Final Results

Fiske PLC
11 August 2003

Fiske plc - Preliminary Results for the year ended 31 May 2003

Chairman's Statement

After some three years of a severe bear market, there are signs at last of some
improvement. Nevertheless, for most of the last financial year we operated in
very challenging conditions which are reflected in our results. In the light of
the considerable reduction in Stock Exchange business, we continued our drive to
contain costs and, in addition, much effort has been successfully devoted to the
integration of Ionian Investment Management.

After writing off £545,000 of goodwill our operating loss for the year ended 31
May 2003 was £1,423,000. Taking into account the profit arising on the sale of a
further part of our shareholding in the London Stock Exchange and interest and
dividends receivable, the loss (before tax) amounts to £793,000. A tax credit of
£129,000 has resulted in a loss on ordinary activities being reduced to
£664,000.

During the year under review we sold 125,000 shares in the London Stock Exchange
for a consideration and profit of £467,000. We continue to hold 50,000 shares
which, at 6 August 2003 stood at 316.5p per share. We also made provisions for
the amortisation of goodwill of £545,000, of which £395,000 was exceptional
being a one-off write-down following the acquisition of the Ionian Group
Limited. We have adopted a prudent policy in this regard which was referred to
more fully in our Interim Statement at the half-year.

The current year has made a promising start and, whilst these are early days to
be optimistic, there are signs of a welcome return to increased levels of
business. With our balance sheet having no debt and our healthy liquidity we are
well positioned to move forward. Against this background, your Board is
recommending a final dividend of 1.75p per share out of Revenue Reserves, making
2.75p for the year as a whole, compared with 5.75p for the previous year.
Shareholders will be given the option to take the dividend in cash or to opt for
the share alternative. Shareholders' approval for this will be proposed at the
forthcoming Annual General Meeting to be held on 24 September 2003. Further
information regarding the share alternative being offered to shareholders in
place of the cash dividend is set out in the circular that accompanies this
report.

In November 2002 we were very pleased to appoint Michael Allen as an independent
non-executive director. He is a former group vice president of the Procter and
Gamble company, a director of Alliance and Leicester plc and also of Safeway
plc. He is a member of the Remuneration and Nomination Committee and chairman of
the Audit Committee. Shareholders are, I am sure, aware that stockbroking is a
people business. We have a board with seven members, some nineteen associates
and a staff of nineteen. In difficult conditions they have made great efforts
and in some cases delivered considerable achievements. We are indebted to them
all.





G Maitland Smith

Chairman

8 August 2003



Consolidated Profit and Loss Account

Year ended 31 May 2003
                                                                                       2003               2002
                                                                                      £'000              £'000

TURNOVER
Gross commission receivable                                                           2,255              2,326
Commission payable                                                                    (649)              (904)
Other income                                                                            228                301

                                                                                      1,834              1,723
Continuing operations                                                                 1,516              1,723
Acquisitions                                                                            318                  -
OPERATING COSTS
Staff costs                                                                         (1,295)              (987)
Depreciation                                                                          (102)              (111)
Amortisation of intangible fixed assets                                               (161)                  -
Other operating charges                                                             (1,304)            (1,469)
Goodwill write-off (exceptional)                                                      (395)                  -

                                                                                    (3,257)            (2,567)

OPERATING LOSS                                                                      (1,423)              (844)
Continuing operations                                                                 (994)              (844)
Acquisitions (including goodwill write-off)                                           (429)                  -
Gain on disposal of fixed asset investment                                              467              1,097
Other income from fixed asset investments                                                60                 19
Interest receivable and similar income                                                  106                186
Interest payable                                                                        (3)                (1)

                                                                                        630              1,301

 (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                 (793)                457
Taxation credit/(charge) on (loss)/profit on ordinary activities                        129              (162)

 (LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION                                  (664)                295
Dividends paid and proposed                                                           (220)              (429)

Retained loss for the financial year                                                  (884)              (134)
Retained profit brought forward                                                       1,672              1,806

Retained profit carried forward                                                         788              1,672

Basic (losses)/earnings per share                                                    (8.3)p               4.5p

Diluted (losses)/earnings per share                                                  (8.3)p               4.4p

Headline losses per share                                                            (6.7)p             (7.3)p

Headline diluted losses per share                                                    (6.7)p             (7.3)p

All activities relate to continuing operations; there are no recognised gains or
losses other than the (loss)/ profit for the current and prior years.

Consolidated Balance Sheet

31 May 2003
                                                                                       2003               2002
                                                                                      £'000              £'000

FIXED ASSETS
Tangible assets                                                                          86                159
Intangible assets                                                                       989                  -
Investments                                                                             251                387

                                                                                      1,326                546

CURRENT ASSETS
Market and client debtors                                                            11,593              6,424
Other debtors                                                                           268                132
Cash at bank and in hand                                                              3,276              3,716

                                                                                     15,137             10,272

CREDITORS: amounts falling due within one year
Market and client creditors                                                        (11,982)            (6,507)
Other creditors                                                                       (560)              (664)

                                                                                   (12,542)            (7,171)

NET CURRENT ASSETS                                                                    2,595              3,101

TOTAL ASSETS LESS CURRENT LIABILITIES                                                 3,921              3,647
PROVISION FOR LIABILITIES AND CHARGES                                                   (2)                  -

                                                                                      3,919              3,647

CAPITAL AND RESERVES
Called up share capital                                                               2,001              1,630
Share premium account                                                                 1,130                345
Profit and loss account                                                                 788              1,672

EQUITY SHAREHOLDERS' FUNDS                                                            3,919              3,647




These financial statements were approved by the Board of Directors on 8 August
2003.





Signed on behalf of the Board of Directors



C F Harrison

Chief Executive Officer





Company Balance Sheet

31 May 2003
                                                                                        2003               2002
                                                                                       £'000              £'000

FIXED ASSETS
Tangible assets                                                                           86                159
Intangible assets                                                                        989                  -
Investment in subsidiary                                                                 432                  -
Investments                                                                              251                387

                                                                                       1,758                546

CURRENT ASSETS
Market and client debtors                                                             11,593              6,424
Other debtors                                                                            268                132
Cash at bank and in hand                                                               3,276              3,716

                                                                                      15,137             10,272

CREDITORS: amounts falling due within one year
Market and client creditors                                                         (11,982)            (6,507)
Other creditors                                                                      (1,045)              (664)
                                                                                    (13,027)            (7,171)

NET CURRENT ASSETS                                                                     2,110              3,101

TOTAL ASSETS LESS CURRENT LIABILITIES                                                  3,868              3,647
PROVISION FOR LIABILITIES AND CHARGES                                                    (2)                  -

                                                                                       3,866              3,647

CAPITAL AND RESERVES
Called up share capital                                                                2,001              1,630
Share premium account                                                                  1,130                345
Profit and loss account                                                                  735              1,672

EQUITY SHAREHOLDERS' FUNDS                                                             3,866              3,647




These financial statements were approved by the Board of Directors on 8 August
2003.





Signed on behalf of the Board of Directors



C F Harrison

Chief Executive Officer





Consolidated Cash Flow Statement

For the year ended 31 May 2003
                                                               Cash flow               2003               2002
                                                                   notes              £'000              £'000

Net cash outflow from operating activities                             1              (126)              (764)
Returns on investment and servicing of finance                         2                125                204
Taxation - UK corporation tax paid                                                     (16)              (488)
Capital expenditure and financial investment                           2                519                791
Acquisitions                                                           2              (572)                  -
Equity dividends paid                                                                 (378)              (374)
Financing                                                              2                  8                  -

Decrease in cash                                                    3, 4              (440)              (631)



Notes to the Consolidated Cash Flow Statement

For the year ended 31 May 2003

1.         RECONCILIATION OF OPERATING LOSS TO NET CASH
           OUTFLOW FROM OPERATING ACTIVITIES

                                                                                      2003                2002
                                                                                     £'000               £'000

Operating loss                                                                     (1,423)               (844)
Depreciation charges                                                                   102                 111
Amortisation of intangible fixed assets                                                161                   -
Goodwill write-off (exceptional)                                                       395                   -
(Increase)/decrease in debtors                                                     (4,827)               3,471
Increase/(decrease) in creditors                                                     5,466             (3,502)

Net cash outflow from operating activities                                           (126)               (764)

2.         GROSS CASH FLOWS

                                                                                   2003                 2002
                                                                                  £'000                £'000

Returns on investments and servicing of finance
Interest received                                                                   106                  186
Interest paid                                                                       (3)                  (1)
Dividends received                                                                   22                   19

                                                                                    125                  204
Capital expenditure and financial investment
Proceeds from sale of London Stock Exchange shares                                    467              1,097
Payments to acquire tangible fixed assets                                            (21)               (16)
Payments to acquire intangible fixed assets                                          (99)                  -
Purchase of fixed asset investments                                                 (504)              (290)
Proceeds from sale of fixed asset investments                                         676                  -

                                                                                      519                791
Acquisitions
Cash paid upon purchase of subsidiary undertaking                                 (430)                    -
Cash paid upon purchase of associate's business                                   (300)                    -
Cash acquired with subsidiary undertakings                                          158                    -

                                                                                  (572)                    -
Financing
Issue of ordinary share capital                                                       5                    -
Premium on issue of ordinary share capital less expenses                              3                    -

                                                                                      8                    -



Notes to the Consolidated Cash Flow Statement

For the year ended 31 May 2003

3.         ANALYSIS OF CHANGES IN NET CASH

                                                              At 1 June               Cash           At 31 May
                                                                   2002              flows                2003
                                                                  £'000              £'000               £'000

Cash at bank and in hand                                          3,716              (440)               3,276



4.         RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

                                                                                      2003               2002
                                                                   Note              £'000              £'000

Decrease in cash in the year                                          3              (440)              (631)

Change in net cash                                                                   (440)              (631)
Net funds at 1 June 2002                                                             3,716              4,347

Net funds at 31 May 2003                                                             3,276              3,716



5.         ACQUISITION OF SUBSIDIARY UNDERTAKINGS

                                                                                       2003               2002
                                                                                      £'000              £'000

Net assets acquired:
   Tangible fixed assets                                                                  3                  -
   Debtors                                                                              346                  -
   Cash at bank and in hand                                                             158                  -
   Creditors                                                                           (75)                  -

                                                                                        432                  -
Goodwill                                                                              1,146                  -
                                                                                      1,578                  -
Satisfied by:
   Nominal value of shares allotted                                                     366                  -
   Premium on shares allotted                                                           782                  -
   Cash                                                                                 430                  -

                                                                                      1,578                  -



(Losses)/earnings per share

Basic (losses)/earnings per share has been calculated by dividing the
(loss)/profit on ordinary activities after taxation by the weighted number of
shares in issue during the year. Diluted (losses)/earnings per share is basic
(losses)/earnings per share adjusted for the effect of conversion into fully
paid shares of the weighted average number of share options during the year. As
the group has made a loss during the year, under FRS14 no dilution effect has
been calculated.

Headline losses and earnings per share have been calculated in accordance with
the definition in the Institute of Investment Management Research ('IIMR')
Statement of Investment Practice No. 1, 'The Definition of IIMR Headline
Earnings', in order to take out the exceptional gain arising on disposal of
London Stock Exchange shares, as follows:
                                                                                        Diluted       Diluted
31 May 2003                                                Basic eps  Headline eps    Basic eps  Headline eps
                                                               £'000         £'000        £'000         £'000

Loss on ordinary activities after taxation                     (664)         (664)        (664)         (664)
Add: Goodwill written off after taxation                           -           520            -           520
Less: Exceptional gain on disposal of fixed asset
   investment after tax                                            -         (390)            -         (390)

Losses                                                         (664)         (534)        (664)         (534)

Number of shares (000s)                                        7,983         7,983        7,983         7,983

Losses per share (pence)                                       (8.3)         (6.7)        (8.3)         (6.7)

                                                                                        Diluted       Diluted
31 May 2002                                                Basic eps  Headline eps    Basic eps  Headline eps
                                                               £'000         £'000        £'000         £'000

Profit on ordinary activities after taxation                     295           295          295           295
Less: Exceptional gain on disposal of fixed asset
   investment after taxation                                       -         (768)            -         (768)
Plus: Adjustment to reflect impact of dilutive share               -             -            5             -
options

Earnings/(losses)                                                295         (473)          300         (473)

Number of shares (000s)                                        6,499         6,499        6,788         6,499

Earnings/(losses) per share (pence)                              4.5         (7.3)          4.4         (7.3)


                                                                                    31 May 2003   31 May 2002

Number of shares (000s):
Weighted average number of shares                                                         7,983         6,499
Dilutive effect of share option schemes                                                       -           289

                                                                                          7,983         6,788


Final Dividend

The final dividend of 1.75p per share will be paid, subject to shareholder
approval, on 30 September 2003 to shareholders on the share register on 22
August 2003. The shares will go ex-dividend on 20 August 2003.





Note to the financial statements for the year ended 31 May 2003.



The above results for the year ended 31 May 2003 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 years' financial statements.



The results for the years ended 31 May 2003 and 2002 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 2002 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 29 August 2003.



Enquiries:



Clive Harrison (Chief Executive Officer) - 020 7448 4700






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