Annual Report and Accounts

Fiske PLC
22 August 2007

Chairman's Statement

I am pleased to report a substantial improvement in our profitability for the
year ended 31 May 2007. Profit before tax increased from £513,000 in 2006 to
£904,000 in the year under review, an improvement of 76%. During the same period
our gross commission and similar income increased from £4,301,000 to £4,516,000
an increase of 5%. We have maintained our strict control of costs. The tax
charge was slightly inflated by a prior year adjustment of £16,000. Earnings per
share amount to 7.1p against 4.2p last year and headline earnings per share, a
more accurate guide, are 8.0p against 5.8p.

The principal reasons for the improved profitability in the past year are
three-fold. In the year to 31 May 2006 we made provision for all claims in
respect of the split capital losses whilst there were no similar provisions in
the year just ended. Secondly Corporate Finance transactions have brought in
increased revenues. Lastly there has been an increase in the proportion of our
revenues generated by recurring fees as opposed to transaction commissions and
we are endeavouring to increase the proportion still further. This largely
reflects the continuing growth of funds under management.

Our net cash position remains very positive at £3.5 million, with net tangible
assets of over £4 million. In the balance sheet we show our shareholding in
Euroclear at cost of £75,000. In the past year our gross dividend from this
holding amounted to £24,000. A valuation of this holding today would show a
surplus of the order of £0.5 million.

These are the last financial statements that we will prepare under United
Kingdom Generally Accepted Accounting Practice; we will adopt International
Financial Reporting Standards in our next accounts. We are currently reviewing
the full impact that this is likely to have on those accounts, although we have
identified that goodwill will no longer be amortised, which should have a
positive effect on our earnings.

In May of this year we appointed as directors Amanda Andrews and James Harrison.
Amanda joined Fiske in 1997. She was appointed Financial Controller and head of
the finance department in 2001 and is now Finance Director. James joined Fiske
in 1996 and has worked principally in the private client department since that
time. He held the role of Company Secretary for Fiske plc for four years until
October 2005. He is now an Executive Director.

The recent turmoil in the markets has not surprised us. However even an
expectation that more than four years is a good run for a bull market does not
inform you of the moment the turn occurs. Being a firm that shuns gearing both
for itself and its clients we are modestly prepared for a correction or possibly
something more prolonged. Nevertheless in view of the satisfactory results for
the year under review and the encouraging start for the current year, the Board
has declared a second interim dividend of 3p per share (against 2p last year)
making a total of 5p per share for the year, which will be covered 1.4 times by
earnings.

M J Allen
Chairman

21 August 2007


Consolidated Profit and Loss Account

For the year ended 31 May 2007


                                                                               2007                 2006
                                                                              £'000                £'000
TURNOVER
Gross commission and similar income                                           4,516                4,301
Commission payable                                                           (1,148)              (1,237)
Other income                                                                    177                  271
                                                                              3,545                3,335

OPERATING COSTS
Staff costs                                                                  (1,444)              (1,300)
Amortisation of intangible fixed assets                                        (181)                (207)              
Depreciation                                                                    (61)                 (43)               
Other operating charges                                                      (1,194)              (1,470)           
                                                                             (2,880)              (3,020)           
OPERATING PROFIT                                                                665                  315
Gain on disposal of fixed asset investments                                      14                   8
Other income from fixed asset investments                                        26                   17
Interest receivable and similar income                                          202                  181
Interest payable                                                                 (4)                  (8)               
Profit on disposal of fixed assets                                                1                    -
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                   904                  513
Taxation charge on profit on ordinary activities                               (312)                (163)           
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION                                    592                  350
Basic earnings per share                                                        7.1 p                 4.2  p
Diluted earnings per share                                                      7.1 p                 4.2  p
Headline earnings per share                                                     8.0 p                 5.8  p
Headline diluted earnings per share                                             8.0 p                 5.7  p

All activities relate to continuing operations; there are no recognised gains or
losses other than the profit for the current and prior years as shown above.




Consolidated Balance Sheet

31 May 2007


                                                                               2007                 2006
                                                                              £'000                £'000
FIXED ASSETS
Intangible assets                                                               516                  697
Tangible assets                                                                 152                  192
Other investments                                                               133                  176
                                                                                801                1,065

CURRENT ASSETS
Market and client debtors                                                    22,123                6,518
Other debtors                                                                   434                  298
Investments                                                                     213                    -
Cash at bank and in hand                                                      4,411                4,265
                                                                             27,181               11,081

CREDITORS: amounts falling due within one year
Market and client creditors                                                 (22,642)              (7,190)
Other creditors                                                                (807)                (683)
                                                                            (23,449)              (7,873)
NET CURRENT ASSETS                                                            3,732                3,208
TOTAL ASSETS LESS CURRENT LIABILITIES                                         4,533                4,273
NET ASSETS                                                                    4,533                4,273

CAPITAL AND RESERVES
Called up share capital                                                       2,078                2,078
Share premium account                                                         1,185                1,185
Profit and loss account                                                       1,270                1,010

EQUITY SHAREHOLDERS' FUNDS                                                    4,533                4,273

These financial statements were approved by the Board of Directors and
authorised for issue on 21 August 2007.

Signed on behalf of the Board of Directors

C F Harrison
Chief Executive Officer


Company Balance Sheet

31 May 2007


                                                                               2007                 2006
                                                                              £'000                £'000
FIXED ASSETS
Intangible assets                                                               516                  697
Tangible assets                                                                 152                  192
Investment in subsidiaries                                                      432                  432
Other investments                                                               133                  176
                                                                              1,233                1,497

CURRENT ASSETS
Market and client debtors                                                    22,123                6,518
Other debtors                                                                   434                  298
Investments                                                                     213                    -
Cash at bank and in hand                                                      4,411                4,265
                                                                             27,181               11,081

CREDITORS: amounts falling due within one year
Market and client creditors                                                 (22,642)              (7,190)
Other creditors                                                              (1,292)              (1,168)
                                                                            (23,934)              (8,358)
NET CURRENT ASSETS                                                            3,247                2,723
TOTAL ASSETS LESS CURRENT LIABILITIES                                         4,480                4,220
NET ASSETS                                                                    4,480                4,220

CAPITAL AND RESERVES
Called up share capital                                                       2,078                2,078
Share premium account                                                         1,185                1,185
Profit and loss account                                                       1,217                  957

EQUITY SHAREHOLDERS' FUNDS                                                    4,480                4,220

These financial statements were approved by the Board of Directors and
authorised for issue on 21 August 2007.

Signed on behalf of the Board of Directors

C F Harrison
Chief Executive Officer




Consolidated Cash Flow Statement

For the year ended 31 May 2007


                                                                               2007                 2006
                                                                              £'000                £'000
Net cash inflow from operating activities                                       382                1,654
Returns on investment and servicing of finance                                  224                  190
Taxation - UK corporation tax paid                                             (171)                (185)
Capital expenditure and financial investment                                     43                 (543)
Equity dividends paid                                                          (332)                (332)
Increase in cash                                                                146                  784





Note to the financial statement for the year ended 31 May 2007.



The above results for the year ended 31 May 2007 are an abridged version of the
Group's audited statutory financial statements which have not yet been filed
with the Registrar of Companies. The balance sheet and profit and loss account
do not constitute statutory financial statements within the meaning of Section
240 of the Companies Act 1985 (as amended). These statements have been prepared
on a consistent basis with the account policies as stated in the previous and
current years' financial statements.



The results for the years ended 31 May 2007 and 2006 have been extracted from
the financial statements of the company on which unqualified reports from the
auditors have been issued and which in respect of 31 May 2006 accounts have been
filed with the Registrar of Companies.



Copies of this announcement are available from the Group's registered office at
Salisbury House, London Wall, London, EC2M 5QS.



The Annual Report and Accounts will be sent to shareholders on 31 August 2007
and can also be accessed on Fiske's website www.fiskeplc.com.



Enquiries:          Clive Harrison (Chief Executive Officer) - 020-7448-4700.




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