Source - SMW
FIH Group's revenues increased by  3.8% to £40.5m in the year to the end of March but underlying pre-tax profits fell to £2.4m - down from £3.1m last time.

The group said the Falkland Islands Company's quieter overall performance was as expected, but there was welcome  growth in select divisions and tight  cost management helped mitigate challenging market conditions and the absence of oil stimulus.

Momart had a strong revenue performance despite market pressures and fierce competition and Portsmouth Harbour Ferry Company had a steady performance with careful cost management.

Chief executive John Foster said: "I am pleased to report on another year of profitable trading for the group.  

"A less buoyant trading environment in the Falklands saw profits fall back as expected but both UK businesses made progress despite challenging market conditions. The Group's balance sheet remains strong.    

"We are actively seeking to strengthen our non-executive board and hope to appoint a permanent non-executive chairman for shareholders to approve at the Company's Annual General Meeting on 31 August 2017.  Further announcements will follow. 

  "The Board is also pleased to recommend the reinstatement of a dividend, at an affordable level, to provide an attractive running yield for shareholders as well as retaining the majority of profits to fund organic growth and help finance acquisitions.  

"FIH group is well-positioned for the future, and remains committed to following its strategy to deliver long-term sustainable growth, through continued organic growth and enhancing value for shareholders through selective, well-priced acquisitions."