Falkland Islands Holdings rises on oil hopes
Falkland Islands Holdings has risen despite producing uninspiring interims, with both revenues and profits virtually flat year-on-year.
Falkland Islands Holdings has risen despite producing uninspiring interims, with both revenues and profits virtually flat year-on-year.
For the six months ended September 30th revenues were virtually unchanged at £16.5m, with pre-tax profits marginally up at £1.08m (2011: £0.99m).
Divisionally, Falkland Island Company (FIC), its trading company on the Falkland Islands, increased pre-tax profits to £0.54m (2011: £0.51m) on sales of £6.94m (£6.99m).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Portsmouth Harbour Ferry Company (PHFC) increased sales by 3.3% to £2.22m, although passenger numbers declined by 7.6% to just over 1.6m. Pre-tax profits fell to £0.31m (2011: £0.39m).
Momart, its London-based group art handling and logistics business maintained sales at £7.4m, with profits rising to £0.14m (2011: £89,000).
However, it is a 4% holding in Falklands Oil and Gas (FOGL) that has investors excited as this is seen as making it a relatively low-risk play on the potential development of oil around the Falkland Islands.
During the period, FOGL announced farm-ins with Noble Energy and Edison International diluting FOGL's interest to a 40% interest in its northern licences and 52.5% in its southern licences.
Drilling at FOGL's Scotia and Loglio wells has been completed, with hydrocarbons discovered. Further evaluation of these discoveries is in progress and a 3D seismic survey is imminent.
At 15:30 Falkland Island Holdings' shares were up 11p at 311p.
CM
-
Should you invest in UK equities?
The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
By Katie Williams Published
-
State pension errors: DWP urged to check for mistakes among divorced people
Former pensions minister Steve Webb says there are a high number of divorced women on low state pensions. Now MPs want the DWP to check if there were any errors in “potentially underpaying men and women who are divorced”.
By Ruth Emery Published