21st August 2012 <\/p>\n
Falkland Islands Holdings plc <\/p>\n
AGM Statement <\/p>\n
Falkland Islands Holdings plc (\"FIH\" or the \"Group\"), the international services Group which owns essential services businesses focused on transport and logistics and which has a 4% shareholding in Falkland Oil and Gas Limited (\"FOGL\"), is holding its Annual General Meeting (\"AGM\") at 11.00am today, 21 August 2012, at the offices of FTI Consulting (NYSE: FCN - news) , 26 Southampton Buildings, London WC2A 1PB. <\/p>\n
At the AGM, Chairman, David Hudd, will make the following statement: <\/p>\n
\"The Group's trading for the first four months of the financial year has been at a similar level to last year and is in line with the Board's expectations. The successful equity fundraising in June 2012 has given us the resources necessary to take full advantage of emerging opportunities in the Falkland Islands linked to oil development. <\/p>\n
\"In the Falkland Islands a weaker illex squid catch and limited onshore oil activity has meant that trading has been flat. Retail profits have increased slightly thanks to the expansion of the general store at the MPA military base, improved margins and tighter cost control but this has largely been offset by reduced profits from support services and at the fishing agency. <\/p>\n
\"At the Portsmouth Harbour Ferry Company, passenger volumes in the first 19 weeks declined by 8.6%. This reflects very poor weather and a deterioration in the employment market in the area. However, the volume decline has been partially offset by fare increaseson 1 June 2012 which averaged 3% but profits have fallen back from the record levels achieved last year. <\/p>\n
\"Momart, the Group's fine art logistics and storage business, has seen continued strong demand particularly in the commercial market and although revenues in the first four months have not quite matched the exceptional levels seen in early 2011-12, the company's order book remains at record levels. <\/p>\n
\"Following the recent fund raising the Group's share capital has expanded to 12.4 million shares in issue. The liquidity position is very strong with cash on deposit in excess of 10 million and residual bank borrowings of 2.7 million being repaid at the rate of 1 million per year. <\/p>\n<\/p>\n
Continued here:<\/p>\n
Falkland Islands Hlg - AGM Statement<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 21st August 2012 Falkland Islands Holdings plc AGM Statement Falkland Islands Holdings plc (\"FIH\" or the \"Group\"), the international services Group which owns essential services businesses focused on transport and logistics and which has a 4% shareholding in Falkland Oil and Gas Limited (\"FOGL\"), is holding its Annual General Meeting (\"AGM\") at 11.00am today, 21 August 2012, at the offices of FTI Consulting (NYSE: FCN - news) , 26 Southampton Buildings, London WC2A 1PB. At the AGM, Chairman, David Hudd, will make the following statement: \"The Group's trading for the first four months of the financial year has been at a similar level to last year and is in line with the Board's expectations. Continue reading