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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Fiske Plc | LSE:FKE | London | Ordinary Share | GB0003353157 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 75.00 | 70.00 | 80.00 | 75.00 | 75.00 | 75.00 | 0.00 | 07:31:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Brokers & Dealers | 6.07M | 253k | 0.0214 | 35.05 | 8.87M |
From Apr 2019 to Apr 2024
TIDMFKE
RNS Number : 6280P
Fiske PLC
19 February 2016
19 February 2016
Fiske Plc
('Fiske' or 'the Company')
Interim Results
Fiske Plc (the 'Company') announces its interim results for the six months ended 30 November 2015. 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:
-- Salmaan Khawaja/Richard Tonthat, Grant Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)
-- Gerard Luchini, Fiske Plc - Compliance Officer
(tel: 020 7448 4700)
Chairman's Statement
Trading
Our results for the first half of the year are disappointing with a pre-tax loss of GBP662,000 compared to a loss for the comparable period in the previous year of GBP162,000. Our trading has suffered as a result of weakening markets which have depressed day to day commission revenues. Conversely fee revenue from our assets under advice and management has risen when compared to the prior year. This has resulted in our total revenue falling by only 7% to GBP1.226 million (2014: GBP1.318 million).
The principal cause of the reported loss for the period is the ongoing investment in our major systems change. The majority of these costs have been expensed rather than capitalised as we consider this policy to be more prudent and appropriate. In addition we have incurred exceptional restructuring costs as we have sought to adjust our cost base to the current market environment.
We have further such costs to meet in the second half of the year though on a reduced scale. By the end of this financial year to the end of May 2016 we will be operational on our new system with our ISA's administered in-house and all related investment costs behind us. This will provide us with the opportunity to improve the range of services we can offer our clients and grow our business on this new platform.
In the last annual report and accounts I noted that we would not be paying a second interim dividend and, given that market conditions have not improved, the board has resolved for the time being to continue the policy of not paying a dividend.
Although currency movements have continued to reduce the carrying value of our holding in Euroclear, which is denominated in Euros, the company continues to trade strongly. We remain confident that our investment in the company will be successful.
Despite continued volatility in markets our revenues have remained stable in the first two months of the second half and we maintain our strong financial position with cash of GBP1.770 million and our holding in Euroclear on the balance sheet.
Markets
In recent years stock markets have been dominated almost entirely by the actions of Central Banks and their unprecedented policies of zero interest rates and quantitative easing. These policies were designed to prevent their respective economies from moving into recession. It is by no means clear whether these actions have achieved the result or whether other factors were at work. However what is clear is that these policies have inflated asset values in both the stock market and property. The Federal Reserve has now changed tack, the Bank of England has moved to neutral, but both the European Central Bank and the Bank of Japan are actively pursuing such policies.
Corporate earnings which in normal times determine market movements have demonstrably failed to justify the current levels of markets. Furthermore the sharp slowdown in Chinese growth and its effect on commodities and other emerging market economies will have a further adverse influence on corporate profitability.
In these circumstances we are taking a cautious attitude to investment for our clients and highlighting that even the search for yield can have pitfalls as many dividends remain vulnerable.
C F Harrison Chairman
18 February 2016
Consolidated Statement of Comprehensive Income
for the six months ended 30 November 2015
Hot Features
Premium
Six months Six months Year ended
ended ended 31 May
30 November 30 November 2015
2015 2014 Audited
Unaudited Unaudited
GBP'000 GBP'000 GBP'000
------------------------------------- ------------ ------------ ----------
Fee and commission income 1,385 1,559 3,090
Fee and commission expenses (226) (301) (558)
-------------------------------------- ------------ ------------ ----------
Net fee and commission
income 1,159 1,258 2,532
Other income 67 60 67
-------------------------------------- ------------ ------------ ----------
Total revenue 1,226 1,318 2,599
Profit on disposal of
available-for-sale investments 9 - -
(Loss)/profit on investments
held for trading (14) 3 -
Operating expenses (1,929) (1,497) (3,328)
Operating (loss)/profit (708) (176) (729)
Investment revenue 42 7 67
Finance income 4 10 20
Finance costs - (3) (3)
(Loss)/profit on ordinary
activities before taxation (662) (162) (645)
Taxation 0 27 133
-------------------------------------- ------------ ------------ ----------
(Loss)/profit on ordinary
activities after taxation (662) (135) (512)
-------------------------------------- ------------ ------------ ----------
Other comprehensive income/(expense)
Movement in unrealised
appreciation of investments (60) 68 (153)
Deferred tax on movement
in unrealised appreciation
of investments 10 (11) 34
-------------------------------------- ------------ ------------ ----------
Net other comprehensive
(expense)/ income (50) 57 (119)
====================================== ============ ============ ==========
Total comprehensive (loss)/income
for the period/year attributable
to equity shareholders (712) (78) (631)
====================================== ============ ============ ==========
Earnings per ordinary
share (pence), excluding
other comprehensive income
Basic (7.8)p (1.6)p (6.1)p
Diluted (7.8)p (1.6)p (6.0)p
All results are from continuing operations and are attributable to equity shareholders of the parent company.
Consolidated Statement of Changes in Equity
Share Share Revaluation Retained Total
Capital Premium Reserve Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- -------- -------- ----------- --------- -------
Balance at 1 December
2014 2,115 1,222 1,318 373 5,028
Profit on ordinary
activities after
taxation - - - (377) (377)
Other comprehensive
income - - (176) - (176)
----------------------- -------- -------- ----------- --------- -------
Total comprehensive
income for period - - (176) (377) (553)
----------------------- -------- -------- ----------- --------- -------
Dividends paid - - - (20) (20)
----------------------- -------- -------- ----------- --------- -------
Balance at 31 May
2015 2,115 1,222 1,142 (24) 4,455
----------------------- -------- -------- ----------- --------- -------
Loss on ordinary
activities after
taxation - - - (662) (662)
Other comprehensive
income - - (50) - (50)
----------------------- -------- -------- ----------- --------- -------
Total comprehensive
income for period - - (50) (662) (712)
----------------------- -------- -------- ----------- --------- -------
Dividends paid - - - - -
----------------------- -------- -------- ----------- --------- -------
Balance at 30 November
2015 2,115 1,222 1,092 (686) 3,743
======================= ======== ======== =========== ========= =======
Consolidated Statement of Financial Position
February 19, 2016 08:41 ET (13:41 GMT)
30 November 2015
As at As at As at
30 November 30 November 31 May
2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------- ------------ ------------ --------
Non-current assets
Goodwill 395 395 395
Other intangible assets 90 - 90
Property, plant and equipment 26 38 27
Available-for-sale investments 2,011 2,438 2,217
Total non-current assets 2,522 2,871 2,729
-------------------------------- ------------ ------------ --------
Current assets
Trade and other receivables 1,876 2,923 4,460
Investments held for
trading 79 90 13
Cash and cash equivalents 1,770 3,485 2,456
-------------------------------- ------------ ------------ --------
Total current assets 3,725 6,498 6,929
-------------------------------- ------------ ------------ --------
Current liabilities
Trade and other payables 2,345 4,020 5,032
Current tax liabilities - 11 -
-------------------------------- ------------ ------------ --------
Total current liabilities 2,345 4,031 5,032
-------------------------------- ------------ ------------ --------
Net current assets 1,380 2,467 1,897
-------------------------------- ------------ ------------ --------
Non-current liabilities
Deferred tax liabilities 159 310 171
-------------------------------- ------------ ------------ --------
Total non-current liabilities 159 310 171
-------------------------------- ------------ ------------ --------
Net assets 3,743 5,028 4,455
================================ ============ ============ ========
Equity
Share capital 2,115 2,115 2,115
Share premium 1,222 1,222 1,222
Revaluation reserve 1,092 1,318 1,142
Retained earnings (686) 373 (24)
-------------------------------- ------------ ------------ --------
Shareholders' equity 3,743 5,028 4,455
================================ ============ ============ ========
Consolidated Cash Flow Statement
For the six months ended 30 November 2015
Six months Six months Year ended
ended ended 31 May
30 November 30 November 2015
2015 2014 Audited
Unaudited Unaudited
GBP'000 GBP'000 GBP'000
-------------------------------- ------------ ------------ ----------
Operating activities (708) (176) (729)
(Profit) on disposal of
available-for-sale investments (9) - -
Depreciation of property
plant and equipment 12 12 24
(Increase)/decrease in
investments held for trading (66) 34 111
Decrease/(increase) in
receivables 2,584 2,887 1,388
(Decrease)/increase in
payables (2,688) (3,190) (2,179)
-------------------------------- ------------ ------------ ----------
Cash (used in)/ generated
from operations (875) (433) (1,385)
Tax paid - - (38)
-------------------------------- ------------ ------------ ----------
Net cash (used in)/generated
from operating activities (875) (433) (1,423)
-------------------------------- ------------ ------------ ----------
Investing activities
Interest received 4 10 20
Investment income received 42 7 67
Interest paid - (5) (3)
Proceeds on disposal of
available-for-sale investments 154 - -
Purchases of available-for-sale
investments - (5) (5)
Purchases of property,
plant and equipment (11) (16) (16)
Purchases of other intangible
assets (90)
Net cash (used in)/ generated
from investing activities 189 (9) (27)
-------------------------------- ------------ ------------ ----------
Financing activities
Dividends paid - (30) (51)
-------------------------------- ------------ ------------ ----------
Net cash used in financing
activities - (30) (51)
-------------------------------- ------------ ------------ ----------
Net (decrease)/ increase
in cash and cash equivalents (686) (472) (1,501)
Cash and cash equivalents
at beginning of period 2,456 3,957 3,957
Cash and cash equivalents
at end of period/year 1,770 3,485 2,456
-------------------------------- ------------ ------------ ----------
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 2015 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 2015 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 2015 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 GBPnil (2014 - GBP30,000) refer to the second interim dividend paid for the preceding year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFVVFTIALIR
(END) Dow Jones Newswires
February 19, 2016 08:41 ET (13:41 GMT)
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