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FIH Group PLC on Tuesday reported a significant jump in annual profit as a result of a strong Covid recovery across all its divisions, leading the company to restore a dividend payout for the year.
In the year ended March 31, the essential services provider posted a pretax profit of £2.0 million, up sharply from the £202,000 achieved a year prior.
Revenue grew 24% to £40.3 million from £32.6 million. FIH said this was in the direction of pre-pandemic levels.
Its Falkland Islands Co division was least affected by the pandemic, delivering an underlying pretax profit of £1.8 million, consistent with the prior year. The Momart and Portsmouth Harbour Ferry division, however, delivered significantly improved results.
Momart swung to a profit of £600,000 from a loss of £500,000 while its Portsmouth Harbour Ferry reported an improved loss of £100,000, narrowed from a £1.2 million loss the year prior.
‘After a challenging two years for the group, I'm delighted to be able to report a significant improvement in pre-tax profit... The overall trading outlook remains positive. In FIC, the lifting of the ban on tourists visiting the Falkland Islands on May 4, together with a strong order book and potential opportunities for further work, all bode well for the future. As the impact of Covid hopefully continues to reduce, further improvement in activity levels is also expected at Momart and PHFC,’ commented Chief Executive Stuart Munro.
The company proposed a final dividend of 2.0 pence per share, taking the total payout for the year to 3.0 pence. The previous year, FIH did not declare any dividends.
Shares in FIH were untraded at 230.00 pence on Tuesday morning in London.
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