David Bowie exhibition boosts Falkland Islands Holdings
A unique business mix encompassing oil and gas drilling, construction, ferry services and fine art transportation sent profits rising 10 per cent to £3.85million at Falkland Islands Holdings (FIH).
Its fine art storage, delivery and installation business Momart posted a 12 per cent sales bump to £18.26million after transporting a Viking longboat to the British Museum and its work on the David Bowie exhibition at the Victoria & Albert museum in London.
The Portsmouth Harbour Ferry Company saw revenues climb 1.2 per cent to £4.12million
John Foster, managing director of AIM-listed FIH, said Momart showed an “exceptional performance” last year partly due to its balance of UK and overseas business but did not expect it to reach similar heights this year.
Its subsidiary company which runs Falklands’ shops and construction reported a 4.3 per cent rise in revenues to £15.88million, while the Portsmouth Harbour Ferry Company saw revenues climb 1.2 per cent to £4.12million.
Foster said the ferry operation is FIH’s “steady as she goes, long-term business” and “a very steady, strong cash generator”, in contrast to its “high-stakes, often high-risk” oil and gas business, which saw profits decreased to £1million from £1.3 million last year.
The shares rose 5p to 357½p.
