Slide 1: Interim Results: Six months ended 30 September 2023
Interim Results: Six months ended 30 September 2023 Chief Executive : Stuart Munro Chief Financial Officer: Reuben Shamu
Slide 2: Trading Overview
Trading Overview Restated 2023 Change FIH group plc 2022 £’m £’m £’m Turnover 26.7 22.9 3.8 Underlying operating profit 0.9 1.0 (0.1) Finance income 0.1 0.0 0.1 Interest payable on bank loans (0.2) (0.2) - Lease finance & pensions charges (0.2) (0.2) - Net financing costs (0.3) (0.4) 0.1 Underlying
Slide 3: Group Highlights
Group Highlights • Revenue up 17% to £26.7m (2022: £22.9m). • Underlying pre-tax profit of £0.6m (2022: £0.6m) reflecting inflationary pressures across all businesses and investment in key people to drive growth in Momart. • Strong cash position of £9.2m as at 30 September 2023 (2022: £7.6m). • An i
Slide 4: Split by Business
Split by Business: 2023 2022 Change FIH group plc £’m £’m £’m FIC 15.2 12.3 2.9 PHFC 2.2 2.0 0.2 Momart 9.3 8.6 0.7 Turnover 26.7 22.9 3.8 FIC 0.2 0.3 (0.1) PHFC 0.4 0.4 - Momart 0.0 (0.1) 0.1 Underlying profit before tax 0.6 0.6 - Non trading items 0.2 1.7 (1.5) Profit before tax 0.8 2.3 (1.5) 4
Slide 5: Falkland Islands Company (FIC)
Falkland Islands Company (FIC) 5
Slide 6: FIC Trading Overview
FIC Trading Overview 2023 2022 Change FIC £’m £’m £’m Retail 4.7 4.2 0.5 FBS (housing and construction) 7.3 4.3 3.0 Falklands 4x4 1.2 1.7 (0.5) Support Services 1.5 1.6 (0.1) Property Rental 0.5 0.5 - Total revenue 15.2 12.3 2.9 Underlying operating profit and profit before tax 0.2 0.3 (0.1) 6
Slide 7: FIC Trading Overview
FIC Trading Overview • Total revenue of £15.2m (2022: £12.3m) up 24%. • FBS revenue growth of 70% to £7.3m (2022: £4.3m) driven by the 70 House contract which included variations of £0.5m. • Retail revenue up £0.5m with inflationary pressures continuing. • Falkland 4x4 revenue down 29% with difficul
Slide 8: Momart
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Slide 9: Momart: Trading Overview
Momart : Trading Overview 2023 2022 Change Momart £’m £’m £’m Museum Exhibitions 4.6 4.5 0.1 Gallery Services 3.2 2.8 0.4 Storage 1.5 1.3 0.2 Total revenue 9.3 8.6 0.7 Underlying operating profit 0.2 0.1 0.1 Net finance expense (0.2) (0.2) - Underlying profit /(loss) before tax - (0.1) 0.1 9
Slide 10: Momart Trading Overview
Momart Trading Overview • Revenue up £0.7m to £8.6m from prior year. • £0.4m improvement in Gallery Services driven by a strong commercial market in both gallery and art fair sectors. • £0.1m improvement in Exhibitions with stronger performance expected in the second half based on the strength of it
Slide 11: Portsmouth Harbour Ferry Company (PHFC)
Portsmouth Harbour Ferry Company (PHFC) 11
Slide 12: PHFC: Trading Overview
PHFC : Trading Overview 2023 2022 Change PHFC £’m £’m £’m Total revenue 2.2 2.0 0.2 Underlying operating profit 0.5 0.5 - Net finance expense (0.1) (0.1) - Underlying profit before tax 0.4 0.4 - 12
Slide 13: PHFC Trading Overview
PHFC Trading Overview • Passenger numbers broadly in line with the same period last year. • Inflationary fair rises in April 2023 largely responsible for revenue increasing by £0.2m. • Underlying operating profit of £0.5m in line with prior year. 13
Slide 14: Trading Outlook and Strategy
Trading Outlook and Strategy
Slide 15: Trading Outlook
Trading Outlook • PHFC • Performing in line with expectations. • Momart • Strong order book in Exhibitions. • Continued growth in Gallery Services. • Trading cycle skewed towards the latter half of the year should deliver strong second half performance. • FIC • FBS activity expected to accelerate in
Slide 16: Strategy
Strategy • Build current businesses back to and beyond pre-COVID position. • Focus on control of costs and mitigating the impact of inflation. • Invest in developing existing businesses. • Capitalise on Government and MOD work and maximise use of land assets in the Falkland Islands. • Monitor potent
Slide 17: Appendices
Appendices Cash Flow, Balance Sheet, Net Borrowings & Liquidity
Slide 18: Cash flow - for the six months ended 30 September
Cash flow - for the six months ended 30 September 2023 2022 FIH group plc £’m £’m Underlying profit before tax 0.6 0.6 Depreciation and amortisation 1.2 1.2 Net interest 0.4 0.4 Underlying EBITDA 2.2 2.2 Movement in hire purchase debtors 0.2 0.1 Movement in working capital (3.7) (2.2) Tax paid and o
Slide 19: Balance sheet
Balance sheet Restated 30 Sep 2023 31 Mar 2023 FIH group plc 30 Sep 2022 £'m £'m £'m Tangible fixed assets* 38.8 37.9 38.7 Investment properties at net book value 7.8 8.5 7.9 Goodwill & intangibles 4.5 4.6 4.4 Deferred tax, joint venture & hire purchase > 1 year 1.2 1.5 1.4 Derivative financial inst
Slide 20: Borrowings, Cash & Liquidity
Borrowings, Cash & Liquidity 30 Sep 2023 30 Sep 2022 31 Mar 2023 FIH group plc £'m £'m £'m Bank loans due within 1 year (1.0) (1.0) (1.0) Bank loans due after 1 year (11.8) (12.7) (12.3) Total bank borrowings* (12.8) (13.7) (13.3) Cash 9.2 7.6 12.8 Net bank borrowings (3.6) (6.1) (0.5) Lease liabili
Slide 21: y FIH group plc
y 3 FIH group plc