Falkland Islands Holdings on a high

Shares in Falkland Islands Holdings were up on Wednesday after the firm said trading for the year was ahead of market expectations.

The AIM-traded group which, amongst other things, operates a ferry service across the mouth of Portsmouth harbour, expects its total dividend payment to be at least 10p per share.

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The firm said its Falkland Islands Company arm, which covers retailing, property, insurance, hotels, shipping and fishing agency services on the islands, had experienced good trading, with local demand boosted by oil exploration.

The strength of the global art market has also helped lift its MOMART division, which handles and stores fine art and antiquities.

"In the UK, both the group's businesses are performing well with the recovery in profits at Momart being particularly encouraging," said Chairman David Hudd.

The firm also has a 4.4% shareholding in Falkland Oil and Gas Ltd, which the firm said had shifted its attention to the Southern basin.

"FOGL is expected to commence drilling in June with any success promising a substantial increase in the value of FIH's shareholding," Hudd said.

The announcement pushed the company's shares up 2.5% in early trading on Wednesday.

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