Interim Results

Fiske PLC
14 February 2007

Chairman's Statement

I am pleased to report that in spite of a slow start to the half year ending 30
November 2006, the second quarter was very positive and the pre-tax profit for
the whole six month period recovered substantially to £300,000. The Board is
declaring a maintained interim dividend of 2p per share which is fully covered
by earnings.

We were pleased to bring to the Alternative Investment Market, Plant Impact PLC
for whom we acted as brokers and raised some £4 million for the company. The
shares were placed with our institutional and private clients at 38p per share
and currently stand at 70p.

The half year generally was marked by control of our cost base and a steady
increase in our recurring fees in absolute terms and as a percentage of our
revenues and by further improvement in our funds under management. Naturally
transaction commissions represent the major part of our revenues but other
sources of revenue accounted for some 40% of the total for the period under
review.

We are now nearly four years into a bull market and in some cases valuations are
beginning to look stretched. However there remains abundant liquidity, corporate
profits are still growing and merger and acquisitions activity is buoyant.
Inflation is an issue ahead, but we remain cautiously optimistic especially for
the resource sector which we do not see as a bubble, although some of the
exploration stocks have been getting overvalued. A key factor in the strength of
the resource sector is the emergence of the BRIC economies, those of Brazil,
Russia, India and China and the importance that their industrial revolutions
have upon the demand for raw materials. This trend has further to run.

The outlook for markets seems set fair for the period to the end of our
financial year at the end of May. At the same time the measures we have adopted
in the first half of the year to improve profitability should start to show
results in the second half.

Accordingly we look forward to the future with confidence.

M J Allen
Chairman

14 February 2007


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 2006 which comprises the consolidated profit
and loss account, the consolidated balance sheet, the consolidated cash flow
statement and related notes 1 to 4. 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 International Standards on Auditing (UK and
Ireland) 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 2006.

Deloitte & Touche LLP
Chartered Accountants
London

14 February 2007


Consolidated Profit and Loss Account
for the six months ended 30 November 2006


                      Notes  Six months ended    Six months ended     Year ended
                             30 November 2006    30 November 2005    31 May 2006
                                    Unaudited           Unaudited        Audited
                                        £'000               £'000          £'000
TURNOVER

Gross commission and similar income     1,971               2,007          4,420

Commission payable                       (502)               (577)        (1,237)

Other income                              137                 249            152

                                        1,606               1,679          3,335

OPERATING COSTS

Staff costs                              (705)               (617)        (1,300)

Depreciation                              (28)                (12)          (207)

Amortisation of intangible
 fixed assets            1               (109)                (91)           (43)

Other operating charges                  (580)               (730)        (1,470)

                                       (1,422)             (1,450)        (3,020)

OPERATING PROFIT                          184                 229            315

(Loss)/gain on disposal of
 fixed asset investment                    (3)                  7              8

Other income from fixed
 asset investments                         22                  18             17

Interest receivable and
 similar income                            98                  90            181

Interest payable                           (2)                 (5)            (8)

Profit on disposal of fixed assets          1                   -              -

PROFIT ON ORDINARY ACTIVITIES
 BEFORE TAXATION                          300                 339            513

Taxation charge on profit on
 ordinary activities                     (122)               (108)          (163)

PROFIT ON ORDINARY ACTIVITIES
 AFTER TAXATION                           178                 231            350

Basic earnings per share  2               2.2p                2.8p           4.2p

Diluted earnings per 
 share                    2               2.2p                2.8p           4.2p

Headline earnings per
 share                    2               2.7p                3.5p           5.8p

Headline diluted 
 earnings per share       2               2.6p                3.5p           5.7p


All activities relate to continuing operations; there are no recognised gains or
losses other than the profit for the current and preceding periods as shown
above.



Consolidated Balance Sheet
30 November 2006


               Note            As at               As at          As at
                    30 November 2006    30 November 2005    31 May 2006
                           Unaudited           Unaudited        Audited
                               £'000               £'000          £'000
FIXED ASSETS

Intangible assets 1              588                 531            697
Tangible assets                  171                 150            192
Other investments                163                 137            176
                                 922                 818          1,065
CURRENT ASSETS

Market and client debtors      8,779               6,927          6,518
Investments                      451                   -              -
Other debtors                    348                 450            298
Cash at bank and in hand       3,625               4,058          4,265

                              13,203              11,435         11,081
CREDITORS:

amounts falling due within one year

Market and client creditors   (9,070)             (7,190)        (7,190)

Other creditors                 (770)               (743)          (683)

                              (9,840)             (7,933)        (7,873)

NET CURRENT ASSETS             3,363               3,502          3,208

TOTAL ASSETS LESS CURRENT
 LIABILITIES                   4,285               4,320          4,273

CAPITAL AND RESERVES

Called up share capital        2,078               2,078          2,078

Share premium account          1,185               1,185          1,185

Profit and loss account        1,022               1,057          1,010

EQUITY SHAREHOLDERS' FUNDS     4,285               4,320          4,273



Consolidated Cash Flow Statement
for the six months ended 30 November 2006

RECONCILIATION OF OPERATING PROFIT TO NET CASH (OUTFLOW)/INFLOW FROM OPERATING
ACTIVITIES

                                        Six months    Six months       Year
                                             ended         ended      ended
                                       30 November   30 November     31 May
                                              2006          2005       2006
                                         Unaudited     Unaudited    Audited
                                             £'000         £'000      £'000

Operating profit                               184           229        315

Depreciation charges                            28            12         43

Amortisation of intangible
 fixed assets                                  109            91        207

(Increase)/decrease in current asset
 investment                                   (451)          164        164

(Increase)/dec rease in debtors             (2,303)        9,647     10,204

Increase/(decrease) in creditors             1,829        (9,361)    (9,279)

Net cash (outflow)/inflow from
 operating activities                         (604)          782      1,654



CASH FLOW STATEMENT

                                       Six months    Six months       Year
                                            ended         ended      ended
                                      30 November   30 November     31 May
                                             2006          2005       2006
                                        Unaudited     Unaudited    Audited
                                            £'000         £'000      £'000
Net cash (outflow)/inflow from
 operating activities                        (604)          782      1,654

Returns on investment and servicing of
 finance                                      118           103        190

Taxation - UK Corporation tax paid              -             -       (185)

Capital expenditure and financial investment   12          (142)      (543)

Equity dividends paid                        (166)         (166)      (332)

(Decrease)/increase in cash                  (640)          577        784

(Decrease)/increase in cash in the period    (640)          577        784

Change in net cash                           (640)          577        784

Net funds brought forward                   4,265         3,481      3,481

Net funds carried forward                   3,625         4,058      4,265



Notes

for the six months ended 30 November 2006

1.      INTANGIBLE FIXED ASSETS


                                   Goodwill    Goodwill Altimis   Total
                                       Fund       Other licence   £'000
                                 management acquisition     and
                                acquisition       £'000  system
                                      £'000               £'000

At 1 June 2006                        1,146         300     282   1,728

At 30 November 2006                   1,146         300     282   1,728

Accumulated amortisation
 At 1 June 2006                         696         300      35   1,031

Charge for the period                    38             -    71     109

At 30 November 2006                     734         300     106   1,140

Net book value At 30 November 2006      412             -   176     588

At 31 May 2006                          450             -   247     697



2.      EARNINGS PER ORDINARY SHARE

Headline earnings per share has 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    Six months       Year
                                        ended         ended      ended
                                  30 November   30 November     31 May
                                         2006          2005       2006
                                    Unaudited     Unaudited    Audited

Basic earnings per ordinary share         2.2p          2.8p       4.2p

Add: Goodwill write-off                   0.5p          0.8p       1.6p

Less: Gain on disposal of fixed asset
 investment after taxation                  -          (0.1)p        -

Headline earnings per ordinary share      2.7p          3.5p       5.8p

Diluted earnings per ordinary share       2.2p          2.8p       4.2p

Add: Goodwill write-off                   0.4p          0.8p       1.5p

Less: Gain on disposal of fixed asset
 investment after taxation                  -          (0.1)p        -

Headline diluted earnings per
 ordinary share                           2.6p          3.5p       5.7p



3.      DIVIDEND

Dividends paid of £166,000 (2005 - £166,000) refer to the final dividend paid
for the preceding year.

The interim dividend of 2p per share will be paid on 16 March 2007 to
shareholders on the register on 23 February 2007. The shares will be marked
ex-dividend on 21 February 2007.

4.      BASIS OF PREPARATION

The interim accounts which are unaudited have been prepared on the basis of the
accounting policies set out in the 2006 group accounts. The financial
information for the year ended 31 May 2006 has been extracted from the company's
statutory accounts. The original accounts have been delivered to the Registrar
of Companies. The audit report on the accounts for the year ended 31 May 2006
was unqualified. The financial information contained in the Interim Report does
not constitute the company's statutory accounts within the meaning of section
240 of the Companies Act 1985.


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