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(Sharecast News) - FIH Group reported a sharp decline in revenue and swung to a loss for the year ended 31 March, it reported on Friday, as its Falkland Islands construction operations faced significant disruption.
Group revenue fell to 40.9m from 52.5m the prior year, with Falkland Building Services (FBS), part of the Falkland Islands Company (FIC), accounting for the majority of the shortfall.
The AIM-traded group posted an underlying pre-tax loss of 6.2m, compared with a profit of 3.4m in 2024, while the statutory pre-tax loss was 6.6m, reversing a 2.8m profit in the prior year.
Underlying losses per share totalled 41p, compared with earnings of 19.4p last year.
The group's cash balance stood at 7.8m at year-end, down from 9.6m in 2024.
A final dividend of 5.5p per share would be proposed, maintaining the total dividend for the year at 6.75p per share, in line with the previous year.
"It has been a challenging year for the group, particularly in FIC, where the challenges in the construction division reported at the half year continued to adversely impact results in the second half, albeit to a lesser extent," said chief executive Stuart Munro.
"Having secured both construction and retail management resources to address the issues within those business areas, the newly-appointed managing director will provide additional support to those divisions, as well drive a programme of improvement across all areas of the business."
Munro said the market remained "difficult" for Momart, but was being addressed by a continued focus on client relationships, process efficiency and cost management.
"At Portsmouth Harbour Ferry, passenger numbers were slightly reduced, but continue to be mitigated by a combination of fare pricing, cost management and the maximisation of secondary revenues.
"Whilst there are significant challenges ahead, the group now has the management teams in place to address them in all businesses."
At 1040 BST, shares in FIH Group were down 4.15% at 185p.
Reporting by Josh White for Sharecast.com.