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Falkland Islands Sees Encouraging Growth In FY Underlying Pre-tax Profit

Falkland Islands Holdings plc (FKL.L), in its pre-close trading update, said it expects the Group trading performance for the year to March 31, 2014 to show an encouraging increase in underlying pre-tax profits, excluding amortisation and non-trading items. Further, the board expects the total dividend payment not to be less than 11.5 pence per share.

During the second half, trading improved with a strong performance from the Group's art handling and logistics business Momart, lifting the overall group result to record levels in spite of the reduced profits from the Falklands.

Commenting on the overall performance, Chairman of FIH, David Hudd, said: "Momart has had an outstanding year with record levels of activity, while PHFC continues to perform well. In the Falkland Islands, significant growth awaits oil activity; during the year we continued to invest for that growth."

For the year ahead, the firm anticipates increasing activity in the Falklands as the 2015 drilling campaign approaches and continued good returns from Momart and PHFC.

The Group's preliminary annual results are likely to be announced on June 9, 2014.

by RTTNews Staff Writer

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