Fih Group Plc · LSE:FIH
Fih — H1 2023 Earnings Presentation
21 slides from Fih's earnings presentation, September 2022
Slide 1: Interim Results: Six months ended 30 September 2022
Interim Results: Six months ended 30 September 2022 Chief Executive : Stuart Munro Chief Financial Officer: Reuben Shamu
Slide 2: Trading Overview
Trading Overview 2022 2021 Change FIH group plc £’m £’m £’m Turnover 22.8 17.3 5.5 Underlying operating profit 1.0 0.8 0.2 Interest payable on bank loans (0.2) (0.2) - Lease finance & pensions charges (0.2) (0.2) - Financing costs (0.4) (0.4) - Underlying profit before tax 0.6 0.4 0.2 Restructuring
Slide 3: Group Highlights
Group Highlights • Revenue increased by 32% to £22.8m (2021: £17.3m). • Pre-tax profit of £0.6m (2021: £0.4m) despite government support reducing to £0.1m (2021: £0.3m). • Improvement in Momart and Portsmouth Harbour Ferry Company (“PHFC”) offsetting reduced profits in the Falklands Islands Company
Slide 4: Split by Business
Split by Business: 2022 2021 Change FIH group plc £’m £’m £’m FIC 12.2 9.9 2.3 PHFC 2.0 1.5 0.5 Momart 8.6 5.9 2.7 Turnover 22.8 17.3 5.5 FIC 0.3 0.6 (0.3) PHFC 0.4 - 0.4 Momart (0.1) (0.2) 0.1 Underlying profit before tax 0.6 0.4 0.2 Restructuring costs - - - Profit before tax 0.6 0.4 0.2 4
Slide 5: Falkland Islands Company (FIC)
Falkland Islands Company (FIC) 5
Slide 6: FIC Trading Overview
FIC Trading Overview 2022 2021 Change FIC £’m £’m £’m Retail 4.2 4.7 (0.5) FBS (housing and construction) 4.3 1.8 2.5 Falklands 4x4 1.7 1.6 0.1 Support Services 1.5 1.4 0.1 Property Rental 0.5 0.4 0.1 Total revenue 12.2 9.9 2.3 Underlying operating profit 0.3 0.6 (0.3) Defined benefit pension - fina
Slide 7: FIC Trading Overview
FIC Trading Overview • Total revenue of £12.2m (2021: £9.9m) up 23%. • FBS revenue up £2.5m driven by £17.3m contract to build 70 houses for FIG. • Retail revenue down £0.5m where continued inflationary cost pressures have necessitated price increases and trading volumes are down. • Revenue in other
Slide 8: Momart
yN 4 Momart
Slide 9: Momart: Trading Overview
Momart : Trading Overview 2022 2021 Change Momart £’m £’m £’m Museum Exhibitions 4.5 2.4 2.1 Gallery Services 2.8 2.3 0.5 Storage 1.3 1.2 0.1 Total revenue 8.6 5.9 2.7 Underlying operating profit 0.1 - 0.1 Finance expense (0.2) (0.2) - Underlying loss before tax (0.1) (0.2) 0.1 9
Slide 10: Momart Trading Overview
Momart Trading Overview • Revenue of £8.6m increased by £2.7m (46%) on prior year. • £2.1m improvement in Museum Exhibitions coming mainly from UK institutions. • £0.5m in Gallery Services from both art fairs and auction houses. • Storage income increased by £0.1m. • Underlying pre-tax profit of £0.
Slide 11: Portsmouth Harbour Ferry Company (PHFC)
Portsmouth Harbour Ferry Company (PHFC) 11
Slide 12: PHFC: Trading Overview
PHFC : Trading Overview 2022 2021 Change PHFC £’m £’m £’m Total revenue 2.0 1.5 0.5 Underlying operating profit 0.5 0.1 0.4 Finance expense (0.1) (0.1) - Underlying profit before tax 0.4 - 0.4 12
Slide 13: PHFC Trading Overview
PHFC Trading Overview • Monthly passenger numbers continued to improve. • 82% of pre-pandemic levels by 30 September 2022. • Revenue increased by £0.5m (33%) to £2.0m. • Increase in both passenger numbers and fares. • Underlying pre-tax profit of £0.5m (2021 £0.1m) increased by £0.4m reflecting the
Slide 14: Trading Outlook and Strategy
Trading Outlook and Strategy
Slide 15: Trading Outlook
Trading Outlook • Momart and PHFC performing in line with expectations. • Profits in the second half of the year at FIC should benefit from: • Return of tourists to the Falkland Islands boosting retail sales. • Christmas-related retail demand increase. • A strong construction order book and potentia
Slide 16: Strategy
Strategy • Build current businesses back to and beyond pre-COVID position. • Good progress but more to do. • 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 Fa
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 2022 2021 FIH group plc £’m £’m Underlying profit before tax 0.6 0.4 Depreciation and amortisation 1.2 1.2 Net interest 0.4 0.4 Underlying EBITDA 2.2 2.0 Non-trading, cash items - - Decrease / (increase) in hire purchase debtors 0.1 (0.1) Increase in
Slide 19: Balance sheet
Balance sheet 30 Sep 2022 30 Sep 2021 31 Mar 2022 FIH group plc £'m £'m £'m Tangible fixed assets 38.2 39.5 39.1 Investment properties at net book value 8.5 7.8 8.2 Goodwill & intangibles 4.6 4.2 4.2 Deferred tax, joint venture & hire purchase > 1 year 1.5 1.7 1.7 Derivative financial instruments 2.
Slide 20: Borrowings, Cash & Liquidity
Borrowings, Cash & Liquidity 30 Sep 2022 30 Sep 2021 31 Mar 2022 FIH group plc £'m £'m £'m Bank loans due within 1 year (1.0) (1.0) (1.0) Bank loans due after 1 year (12.7) (13.7) (13.2) Total bank borrowings* (13.7) (14.7) (14.2) Cash 7.6 8.0 9.6 Net bank borrowings (6.1) (6.7) (4.6) Lease liabilit
Slide 21: FIH group plc
y 3 FIH group plc