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20 June, 2007 - 00:44 By Staff Reporter

Falkland Island Holdings posts 11 per cent rise in pre-tax profits

Falkland Islands Holdings group, which holds a 16.3 per cent share of Falkland Oil and Gas, has announced an 11 per cent rise in pre-tax profits, leaving it “well placed to build on the solid progress seen in recent years.”

The group, which owns two trading businesses providing a wide range of essential goods and services to Falkland Islanders and a passenger service across the mouth of Portsmouth Harbour in the UK, reported profits up to £1.66m for the year to end-March on the back of a 2.6 per cent growth in turnover to £15.6m.

It added that Falkland Oil and Gas would use the £8m raised through its placing in December to finance continued offshore explorations, comprising 2D seismic survey and sea bed logging as well as the efforts to secure a drilling rig. Shares have seen a minor drop, losing 1.75 per cent, or 5p to 280p.

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