Final Results

Fiske PLC
6 August 2001



Fiske plc - Preliminary Results for year ended 31 May 2001

______________________________________________________________________



CHAIRMAN'S STATEMENT



Whilst our total pre-tax profits for the year ended 31 May 2001 of £1,837,000
appear excellent, of this total some £1,236,000 is the profit arising on the
sale of one half of our holding of shares in the London Stock Exchange. After
a satisfactory first half of the year, the second half was disappointing with
the profit for this period, excluding the exceptional gain, amounting to only
£32,000.

The Board is recommending a maintained final dividend of 3.75p per share
which, together with the interim dividend of 2p, makes a total dividend for
the year of 5.75p compared to a total of 5p in the previous year, an increase
of 15%.

With retained after tax profits of £904,000, our shareholders' funds now
amount to £3,781,000. This is a significant step forward from the figure two
years ago of £1,474,000. The latest figure excludes our holding of shares in
the London Stock Exchange which were held at nil value. Since the year-end we
have sold further shares for a profit of £679,000. Following a nine for one
bonus issue on 19 July 2001 we now hold 300,000 shares at a current quotation
of £3.43 per share.


As reported in our Interim Statement, our Finance Director, Sylvia Earp,
resigned from the Board. We were pleased to announce on 24 January 2001 the
appointment, as Finance Director and Company Secretary, of Malcolm Bryant who
joined us from Den norske Bank, London, where he was an executive director. At
the end of February David Fitzgerald suffered a severe stroke and retired from
the Board on 31 July. David started work in the London Stock Exchange in 1954
and has spent his whole working life in stockbroking, a large part of it on
the floor of the Stock Exchange. He joined Fiske in 1981 becoming first a
partner and then, on the incorporation of the firm in 1988, a Director and
being involved mostly with institutional sales. He has been a key member of
the Board and will be sorely missed in his day-to-day participation in the
firm's affairs. It is intended that he will retain an association with the
firm.

In the notice of the Annual General Meeting you will see resolutions
empowering the Board to set up share option schemes for incentivising staff
and Executive Directors by way of Inland Revenue approved SAYE, EMI and CSOP
schemes. The proposed SAYE share option scheme is in standard form and permits
the Company to grant options to eligible employees at up to a discount of 20%
of market value in conjunction with a savings contract running for three, five
or seven years.


Under the EMI and CSOP schemes, options can be granted to any executive
director or employee of the Company at an exercise price equal to market value
at grant. Clive Harrison, Chief Executive Officer, has agreed to be excluded
from these schemes. The maximum number of shares over which options can be
granted to any one individual is equivalent to £100,000 under the EMI scheme
(less the value of any CSOP options) and £30,000 under the CSOP. Options will
normally be exercisable between three and five years from grant and will be
subject to a performance condition that earnings per share calculated over the
period of the option shall increase in total at an annual compound rate of at
least 10%.

The maximum number of shares over which options can be granted under the SAYE
scheme and any other employee scheme operated by the Company is 15% of the
Company's issued share capital from time to time. We believe these proposed
schemes to be in the best interests of the Company and its shareholders.


Although the levels of activity have been lower in the past year, the
pressures on our staff have been considerable. The Board would like to express
its thanks for the hard work and effort that all have made in the year.

Conditions in the London Stock Market remain volatile and business volumes in
2001 have been well below those prevailing in the same period last year.
Naturally we keep our costs under continuous review, but in current conditions
profitability is likely to remain modest. We are aware of the possibilities
that our strong balance sheet and our quoted shares provide for us and we
continue to seek suitable acquisition opportunities to assist in our future
growth.

G Maitland Smith

Chairman

1 August 2001






  Fiske plc

  Profit and Loss Account                                                     
  Year ended 31 May 2001                                                      
                                                               2001       2000
                                                              £'000      £'000
  TURNOVER                                                                    
  Gross commission receivable                                 4,614      6,916
  Commission payable                                        (1,949)    (2,882)
  Other income                                                  460        484 
                                                              3,125      4,518 

  Staff costs                                               (1,215)    (1,353)
  Depreciation                                               ( 102)      ( 98)
  Other operating charges                                   (1,477)    (1,639) 
                                                            (2,794)    (3,090) 

  OPERATING PROFIT                                              331      1,428
  Exceptional gain on disposal of fixed asset investment      1,236          -
  Other income from fixed asset investments                      16          2
  Interest receivable and similar income                        257        144
  Interest payable and similar charges                         ( 3)      ( 22) 
  PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION               1,837      1,552
  Tax on profit on ordinary activities                       ( 560)     ( 519)  
  PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION                1,277      1,033
  Dividends paid and proposed                                ( 373)     ( 318) 
  RETAINED PROFIT FOR THE FINANCIAL YEAR                        904        715
  Retained profit brought forward                               902        187 
  Retained profit carried forward                             1,806        902 

  Basic earnings per share                                    19.7p      17.1p
  Diluted earnings per share                                  18.3p      16.5p
  Headline earnings per share                                  6.4p      17.1p
  Headline diluted earnings per share                          5.9p      16.5p
  
  All activities relate to continuing operations; there                       
  are no recognised gains or losses other than the                            
  profit for the current and prior years.                                     
                                                                              
 

  Fiske plc 
                                                                  
  Balance Sheet at 31 May 2001                                                
                                                              2001        2000
                                                             £'000       £'000
  FIXED ASSETS                                                                
  Tangible assets                                              254         245
  Investments                                                   99          75 
                                                               353         320 
  CURRENT ASSETS                                                              
  Market and client debtors                                  9,818      37,281
  Other debtors                                                210         318
  Cash at bank and in hand                                   4,347       3,040 
                                                            14,375      40,639 

  CREDITORS: amounts falling due within one year                              
  Market and client creditors                              (9,875)    (36,423)
  Other creditors                                          (1,072)    ( 1,663) 
                                                          (10,947)    (38,086)
 
  NET CURRENT ASSETS                                         3,428       2,553 

  TOTAL ASSETS LESS CURRENT LIABILITIES                      3,781       2,873

  PROVISION FOR LIABILITIES AND CHARGES                        -          ( 4) 

                                                             3,781       2,869 
  CAPITAL AND RESERVES                                                        
  Called up share capital                                    1,630       1,625
  Share premium account                                        345         342
  Profit and loss account                                    1,806         902 
  EQUITY SHAREHOLDERS' FUNDS                                 3,781       2,869 
  
  These financial statements were approved by the Board of Directors on 1 August
  2001.                                        
                                                                              

  Fiske plc                                                                   
  
  CASH FLOW STATEMENT                                                         
  For the year ended 31 May 2001                                              
  
  RECONCILIATION OF OPERATING PROFIT TO NET                                   
  CASH INFLOW/(OUTFLOW) FROM OPERATING                                        
  ACTIVITIES                                                                  
                                                               2001       2000
                                                   Note       £'000      £'000

  Operating profit                                              331      1,428
  Depreciation charges                                          102         98
  Decrease/(increase) in debtors                             27,565   (22,329)
  (Decrease)/increase in creditors                         (26,957)     20,572 
  Net cash inflow/(outflow) from operating                    1,041     ( 231)  
  activities                                                                  

  CASH FLOW STATEMENT                                                         
  
  Net cash inflow/(outflow) from operating                    1,041     ( 231)
  activities                                                                  
  Returns on investment and servicing of finance      1         270        124
  Disposal of fixed asset investment                          1,236          -
  Taxation                                                                    
  UK corporation tax paid                                    ( 740)      ( 35)
  Capital expenditure                                 1      ( 135)     ( 175)
  Equity dividends paid                                      ( 373)     ( 138)
  Financing                                           1           8        680 
  Increase in cash                                            1,307        225 
  

  RECONCILIATION OF NET CASH FLOW TO MOVEMENT                                 
  IN NET FUNDS                                                                
 

  Increase in cash in the year                        2       1,307        225 
  Change in net cash                                          1,307        225
  Net funds at 1 June 2000                                    3,040      2,815 
  Net funds at 31 May 2001                                    4,347      3,040 
                                                                              
  
  Fiske plc                                                                   
 

  NOTES TO THE CASH FLOW STATEMENT                                            
  For the year ended 31 May 2001 
                                             
                                                         2001             2000
                                                        £'000            £'000
  1. GROSS CASH FLOWS                                                         
  
  Returns on investments and                                                  
  servicing of finance                                                        
  Interest received                                       257              144
  Interest paid                                           (3)             (22)
  Dividends received                                       16                2 
                                                          270              124 
  Capital expenditure                                                         
  Payments to acquire tangible                          (111)            (101)
  fixed assets                                                                
  Payments to acquire fixed asset                        (24)             (74) 
  investment                                                                  
                                                        (135)            (175) 
  Financing                                                                   
  Issue of ordinary share capital                           3              337
  Premium on issue of ordinary                              5              343 
  share capital less expenses                                                 
                                                            8              680 
  2. ANALYSIS OF CHANGES IN NET CASH                                            
                           
                                       At 1 June   Cash flows   At 31 May 2001
                                            2000                              
                                           £'000        £'000            £'000
  Cash at bank and in hand                 3,040        1,307            4,347 
                                                                              
                                                                              
Final Dividend
The final dividend of 3.75p will be paid, subject to shareholder approval, on
28 September 2001 to shareholders on the share register on 7 September 2001.
The shares will go ex-dividend on 5 September 2001.

Fiske plc

Note to the financial statements for the year ended 31 May 2001

The above results for the year ended 31 May 2001 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 accounting policies as stated in
the previous and current year's financial statements.

The results for the years ended 31 May 2001 and 2000 have been extracted from
the financial statements of the Group on which unqualified reports from the
auditors have been issued and which in respect of 31 May 2000 accounts have
been filed with the Registrar of Companies.

Copies of this announcement are available from the Company's registered
office at Salisbury House, London Wall, London EC2M 5QS. The annual Report
and Accounts will be sent to shareholders before the end of August.

ENQUIRIES 
Clive Harrison (Chief Executive Officer) - 020 7448 4700