Interim Results

RNS Number : 7373X

Fiske PLC

13 February 2013

 



13 February 2013

Fiske Plc

('Fiske' or 'the Company')

Interim Results

Fiske Plc (the 'Company') announces its interim results for the six months ended 30 November 2012. 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 only good thing I can say about the results for the half year ending 30th November 2012 is that the final figure is a plus, albeit a figure so small as to be insignificant.  As I am sure shareholders are aware the period under review has been a particularly difficult time to make profits in our business.  Basically we have broken even, a totally unacceptable outcome.  I can assure you that we are taking steps to reduce costs by a target of 5% and equally to boost income of the same proportion.

It is true that most Stockbrokers have fallen on bad times, mostly because they relied heavily on corporate finance fees.  We are not in that position as we regard corporate finance business as having a huge conflict of interest with advising private client funds.

The image of private client stockbrokers has been badly affected by recent events and we continue to stress our old fashioned emphasis on value for money and integrity.  In that context it is important to accept that more activity can only be justified if it is in the client's best interest.  This has affected our short term results, but we are confident that many interesting opportunities will arise and our clients will be in a position to take advantage of them.

In addition to our private client department, where we are, as always, in discussions to add to our advisors, we have a healthy institutional business. We have strengthened this side of the firm with a new unit, Baden Hill, which is establishing itself as a distinctive and expanding element in that area.

In view of the disappointing level of profit, we will only be paying a token interim dividend of ¼p per share.

C F Harrison Chairman

13 February 2013

Consolidated Statement of Comprehensive Income

for the six months ended 30 November 2012

		Six months ended 30 November 2012 Unaudited	Six months ended 30 November 2011 Unaudited	Year ended 31 May 2012             Audited
		£'000	£'000	£'000
Fee and commission income		1,779	1,866	3,671
Fee and commission expenses		(463)	(408)	(865)
Net fee and commission income		1,316	1,458	2,806
Other income		109	102	161
Total revenue		1,425	1,560	2,967
Profit on investments held for trading		54	7	24
Operating expenses		(1,511)	(1,455)	(2,963)
Operating profit		(32)	112	28
Investment revenue		26	28	34
Finance income		11	13	26
Finance costs		-	(1)	(2)
Profit on ordinary activities before taxation		5	152	86
Taxation		(3)	(29)	(17)
Profit on ordinary activities after taxation		2	123	69
Other comprehensive income/(expense)
Movement in unrealised appreciation of investments		1	(2)	(5)
Deferred tax on movement in unrealised appreciation of investments		-	1	23
Net other comprehensive (loss)/income		1	(1)	18
Total comprehensive income for the period/year attributable to equity shareholders		3	122	87
Earnings per ordinary share (pence)
Basic		0.0p	1.5p	0.8p
Diluted		0.0p	1.5p	0.8p

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 2011	2,115	1,222	755	513	4,605
Loss on ordinary activities after taxation	-	-	-	(54)	(54)
Other comprehensive income	-	-	19	-	19
Total comprehensive income/(loss) for period	-	-	19	(54)	(35)
Dividends paid	-	-	-	(169)	(169)
Balance at 31 May 2012	2,115	1,222	774	290	4,401
Profit on ordinary activities after taxation	-	-	-	2	2
Other comprehensive loss	-	-	1	-	1
Total comprehensive income for period	-	-	1	2	3
Dividends paid	-	-	-	(85)	(85)
Balance at 30 November 2012	2,115	1,222	775	207	4,319

Consolidated Statement of Financial Position

30 November 2012

		As at 30 November 2012 Unaudited	As at 30 November 2011 Unaudited	As at 31 May 2012 Audited
		£'000	£'000	£'000
Non-current assets
Goodwill		395	395	395
Property, plant and equipment		53	46	37
Available-for-sale investments		1,225	1,227	1,223
Total non-current assets		1,673	1,668	1,655
Current assets
Trade and other receivables		4,492	6,193	5,781
Investments held for trading		201	237	251
Cash and cash equivalents		3,278	3,498	3,236
Total current assets		7,971	9,928	9,268
Current liabilities
Trade and other payables		5,074	6,565	6,274
Current tax liabilities		24	175	24
Total current liabilities		5,098	6,740	6,298
Net current assets		2,873	3,188	2,970
Non-current liabilities
Deferred tax liabilities		227	251	224
Total non-current liabilities		227	251	224
Net assets		4,319	4,605	4,401
Equity
Share capital		2,115	2,115	2,115
Share premium		1,222	1,222	1,222
Revaluation reserve		775	755	774
Retained earnings		207	513	290
Shareholders' equity		4,319	4,605	4,401

Consolidated Cash Flow Statement

For the six months ended 30 November 2012

	Six months ended 30 November 2012 Unaudited	Six months ended 30 November 2011 Unaudited	Year ended 31 May 2012 Audited
	£'000	£'000	£'000
Operating (loss)/profit	(32)	112	28
Depreciation of property plant and equipment	19	14	30
Decrease in investments held for trading	50	47	33
Decrease in receivables	1,289	5,554	5,966
Decrease  in payables	(1,200)	(5,555)	(5,846)
Cash generated from operations	126	172	211
Tax paid	-	-	(143)
Net cash generated from operating activities	126	172	68
Investing activities
Interest received	11	13	26
Investment income received	26	28	34
Interest paid	-	(1)	(2)
Purchases of property, plant and equipment	(36)	(3)	(10)
Net cash generated from investing activities	1	37	48
Financing activities
Dividends paid	(85)	(169)	(338)
Net cash used in financing activities	(85)	(169)	(338)
Net increase in cash and cash equivalents	42	40	(222)
Cash and cash equivalents at beginning of period	3,236	3,458	3,458
Cash and cash equivalents at end of period/year	3,278	3,498	3,236

Notes to the Interim Financial Statements

1.        Basis of preparation

The financial information contained in this half-yearly 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 2012 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 2012 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 these condensed set of financial statements as applied in the Group's latest, and intends to use in preparing its next, 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 this half-yearly financial report.

2.        Taxation

The tax charge for the six months to 30 November 2012 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 £85,000 (2011 - £169,000) refer to the second interim dividend paid for the preceding year.

The Interim dividend of 0.25p will be paid on 22 March 2013 to shareholders on the register on 22 February 2013. The shares will be marked ex-dividend on 20 February 2013.

 

END

 

 

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