) (362) (898)
Purchase of investment properties (769) (300) (702)
--------------------------------------------------- -------------- -------------- ------------
Net cash flow from investing activities (1,105) (662) (1,600)
Cash flows from financing activities
Bank loan drawn down - 5,000 5,000
Repayment of bank loans (5,468) (148) (624)
Bank interest paid (217) (252) (469)
Hire purchase loan draw down - - 389
Repayment of lease liabilities principal (306) (439) (649)
Lease liabilities interest paid (169) (160) (348)
Cash inflow on option exercises - - 19
Cash outflow on nil cost option exercise (11) (32) -
--------------------------------------------------- -------------- -------------- ------------
Net cash flow from financing activities (6,171) 3,969 3,318
--------------------------------------------------- -------------- -------------- ------------
Net (decrease) / increase in cash and
cash equivalents (6,580) 5,259 5,451
Cash and cash equivalents at start of
year 14,556 9,108 9,108
Exchange losses on cash balances - - (3)
--------------------------------------------------- -------------- -------------- ------------
8 Cash and cash equivalents at end of year 7,976 14,367 14,556
----------------------------------------------- -------------- -------------- ------------
Consolidated Statement of Comprehensive Income
For the Six Months Ended 30 September 2021
Unaudited Unaudited
Six Months Six Months Audited
to to Year Ended
30 September 30 September 31 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
------------------------------------------ -------------- -------------- ------------
(Loss) / profit for the period (160) (190) 9
Cash flow hedges - effective portion
of changes in fair value - - 303
Deferred tax on other financial
liabilities - - 30
Deferred tax on effective portion
of changes in fair value - - (58)
Items that are or may be reclassified
subsequently to profit or loss - - 275
----------------------------------------- -------------- -------------- ------------
Re-measurement of the FIC defined
benefit pension scheme - - (272)
Movement on deferred tax asset relating
to the pension scheme - - 71
Items which will not ultimately
be recycled to the income statement - - (201)
----------------------------------------- -------------- -------------- ------------
Total other comprehensive income - - 74
----------------------------------------- -------------- -------------- ------------
Total comprehensive (loss) / income (160) (190) 83
----------------------------------------- -------------- -------------- ------------
Condensed Consolidated Statement of Changes in Shareholders'
Equity
For the Six Months Ended 30 September 2021
Unaudited Unaudited
Six Months Six Months Audited
to to Year Ended
30 September 30 September 31 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
--------------------------------------- -------------- -------------- ------------
Shareholders' funds at beginning
of period 38,896 38,792 38,792
(Loss) / profit for the period (160) (190) 9
Cash flow hedges - effective portion
of changes in fair value - - 303
Deferred tax on effective portion
of changes in fair value - - (58)
Deferred tax on other financial
liabilities - - 30
Re-measurement of the defined benefit
pension liability, net of tax - - (201)
--------------------------------------- -------------- -------------- ------------
Total comprehensive (loss) / income (160) (190) 83
--------------------------------------- -------------- -------------- ------------
Transactions with owners in their
capacity as owners:
Share-based payments 10 22 1
Share option exercise (11) (32) 20
--------------------------------------- -------------- -------------- ------------
Transactions with owners (1) (10) 21
--------------------------------------- -------------- -------------- ------------
Shareholders' funds at end of period 38,735 38,592 38,896
--------------------------------------- -------------- -------------- ------------
Notes to the Unaudited Interim Statements
1. Basis of Preparation
This interim financial statement comprises the condensed
consolidated balance sheets at 30 September 2021, 30 September 2020
and 31 March 2021 and condensed consolidated statements of income,
comprehensive income, cash flows and changes in shareholders'
equity for the periods then ended and related notes of FIH group
plc (hereinafter 'the interim financial information').
In adopting the going concern basis of preparation in the
interim financial statements, the directors have considered the
current trading performance of the Group, and the principal risks
and uncertainties it faces. This includes the modelling of "severe
but plausible" downside scenarios including longer term changes
brought about by COVID-19 in the key markets of group companies, in
addition to a cautious scenario for the more near-term impact of
COVID-19.
The directors believe that the Group is well placed to manage
the risks and uncertainties it faces. As such, the directors have a
reasonable expectation that the Group will have adequate financial
resources to continue in operational existence and have, therefore,
considered it appropriate to adopt the going concern basis of
preparation in the interim financial statements.
The interim financial information has been prepared in
accordance with the accounting policies set out in the Group's 2021
annual financial statements. As permitted, these interim financial
statements have been prepared in accordance with AIM rules and not
in accordance with IAS34 'Interim Financial Reporting'.
Section 245 Statement
The comparative figures for the financial year ended 31 March
2021 are not the Company's full statutory accounts for that
financial year. Those accounts have been reported on by the
Company's auditors and delivered to the Registrar of Companies. The
report of the auditor was unqualified, did not include a reference
to any matters to which the auditor drew attention by way of
emphasis without qualifying their report and did not contain a
statement under section 498 (2) or 498 (3) of the Companies Act
2006.
2. Segmental Revenue and Profit Analysis
Unaudite d - Six Months Ended 30 September 2021
General
Trading Art Logistics
(Falkland Ferry Services and Storage
Islands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- ----------- --------------- -------------- ------------ ---------
Revenue 9,895 1,496 5,876 - 17,267
--------------------------------- ----------- --------------- -------------- ------------ ---------
Segment operating profit
before non-trading items 651 123 54 - 828
Non-trading items - - (44) - (44)
Segment operating profit
before net financing
costs 651 123 10 - 784
Finance expense (35) (152) (234) - (421)
Segment profit / (loss)
before tax 616 (29) (224) - 363
--------------------------------- ----------- --------------- -------------- ------------ ---------
Assets and liabilities
Segment assets 30,474 10,644 25,642 8,059 74,819
Segment liabilities (8,334) (8,518) (17,475) (1,757) (36,084)
Segment net assets 22,140 2,126 8,167 6,302 38,735
--------------------------------- ----------- --------------- -------------- ------------ ---------
Other segment information
Capital expenditure:
Property, plant and equipment 264 38 34 - 336
Investment properties 769 - - - 769
Total capital expenditure 1,033 38 34 - 1,105
--------------------------------- ----------- --------------- -------------- ------------ ---------
Capital expenditure:
cash 1,033 38 34 - 1,105
Capital expenditure:
non-cash - - - - -
Total capital expenditure 1,033 38 34 - 1,105
--------------------------------- ----------- --------------- -------------- ------------ ---------
Depreciation and amortisation:
Property, plant and equipment 407 224 470 - 1,101
Investment properties 98 - - - 98
Computer software - - 16 - 16
Total depreciation and
amortisation 505 224 486 - 1,215
--------------------------------- ----------- --------------- -------------- ------------ ---------
Underlying profit/(loss)
Segment operating profit
before non-trading items 651 123 54 - 828
Finance expense (35) (152) (234) - (421)
--------------------------------- ----------- --------------- -------------- ------------ ---------
Underlying profit / (loss)
before tax 616 (29) (180) - 407
--------------------------------- ----------- --------------- -------------- ------------ ---------
2. Segmental Revenue and Profit Analysis (Continued)
Unaudite d - Six Months Ended 30 September 2020
General
Trading Art Logistics
(Falkland Ferry Services and Storage
Islands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- ----------- --------------- -------------- ------------ ---------
Revenue 9,735 800 3,849 - 14,384
--------------------------------- ----------- --------------- -------------- ------------ ---------
Segment operating profit
/ (loss) before non-trading
items 867 (267) (273) - 327
Non-trading items - - - (102) (102)
Segment operating profit
/ (loss) before net financing
costs 867 (267) (273) (102) 225
Finance expense (62) (168) (242) - (472)
Segment profit / (loss)
before tax 805 (435) (515) (102) (247)
--------------------------------- ----------- --------------- -------------- ------------ ---------
Assets and liabilities
Segment assets 33,000 10,922 30,319 5,051 79,292
Segment liabilities (7,584) (8,939) (18,528) (5,649) (40,700)
Segment net assets /
(liabilities) 25,416 1,983 11,791 (598) 38,592
--------------------------------- ----------- --------------- -------------- ------------ ---------
Other segment information
Capital expenditure:
Property, plant and equipment 362 - - - 362
Investment properties 300 - - - 300
Total capital expenditure 662 - - - 662
--------------------------------- ----------- --------------- -------------- ------------ ---------
Capital expenditure:
cash 662 - - - 662
Capital expenditure:
non-cash - - - - -
Total capital expenditure 662 - - - 662
--------------------------------- ----------- --------------- -------------- ------------ ---------
Depreciation and amortisation:
Property, plant and equipment 381 226 456 - 1,063
Investment properties 78 - - - 78
Computer software - - 34 - 34
Total depreciation and
amortisation 459 226 490 - 1,175
--------------------------------- ----------- --------------- -------------- ------------ ---------
Underlying profit/(loss)
Segment operating profit
/ (loss) before non-trading
items 867 (267) (273) - 327
Finance expense (62) (168) (242) - (472)
--------------------------------- ----------- --------------- -------------- ------------ ---------
Underlying profit / (loss)
before tax 805 (435) (515) - (145)
--------------------------------- ----------- --------------- -------------- ------------ ---------
2. Segmental Revenue and Profit Analysis (Continued)
Year Ended 31 March 2021
General
Trading Art Logistics
(Falkland Ferry Services and Storage
Islands) (Portsmouth) (UK) Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- ----------- --------------- -------------- ------------ ---------
Revenue 20,874 1,445 10,259 - 32,578
--------------------------------- ----------- --------------- -------------- ------------ ---------
Segment operating profit
/ (loss) before non-trading
items 1,852 (856) 30 - 1,026
Non-trading items 500 (140) (221) (82) 57
Segment operating profit
/ (loss) before net financing
costs 2,352 (996) (191) (82) 1,083
Finance expense (68) (329) (484) - (881)
Segment profit / (loss)
before tax 2,284 (1,325) (675) (82) 202
--------------------------------- ----------- --------------- -------------- ------------ ---------
Assets and liabilities
Segment assets 29,498 11,411 33,648 5,639 80,196
Segment liabilities (8,687) (10,266) (22,062) (285) (41,300)
Segment net assets 20,811 1,145 11,586 5,354 38,896
--------------------------------- ----------- --------------- -------------- ------------ ---------
Other segment information
Capital expenditure:
Property, plant and equipment 358 - 540 - 898
Investment properties 702 - - - 702
Total capital expenditure 1,060 - 540 - 1,600
--------------------------------- ----------- --------------- -------------- ------------ ---------
Capital expenditure:
cash 1,060 - 151 - 1,211
Capital expenditure:
non-cash - - 389 - 389
Total capital expenditure 1,060 - 540 - 1,600
--------------------------------- ----------- --------------- -------------- ------------ ---------
Depreciation and amortisation:
Property, plant and equipment 816 451 926 - 2,193
Investment properties 37 - - - 37
Computer software - - 63 - 63
Total depreciation and
amortisation 853 451 989 - 2,293
--------------------------------- ----------- --------------- -------------- ------------ ---------
Underlying profit/(loss)
Segment operating profit
/ (loss) before non-trading
items 1,852 (856) 30 - 1,026
Finance expense (68) (329) (484) - (881)
--------------------------------- ----------- --------------- -------------- ------------ ---------
Underlying profit / (loss)
before tax 1,784 (1,185) (454) - 145
--------------------------------- ----------- --------------- -------------- ------------ ---------
3. Non-trading Items
Unaudited
Unaudited Six Months Audited
Six Months to to Year Ended
30 September 30 September 31 March
2021 2020* 2021
GBP'000 GBP'000 GBP'000
----------------------------------- --------------- -------------- ------------
Profit / (loss) before tax as
reported 363 (247) 202
Restructuring costs 44 102 443
Other credits - - (500)
----------------------------------- --------------- -------------- ------------
Non-trading items 44 102 (57)
Underlying profit / (loss) before
tax 407 (145) 145
----------------------------------- --------------- -------------- ------------
* Restated to exclude restructuring costs from underlying loss
before tax.
Restructuring costs comprise people related costs including
redundancy. Other credits relate to derecognition of historic
liabilities, which were previously included within accruals, on
the basis that the amounts are no longer enforceable.
4. Finance Expense
Unaudited
Unaudited Six Months Audited
Six Months to to Year Ended
30 September 30 September 31 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
---------------------------------- --------------- -------------- ------------
Interest payable on bank loans 217 252 469
Net interest cost on the FIC
defined benefit pension scheme
liability 35 60 64
Lease liabilities finance charge 169 160 348
---------------------------------- --------------- -------------- ------------
Total finance expense 421 472 881
---------------------------------- --------------- -------------- ------------
5. Taxation
Unaudited Unaudited
Six Months Six Months Audited
to to Year Ended
30 September 30 September 31 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
------------------------------------- -------------- -------------- ------------
Current tax charge / (credit) 116 (57) (52)
Prior year research and development (39) - -
tax credit
Deferred tax charge 446 - 245
Total tax expense / (credit) 523 (57) 193
------------------------------------- -------------- -------------- ------------
The current tax charge has been estimated on the basis of 19%
and 26% of profits arising in the UK and the Falkland Islands
respectively (September 2020: based on blended rate of 23.0%).
An increase in the UK corporation tax rate from 19% to 25%
(effective 1 April 2023) was substantively enacted on 24 May 2021.
This will increase the future tax charge for the Group and has
increased the deferred tax liability of the Group and the tax
charge for the six months ended 30 September 2021 by an estimated
GBP446,000.
6. Earnings Per Share on Underlying Profit
To provide a comparison of earnings per share on underlying
performance, the calculation below sets out basic and diluted
earnings per share based on underlying profits.
Unaudited Unaudited
Six Months Six Months Audited
to to Year Ended
30 September 30 September 31 March
2021 2020 2021
Number Number Number
---------------------------------------- -------------- -------------- ------------
Weighted average number of shares in
issue 12,517,241 12,509,543 12,470,827
Less: shares held under the ESOP* - (1,633) -
---------------------------------------- -------------- -------------- ------------
Weighted average number of shares in
issue excluding the ESOP* shares 12,517,241 12,507,910 12,470,827
Maximum dilution with regards to share
options 2,513 201,603 281,490
---------------------------------------- -------------- -------------- ------------
Diluted weighted average number of
shares 12,519,754 12,709,513 12,752,317
---------------------------------------- -------------- -------------- ------------
* The ESOP was the Employee Share Ownership Plan, which was
terminated on 9 August 2019.
Unaudited Unaudited
Six Months Six Months Audited
to to Year Ended
30 September 30 September 31 March
2021 2020* 2021
GBP'000 GBP'000 GBP'000
------------------------------------------ -------------- -------------- ------------
Underlying profit / (loss) before
tax (note 3) 407 (145) 145
Underlying taxation (531) 38 (147)
------------------------------------------ -------------- -------------- ------------
Underlying loss after tax (124) (107) (2)
------------------------------------------ -------------- -------------- ------------
Basic earnings per share on underlying
loss (1.0p) (0.9p) 0.0p
Diluted earnings per share on underlying
loss (1.0p) (0.9p) 0.0p
------------------------------------------ -------------- -------------- ------------
* Restated to exclude restructuring costs from underlying loss
before tax.
7. Employee Benefits
The Company has elected to follow precedent and decided not to
revalue its pension obligations at the half-year. The Group's
pension obligation, the Falkland Islands Company Limited Pension
Scheme, is unfunded and therefore not subject to valuation
volatility as a result of stock market fluctuations.
8. Cash and Cash Equivalents
Unaudited Unaudited Audited
30 September 30 September 31 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
------------------------------------------ -------------- -------------- ----------
Cash and cash equivalents in the balance
sheet 7,976 14,367 14,556
------------------------------------------ -------------- -------------- ----------
8. Cash and Cash Equivalents (Continued)
Unaudited Unaudited
Six Months Six Months Audited
to to Year Ended
30 September 30 September 31 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
-------------------------------------- -------------- -------------- ------------
Net (decrease) / increase in cash
and cash equivalents (6,580) 5,259 5,451
Exchange losses - - (3)
-------------------------------------- -------------- -------------- ------------
Net (decrease) / increase in cash
and cash equivalents after exchange
gains (6,580) 5,259 5,448
-------------------------------------- -------------- -------------- ------------
Bank loan draw downs - (5,000) (5,000)
Bank loan repayments 5,468 170 624
Lease liabilities drawdown: non-cash - - -
Lease liabilities drawdown: cash - - (389)
Lease liabilities repayments 306 432 649
-------------------------------------- -------------- -------------- ------------
Decrease / (increase) in interest
bearing loans and borrowings 5,774 (4,398) (4,116)
-------------------------------------- -------------- -------------- ------------
Net (increase) / decrease in debt (806) 861 1,332
Net debt brought forward (13,667) (14,999) (14,999)
-------------------------------------- -------------- -------------- ------------
Net debt (14,473) (14,138) (13,667)
-------------------------------------- -------------- -------------- ------------
Net debt
Cash balance 7,976 14,367 14,556
Less: Total interest-bearing loans
and borrowings (22,449) (28,505) (28,223)
------------------------------------ --------- --------- ---------
Net debt (14,473) (14,138) (13,667)
------------------------------------ --------- --------- ---------
9. Interest-bearing Loans and Borrowings
Unaudited Unaudited Audited
30 September 30 September 31 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- ----------
Non-current liabilities
Secured bank loans 13,702 19,638 17,313
Lease liabilities 7,344 7,399 7,486
---------------------------------------- -------------- -------------- ----------
Total non-current interest-bearing
loans and lease liabilities 21,046 27,037 24,799
---------------------------------------- -------------- -------------- ----------
Current liabilities
Secured bank loans 940 926 2,797
Lease liabilities 463 542 627
---------------------------------------- -------------- -------------- ----------
Total current interest-bearing loans
and lease liabilities 1,403 1,468 3,424
---------------------------------------- -------------- -------------- ----------
Total liabilities
Secured bank loans 14,642 20,564 20,110
Lease liabilities 7,807 7,941 8,113
---------------------------------------- -------------- -------------- ----------
Total interest-bearing loans and lease
liabilities 22,449 28,505 28,223
---------------------------------------- -------------- -------------- ----------
10. Capital Commitments
At 30 September 2021 the Group had capital commitments of
GBP1,061,000 (Momart: GBP426,000 and FIC: GBP635,000) which have
not been provided for in these financial statements.
At 30 September 2020 the Group had capital commitments of
GBP389,000 at Momart, which have not been provided for in these
financial statements.
Directors Registered Office
Robin Williams Non-executive Chairman Kenburgh Court
John Foster Chief Executive 133-137 South Street
Stuart Munro Chief Financial Officer Bishop's Stortford
Jeremy Brade Non-executive Director Hertfordshire CM23 3HX
Rob Johnston Non-executive Director E: admin@fihplc.com
Dominic Lavelle Non-executive Director W: www.fihplc.com
Registered number 03416346
Company Secretary
Iain Harrison
Corporate Information
Stockbroker and Nominated Adviser
W.H. Ireland Limited
24 Martin Lane,
London EC4R 0DR
Solicitors
BDB Pitmans LLP
50 Broadway,
Westminster,
London SW1H 0BL
Auditor
KPMG LLP
St. Nicholas House,
Park Row,
Nottingham NG1 6FQ
Registrar
Link Group
The Registry, 34 Beckenham Road,
Beckenham,
Kent BR3 4TU
Financial PR
Novella Communications
South Wing, Somerset House
London
WC2R 1LA
The Falkland Islands Company The Portsmouth Harbour Momart Limited
Kevin Ironside, Director Ferry Company Steve Lane, Director
T: 00 500 27600 Clive Lane, Director T: 020 7426 3000
E: info@fic.co.fk T: 02392 524551 E: enquiries@momart.com
W: www.falklandislandscompany.com E: admin@gosportferry.co.uk W: www.momart.com
W: www.gosportferry.co.uk
www.fihplc.com
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END
IR FSLFWUEFSELF
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