Interim Results

RNS Number : 7094G
Fiske PLC
05 February 2010
 



Fiske PLC

5 February 2010

 

 

Fiske Plc

('Fiske' or 'the Company')

 

Interim Results

 

Fiske Plc (the 'Company') announces its interim results for the six months ended 30 November 2009. In accordance with rule 26 of the AIM Rules for Companies this information is also available, under the Investors section, at the Company's website, http://www.fiskeplc.com .

 

For further information please contact:

 

  • Gerry Beaney/David Hignell Grant Thornton Corporate Finance (Nominated Adviser)

    (tel: 020 7383 5100)

 

  • Gerard Luchini, Fiske Plc - Compliance Officer

    (tel: 020 7448 4700)

 

 

 

 

 

Chairman's Statement

 

The improvement in our business began in August and has enabled us to earn a profit of £286,000 at the pre-tax level for the half year to 30 November 2009 compared with a loss of £139,000 for the six months ended 30 November 2008. Most of the impetus for the improvement over last year is in stock market conditions but we have continued to attract additional funds for management and our emphasis on our expansion as a fund manager is on track. Our acquisition in April 2009 of Vor Financial, a specialist bond manager, has been a success.

 

Conditions in the Stock Market have vastly improved from the panic of early 2009. However, many of the underlying problems remain. The banks need to continue to rebuild their balance sheets with both equity and retained profits. Unfortunately the culture in the banks has still to adjust to the new climate. The economy remains close to recession. Printing money by the authorities does wonders for asset bubbles but rather less for the real economy. One despairs of the wisdom and abilities of the economic and financial authorities worldwide. For the immediate future this vast supply of money should be good for markets but one day this year the printing will have to end and that will present a real challenge for the markets.

 

At Fiske we have changed neither our strategy nor our balance sheet. We continue to strengthen our institutional department and our private client fund management business has grown organically as well as by acquisition. Whilst we remain cautious on the outlook for markets and the economy in the short term, we remain confident in our ability to grow our business this financial year. Last October we paid a reduced second interim dividend in respect of the last financial year of 2p. For this year's first interim dividend we feel it would be prudent to pay 2p as opposed to the 2.5p paid this time last year. Accordingly our first interim dividend of 2p will be paid on 12 March 2010 to shareholders on the register on 12 February 2010. The shares will be marked ex-dividend in the market on 10 February 2010.

 

C F Harrison Chairman

5 February 2010

 

 



Independent Review Report to Fiske plc

 

We have been engaged by the Group to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2009 which comprises the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and related notes 1 to 3. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

This report is made solely to the Group in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board.  Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group, for our review work, for this report, or for the conclusions we have formed.

 

Directors' responsibilities

 

The half-yearly financial report is the responsibility of, and has been approved by, the directors.  The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules of the London Stock Exchange.

 

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.  The condensed set of financial statements included in this half-yearly financial report have been prepared in accordance with the accounting policies the Group intends to use in preparing its next annual financial statements.

 

Our responsibility

 

Our responsibility is to express to the Group a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

 

Scope of Review

 

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

Conclusion

 

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2009 is not prepared, in all material respects, in accordance with the AIM Rules of the London Stock Exchange.

 

 

 

Deloitte LLP

Chartered Accountants and Statutory Auditors

London, UK

5 February 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Income

for the six months ended 30 November 2009


 

 

 

Six months ended

30 November 2009

Unaudited

Six months ended

30 November 2008

Unaudited

Year ended

31 May 2009

            Audited



£'000

£'000

£'000

Fee and commission income


2,043

1,621

3,480

Fee and commission expenses


(476)

(371)

(863)

Net fee and commission income


1,567

1,250

2,617

Other income


97

96

154

Total revenue


1,664

1,346

2,771

Profit on disposal of available-for-sale investments


3

-

-

Impairment on available-for-sale investments


-

-

(27)

Profit/(loss) on investments held for trading


101

(141)

(107)

Operating expenses


(1,520)

(1,300)

(2,741)

Write-down of goodwill


-

(121)

(145)

Amortisation of intangibles


-

(45)

(45)

Operating profit/(loss)


248

(261)

(294)

Investment revenue


28

39

52

Finance income


13

85

109

Finance costs


(3)

(2)

(6)

Profit/(loss) on ordinary activities before taxation


286

(139)

(139)

Taxation


(73)

(4)

(11)

Profit/(loss) on ordinary activities after taxation


213

(143)

(150)

Other comprehensive income/(expense)





Movement in unrealised appreciation of investments


2

(16)

(178)

Deferred tax on movement in unrealised appreciation of investments


 

-

 

(3)

 

50

Net other comprehensive income/(expense)


2

(19)

(128)

Total comprehensive income/(expense) for the period/year attributable to equity shareholders


 

215

 

(162)

 

(278)

Earnings per ordinary share (pence)





Basic


2.5p

(1.7)p

(1.8)p

Diluted


2.5p

(1.7)p

(1.8)p

 



Consolidated Statement of Changes in Equity

 

 

 

 

Share Capital

Share Premium

Revaluation Reserve

Retained Earnings

Total Equity


£'000

£'000

£'000

£'000

£'000

Balance at 1 December 2008

2,087

1,187

831

735

4,840







Profit/(loss) on ordinary activities after taxation

-

-

-

(7)

(7)

Other comprehensive income/(loss)

-

-

(109)

-

(109)

Total comprehensive income/(loss) for period

-

-

(109)

(7)

(116)

Issue of ordinary share capital

22

29

-

-

51

Dividends paid

-

-

-

(208)

(208)

Balance at 31 May 2009

2,109

1,216

722

520

4,567







Profit on ordinary activities after taxation

-

-

-

213

213

Other comprehensive income

-

-

2

-

2

Total comprehensive income for period

-

-

2

213

215

Dividends paid

-

-

-

(169)

(169)

Balance at 30 November 2009

2,109

1,216

724

564

4,613

 



Consolidated Balance Sheet

30 November 2009


 

 

 

As at

30 November 2009

Unaudited

As at

30 November 2008

Unaudited

As at

31 May 2009

Audited



£'000

£'000

£'000

ASSETS





Non-current assets





Goodwill


380

254

380

Property, plant and equipment


53

91

75

Available-for-sale investments


1,236

1,421

1,233

Total non-current assets


1,669

1,766

1,688

Current assets





Trade and other receivables


9,992

13,946

10,664

Investments held for trading


245

114

187

Cash and cash equivalents


3,327

3,254

3,143

Total current assets


13,564

17,314

13,994

Total assets


15,233

19,080

15,682






LIABILITIES





Current liabilities





Trade and other payables


10,277

13,809

10,836

Current tax liabilities


79

117

22

Total current liabilities


10,356

13,926

10,858






Non-current liabilities





Deferred tax liabilities


264

314

257

Total non-current liabilities


264

314

257






Total liabilities


10,620

14,240

11,115






EQUITY





Share capital


2,109

2,087

2,109

Share premium


1,216

1,187

1,216

Revaluation reserve


724

831

722

Retained earnings


564

735

520

Shareholders' equity


4,613

4,840

4,567

Total equity and liabilities                    


15,233

19,080

15,682

 



Consolidated Cash Flow Statement

For the six months ended 30 November 2009

 

 

 

Six months ended

30 November 2009

Unaudited

Six months ended

30 November 2008

Unaudited

Year ended

31 May 2009

Audited


£'000

£'000

£'000

Cash flows from operating activities




Cash generated from/(used in) by operations

323

(394)

(197)





Interest paid

(3)

(2)

(6)

Tax paid

(10)

-

(117)

Net cash generated from /(used in) operating activities

310

(396)

(320)

Investing activities




Interest received

13

85

109

Investment income received

28

39

52

Proceeds on disposal of available-for-sale investments

23

-

-

Purchases of available-for-sale investments

(20)

-

-

Purchases of property, plant and equipment

(1)

(10)

(25)

Payments to acquire subsidiary undertaking

-

-

(160)

Cash acquired with subsidiary undertaking

-

-

160

Net cash generated from investing activities

43

114

136

Financing activities




Proceeds from issue of ordinary share capital

-

-

-

Dividends paid

(169)

(250)

(459)

Net cash used in financing activities

(169)

(250)

(459)

Net increase/(decrease) in cash and cash equivalents

184

(532)

(643)

Cash and cash equivalents at beginning of period

3,143

3,786

3,786

Cash and cash equivalents at end of period/year

3,327

3,254

3,143

 

 



Notes to the Interim Financial Statements

1.        Basis of preparation

The financial information contained in this half year financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.

The figures and financial information for the period ended 31 May 2009 are extracted from the latest published audited financial statements of the Group and do not constitute the statutory financial statements for that period. The audited financial statements for the period ended 31 May 2009 have been filed with the Registrar of Companies. The report of the independent auditors on those financial statements contained no qualification or statement under section 498(2) or section 498(3) of the Companies Act 2006.

The financial information has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRIC interpretations. The financial information has been prepared under the historical cost convention, except for the revaluation of certain financial instruments. The statutory financial statements are prepared in accordance with IFRSs as adopted by the European Union.

Except as described below, the Group has applied consistent accounting policies in preparing the interim financial statements for the six months ended 30 November 2009, the comparative information for the six months ended 30 November 2008, and the financial statements for the period ended 31 May 2009.

The Group applies revised IAS 1 Presentation of Financial Statements, which became effective as of 1 January 2009. As a result, the Company presents in the statement of changes in equity all owner changes in equity, whereas all non-owner changes in equity are presented in the statement of comprehensive income. This standard is concerned with presentation only and does not have any impact on the results or net assets of the Company. Comparative information has been re-presented where applicable so that it also is in conformity with the revised standard.

As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these half-yearly financial statements.

2.        Taxation

The tax charge for the six months to 30 November 2009 reflects all the necessary provisions for current tax, taking into account the availability of losses brought forward, and movements in deferred tax. In arriving at the effective tax rate account has been taken of the change in the rate of tax charged and the disallowance of the cost of share-based payments charged to the consolidated statement of comprehensive income.

3.        Dividends paid

Dividends paid of £169,000 (2008 - £250,000) refer to the second interim dividend paid for the preceding year.

The Interim dividend of 2p will be paid on 12 March 2010 to shareholders on the register on 12 February 2010. The shares will be marked ex-dividend on 10 February 2010.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR LLFSEFIISIII

Companies

Fiske (FKE)
UK 100

Latest directors dealings