- Essential services businesses owner FIH swung to annual profit following strength in in the performance of its Falkland Islands operations.

For the year ended 31 March 2021, pre-tax profit was £0.2 million, compared with a £3.7 million loss year-on-year, while revenue fell to £32.6 million from £44.6 million.

'The consistent profitability of the Group's Falkland Islands operations was a source of strength and was a key factor in helping to offset trading losses suffered by our businesses in the UK,' the company said.

'This, together with an improving position at Momart in the second half of the year, saw the group move from the small pre-tax loss reported at the half year to a modest pre-tax profit for the year as a whole,' it added.

The company decided against recommending the payment of a dividend in respect of the year ended 31 March 2021, citing the challenging trading conditions.

Looking ahead, the company it was 'cautiously optimistic that we will see a slow but steady recovery over the remainder of the year as confidence slowly returns and more normal patterns of business activity are re-established.'

'Progress is expected to be slow in the first half with momentum gradually increasing as we progress through the year,' it added.

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