Interim Results

Fiske PLC 10 February 2005 Chairman's Statement For the half year to 30 November 2004 our profit before goodwill amortisation amounted to £189,000 and the profit before tax to £114,000. We have declared an interim dividend of 2p per share, the same level as last year. This is not fully covered by earnings, but even though business has been subdued during the first half of the current financial year we are optimistic for the second half. Moreover, we have continued to reduce our cost structure, recruit additional quality revenue generators and to add to funds under management. We continue to see our way to future growth primarily as agency stockbrokers serving the private client market but with a growing institutional business. We anticipate increasing our funds under management both on the mainstream advisory side and also on the discretionary side through our Ionian Investment Management division. This is a time when consolidation in our field of private client stockbroking and asset management is all the fashion. It is by no means the first time we have seen such a phenomenon. Your board is keenly aware that there may well be growth opportunities for the company in the fall-out from this situation. The strength of our balance sheet and the value of our funds under management puts us in a good position to take advantage of any such opportunities for expansion. On 4 January 2005 Stephen Cockburn retired as an executive director and as deputy chairman of the company. We thank Stephen for his contribution and look forward to his continuing involvement as a non-executive director. M J Allen Chairman 9 February 2005 Independent Review Report to Fiske plc Introduction We have been instructed by the company to review the financial information for the six months ended 30 November 2004 which comprises the consolidated profit and loss account, the consolidated balance sheet, the consolidated cash flow statement and related notes 1 to 5. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company, in accordance with Bulletin 1999/4 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 company, for our review work, for this report, or for the conclusion we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are also responsible for ensuring that the accounting policies and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom auditing standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 November 2004. Deloitte & Touche LLP Chartered Accountants London 9 February 2005 Consolidated Profit and Loss Account for the six months ended 30 November 2004 Six months ended Six months ended Year ended 30 November 2004 30 November 2003 31 May 2004 Unaudited Unaudited Audited Notes £'000 £'000 £'000 TURNOVER 1,723 2,026 4,323 Gross commission receivable Commission payable (529) (576) (1,207) Other income 210 179 87 1,404 1,629 3,203 OPERATING COSTS (640) (616) (1,306) Staff costs Depreciation (25) (30) (65) Amortisation of intangible fixed assets 1 (92) (92) (183) Other operating charges (686) (697) (1,346) (1,443) (1,435) (2,900) OPERATING (LOSS)/PROFIT (39) 194 303 Gain on disposal of fixed asset - - 22 investment Other income from fixed asset 54 13 23 investments Interest receivable and similar income 101 55 126 Interest payable (2) - (8) PROFIT ON ORDINARY ACTIVITIES 114 262 466 BEFORE TAXATION Taxation on profit on ordinary (30) (83) (149) activities PROFIT ON ORDINARY ACTIVITIES 84 179 317 AFTER TAXATION Dividends paid and proposed 3 (166) (165) (330) Retained (loss)/profit for the period/ (82) 14 (13) year Retained profit brought forward 775 788 788 Retained profit carried forward 693 802 775 Basic earnings per share 2 1.0p 2.2p 3.9p Diluted earnings per share 2 1.0p 2.2p 3.9p Headline earnings per share 2 1.6p 3.0p 5.0p Headline diluted earnings per share 2 1.6p 3.0p 5.0p Consolidated Balance Sheet 30 November 2004 Note As at As at As at 30 November 2004 30 November 2003 31 May 2004 Unaudited Unaudited Audited £'000 £'000 £'000 FIXED ASSETS 60 77 57 Tangible assets Intangible assets 1 714 897 806 Investments 78 225 74 852 1,199 937 CURRENT ASSETS 13,504 11,844 13,447 Market and client debtors Investments 154 - - Other debtors 288 205 158 Cash at bank and in hand 4,441 3,355 4,006 18,387 15,404 17,611 CREDITORS: amounts falling due (14,511) (11,908) (13,808) within one year Market and client creditors Other creditors (773) (655) (727) (15,284) (12,563) (14,535) NET CURRENT ASSETS 3,103 2,841 3,076 TOTAL ASSETS LESS CURRENT 3,955 4,040 4,013 LIABILITIES CAPITAL AND RESERVES 2,077 2,068 2,068 Called up share capital Share premium account 1,185 1,170 1,170 Profit and loss account 693 802 775 EQUITY SHAREHOLDERS' FUNDS 3,955 4,040 4,013 Consolidated Cash Flow Statement for the six months ended 30 November 2004 RECONCILIATION OF OPERATING (LOSS)/PROFIT TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES Six months ended Six months ended Year ended 30 November 2004 30 November 2003 31 May 2004 Unaudited Unaudited Audited £'000 £'000 £'000 Operating (loss)/profit (39) 194 303 Depreciation charges 25 30 65 Amortisation of intangible fixed assets 92 92 183 Increase in debtors (339) (318) (1,812) Increase/(decrease) in creditors 715 (94) 1,751 Net cash inflow/(ouflow) from operating 454 (96) 490 activities CASH FLOW STATEMENT Six months ended Six months ended Year ended 30 November 2004 30 November 2003 31 May 2004 Unaudited Unaudited Audited £'000 £'000 £'000 Net cash inflow/(outflow) from operating 454 (96) 490 activities Returns on investment and servicing of finance 135 71 136 Taxation - UK Corporation tax paid - 131 131 Capital expenditure and financial investment (14) 6 171 Equity dividends paid (140) (108) (273) Financing - 75 75 Increase in cash 435 79 730 Increase in cash in the period 435 79 730 Change in net cash 435 79 730 Net funds brought forward 4,006 3,276 3,276 Net funds carried forward 4,441 3,355 4,006 Notes for the six months ended 30 November 2004 1. INTANGIBLE FIXED ASSETS Goodwill Goodwill Fiscal Total Fund Other licence £'000 management acquisition £'000 acquisition £'000 £'000 Cost 1,146 300 99 1,545 At 1 June 2004 At 30 November 2004 1,146 300 99 1,545 Accumulated amortisation 545 150 44 739 At 1 June 2004 37 38 17 92 Charge for the period At 30 November 2004 582 188 61 831 Net book value 564 112 38 714 At 30 November 2004 At 31 May 2004 601 150 55 806 2. EARNINGS PER ORDINARY SHARE Headline 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 the disposal of certain fixed asset investments and any effects of goodwill as follows: Six months ended Six months ended Year ended 30 November 2004 30 November 2003 31 May 2004 Unaudited Unaudited Audited Basic earnings per ordinary share 1.0p 2.2p 3.9p Add: Goodwill write-off 0.6p 0.8p 1.3p Less: Gain on disposal of fixed asset investment - - (0.2)p after taxation Headline earnings per ordinary share 1.6p 3.0p 5.0p Diluted earnings per ordinary share 1.0p 2.2p 3.9p Add: Goodwill write-off 0.6p 0.8p 1.3p Less: Gain on disposal of fixed asset investment - - (0.2)p after taxation Headline diluted earnings per ordinary share 1.6p 3.0p 5.0p 3. DIVIDEND The interim dividend of 2p per share will be paid on 18 March 2005 to shareholders on the register on 25 February 2005. The shares will be marked ex-dividend on 23 February 2005. 4. CONTINGENT LIABILITY As previously reported in the Annual Report and Accounts for the year ended 31 May 2004, the group has received a small number of claims. The theoretical maximum exposure to the group of these claims is £600,000. The directors continue to be of the opinion that few of these claims will be sustained. 5. BASIS OF PREPARATION Financial information for the year ended 31 May 2004 has been extracted from the company's statutory accounts which have been delivered to the Registrar of Companies. The audit report on the accounts for the year ended 31 May 2004 was unqualified. The financial information contained in this Interim Report does not constitute the company's statutory accounts within the meaning of section 240 of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Fiske (FKE)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today