25 May 2012

FIH waits for Sea Lion

20/12/2011 Robert Tyerman

After a modest 4.5 per cent first-half pre-tax profit increase to £990,000, Falkland Islands Holdings is hoping for positive developments at fellow AIM counter Rockhopper’s Sea Lion oil project in the South Atlantic.

Chairman David Hudd explains that would stimulate economic activity in the Falkland Islands, where the company operates retail outlets as well as a fishing business.

He says FIH is also awaiting February’s scheduled arrival of the Leiv Eriksson rig, which Falkland Oil and Gas and its partner Borders & Southern have contracted to drill in their own offshore prospects in the area. FIH owns 5.8 per cent of FOGL, which cost it £1.9 million and is now worth some £5 million, but would surge in value on drilling success.

Profits from FIH’s FaIkland Islands operations eased by £40,000 to £510,000 in the six months to September on sales up 7 per cent to £7 million. The company’s incongruous Portsmouth Harbour Ferry Company held profits at £400,000 in competitive conditions on a 5.9 per cent turnover gain to £2.1 million, while its Momart fine art transporting division lifted profits 38 per cent to £300,000 on turnover 26 per cent ahead to £7.4 million.

FIH shares, which have traded between 385p and 227.5p over the past year, now stand at 267.5p, valuing the company at nearly £25 million. They are chiefly an indirect punt on FOGL, though a yield of 3 per cent is not to be sniffed at these days.

Tags: AIM market, David Hudd, Retailer, Rockhopper

Sector: General Retailers

Companies: Falkland Islands Holdings , Rockhopper Exploration , Falkland Oil and Gas

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