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FIH group plc announced on 5 May 2023 a Full Year Trading Update for the year ended 31 March 2023, stating its Board expects underlying pre-tax profit to be significantly ahead of market expectations, subject to audit. For the year, Portsmouth Harbour Ferry's passenger numbers reached 80% of pre-COVID levels, up from 70% in the prior year, and the Group's cash position improved by £3.2 million to £12.8 million, with net bank borrowings decreasing by £4.2 million to £0.5 million.
| Date | 5 May 2023 |
| Time | 12:15:01 |
| Category | Trading updates |
| ID | 6134Y |
5 May 2023
FIH group plc
("FIH" or the "Group")
Full Year Trading Update
FIH group plc, the AIM quoted international specialist services group with businesses in the Falkland Islands and the UK, is pleased to provide an update on the Group's trading performance for the year ended 31 March 2023.
The progress demonstrated in the Group's first half results continued in the traditionally stronger second half of the year. As a result, the Board expects that, subject to the completion of the audit, the Group will deliver an underlying pre-tax profit significantly ahead of market expectations for the year ended 31 March 2023.
Trading at Momart continued to improve across all segments of the business. At Portsmouth Harbour Ferry, passenger numbers continued to recover, resulting in an overall volume for the year of 80% of pre-COVID levels compared to 70% in the prior year. Underlying pre-tax profit for FIC remained broadly in line with the prior year.
The Group's cash position remained strong, improving by £3.2 million during the year to close at £12.8 million. Net bank borrowings of £0.5 million were £4.2 million lower than at the prior year end.
Stuart Munro, CEO of FIH, said, "I am delighted to be able to report continued improvement in the Group's trading performance and cash position. The challenge of the global economic crisis remains, but the progress delivered to date, an ongoing focus on pricing and cost control and the strength that our geographical breadth and diversity of operations brings, give me confidence for the future."
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Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
The person responsible for arranging the release of this announcement on behalf of the Company is Stuart Munro Chief Executive Officer of the Company.