Interim Results

RNS Number : 0825X

Fiske PLC

09 February 2012

 



9 February 2012

Fiske Plc

('Fiske' or 'the Company')

Interim Results

Fiske Plc (the 'Company') announces its interim results for the six months ended 30 November 2011. 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: [phone])

  • Gerard Luchini, Fiske Plc - Compliance Officer

    (tel: [phone])

Chairman's Statement

The first quarter of the current financial year showed encouraging signs of progress but then September, October and particularly November proved in the event to be disappointing.  The degree of uncertainty surrounding the Eurozone has in fact steadily increased over 2011 and still no end is in sight and in those circumstances markets will continue to be lacklustre.  It is obvious that the powers that be in Europe have no comprehension of the scale of the crisis and its causes. Unfortunately they are unable to execute a solution that is both economically sound and politically acceptable, and in this instance are also vociferous and addicted to grandstanding summits.  The outlook is sombre for the UK economy and for investment performance.

Our prime concern, however, must be to look after the best interests of our clients even where that means that our revenue suffers in the short term.  This is especially a market for investors to tread cautiously.

There are of course many small steps we can take and are taking to control costs and to improve trading performance. We have also negotiated improved terms with our bankers and insurers.

As a result and given the strength of our balance sheet, we are confident of our position whilst we look and wait for markets to pick up and as an expression of our confidence will be maintaining our dividend at 2p per share, although for this half year period it will not be fully covered by earnings.

The shares will be traded ex-dividend on 15 February 2012 and the dividend will be paid on 16 March 2012 to shareholders on the register on 17 February 2012.

C F Harrison Chairman

9 February 2012

Consolidated Statement of Comprehensive Income

for the six months ended 30 November 2011

		Six months ended 30 November 2011 Unaudited	Six months ended 30 November 2010 Unaudited	Year ended 31 May 2011             Audited
		£'000	£'000	£'000
Fee and commission income		1,866	2,226	4,341
Fee and commission expenses		(408)	(504)	(1,027)
Net fee and commission income		1,458	1,722	3,314
Other income		102	100	157
Total revenue		1,560	1,822	3,471
Profit on investments held for trading		7	23	5
Operating expenses		(1,455)	(1,504)	(2,952)
Operating profit		112	341	524
Investment revenue		28	18	29
Finance income		13	13	25
Finance costs		(1)	(3)	(5)
Profit on ordinary activities before taxation		152	369	573
Taxation		(29)	(115)	(167)
Profit on ordinary activities after taxation		123	254	406
Other comprehensive income/(expense)
Movement in unrealised appreciation of investments		(2)	6	5
Deferred tax on movement in unrealised appreciation of investments		1	(1)	21
Net other comprehensive (loss)/income		(1)	5	26
Total comprehensive income for the period/year attributable to equity shareholders		122	259	432
Earnings per ordinary share (pence)
Basic		1.5p	3.0p	4.8p
Diluted		1.5p	3.0p	4.8p

All results are from continuing operations and are attributable to equity shareholders of the parent company.

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 2010	2,109	1,216	735	575	4,635
Issue of share capital	6	6	-	-	12
Profit on ordinary activities after taxation	-	-	-	152	152
Other comprehensive income	-	-	21	-	21
Total comprehensive income for period	-	-	21	152	173
Dividends paid	-	-	-	(168)	(168)
Balance at 31 May 2011	2,115	1,222	756	559	4,652
Profit on ordinary activities after taxation	-	-		123	123
Other comprehensive loss	-	-	(1)	-	(1)
Total comprehensive (loss)/income for period	-	-	(1)	123	122
Dividends paid	-	-	-	(169)	(169)
Balance at 30 November 2011	2,115	1,222	755	513	4,605

Consolidated Statement of Financial Position

30 November 2011

		As at 30 November 2011 Unaudited	As at 30 November 2010 Unaudited	As at 31 May 2011 Audited
		£'000	£'000	£'000
Non-current assets
Goodwill		395	395	395
Property, plant and equipment		46	65	57
Available-for-sale investments		1,227	1,227	1,228
Total non-current assets		1,668	1,687	1,680
Current assets
Trade and other receivables		6,193	10,124	11,747
Investments held for trading		237	209	284
Cash and cash equivalents		3,498	3,746	3,458
Total current assets		9,928	14,079	15,489
Current liabilities
Trade and other payables		6,565	10,632	12,119
Current tax liabilities		175	239	145
Total current liabilities		6,740	10,871	12,264
Net current assets		3,188	3,208	3,225
Non-current liabilities
Deferred tax liabilities		251	260	253
Total non-current liabilities		251	260	253
Net assets		4,605	4,635	4,652
Equity
Share capital		2,115	2,109	2,115
Share premium		1,222	1,216	1,222
Revaluation reserve		755	735	756
Retained earnings		513	575	559
Shareholders' equity		4,605	4,635	4,652

Consolidated Cash Flow Statement

For the six months ended 30 November 2011

	Six months ended 30 November 2011 Unaudited	Six months ended 30 November 2010 Unaudited	Year ended 31 May 2011 Audited
	£'000	£'000	£'000
Operating profit	112	341	524
Profit on disposal of available-for-sale investments	-	-	-
Depreciation of property plant and equipment	14	33	55
Decrease in investments held for trading	47	115	40
Impairment of available-for-sale investments	-	-	-
Decrease/(increase) in receivables	5,554	(1,082)	(2,705)
(Decrease)/increase  in payables	(5,555)	(256)	1,232
Cash generated from/ (used in) operations	172	(849)	(854)
Tax paid	-	-	(133)
Net cash generated from/(used in) operating activities	172	(849)	(987)
Investing activities
Interest received	13	13	25
Investment income received	28	18	29
Interest paid	(1)	(3)	(5)
Proceeds on disposal of available-for-sale investments	-	6	5
Purchases of available-for-sale investments	-	-	-
Purchases of property, plant and equipment	(3)	(66)	(80)
Net cash generated from/(used in) investing activities	37	(32)	(26)
Financing activities
Proceeds from issue of ordinary share capital	-	-	12
Dividends paid	(169)	(169)	(337)
Net cash used in financing activities	(169)	(169)	(325)
Net increase/(decrease) in cash and cash equivalents	40	(1,050)	(1,338)
Cash and cash equivalents at beginning of period	3,458	4,796	4,796
Cash and cash equivalents at end of period/year	3,498	3,746	3,458

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 2011 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 2011 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 condensed set of financial statements has been prepared using accounting policies consistent with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The financial information has been prepared under the historical cost convention, except for the revaluation of certain financial instruments. The same accounting policies, presentation and methods of computation are followed in the condensed set of financial statements as applied in the Group's latest annual audited financial statements. While the financial figures included in this half-yearly report have been computed in accordance with IFRSs applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.

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 2011 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 (2010 - £169,000) refer to the second interim dividend paid for the preceding year.

The Interim dividend of 2p will be paid on 16 March 2012 to shareholders on the register on 17 February 2012. The shares will be marked ex-dividend on 15 February 2012.

 

END

 

 

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