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 0.0% 61.50 55.00 68.00 61.50 61.50 61.50 0.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 4.3 -0.6 -5.5 - 7

Fiske PLC Correction: Interim Results

28/02/2019 3:34pm

UK Regulatory (RNS & others)


Fiske (LSE:FKE)
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1 Year : From Nov 2018 to Nov 2019

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TIDMFKE

RNS Number : 4852R

Fiske PLC

28 February 2019

28 February 2019

Fiske Plc

('Fiske' or 'the Company')

Correction: Interim Results

This announcement replaces the announcement of Interim Results that was issued at 07:28 on 28 February 2019. The paragraph in Note 2 Taxation in the Notes to the Interim Financial Statements has been replaced with the following paragraph:

No tax credit on the loss for the period has been recognised for the six months to 30 November 2018, due to uncertainty over sufficient future taxable profits being available.

All other information is unchanged

Interim Results

Fiske Plc (the 'Company') announces its interim results for the six months ended 30 November 2018. 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:

-- Samantha Harrison/Harrison Clarke/Niall McDonald, 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 half year to 30 November 2018 were disappointing with a pre-tax loss of GBP492,000 compared to a profit of GBP190,000 for the comparable period in 2017. This resulted in part from the uncertain and weak markets depressing our commission revenues but also from some non-recurring items affecting both our costs and fee revenues.

Our commission revenues were some GBP246,000 lower than the prior year comparative which represents a reduction of approximately 20%. Our operating expenses increased by 30% to GBP2.544 million (2017: GBP1.955 million) for a number of reasons. Firstly we incurred non-recurring items relating to the acquisition of Fieldings Investment Management Limited. These included additional audit fees relating to determining the application of appropriate acquisition accounting rules, as well as agreed deferred consideration bonus payments which fell due, the latter of which amounted to GBP129,000.

Secondly a review of management fee revenue and a subsequent tightening of revenue recognition criteria resulted in a one-off revenue adjustment of GBP118,000 in the period.

Lastly, as we have previously highlighted, the increasing burden of regulation has resulted in a general increase in our operating expenses. These relate to the continued implementation of MiFID II specifically the costs and charges element, initial work on the Senior Managers and Certification Regime which is due for implementation in December 2019 and further development of our internal controls around the Client Money and Assets rules (CASS).

On a more positive note we are pleased with the successful launch in May 2018 of our own unit trust, Ocean UK Equity. Despite having to navigate a very challenging period for global markets the fund has delivered a top quartile performance over its first six months.

Balance Sheet

We continue to maintain our strong financial position with our cash balance standing at GBP2,014,000 at the period end. On the 30th January 2019 the London Stock Exchange Group (LSEG) announced its acquisition of an aggregate 4.92% stake in Euroclear's share capital for EUR278.5 million, which equates to a value of EUR1,798 per share. We believe this commercial collaboration will benefit both customers and shareholders alike further strengthening the value of our holding of 3,618 shares in Euroclear.

Dividend

The Board has resolved not to pay an interim dividend for the six month period to 30th November 2018.

Markets

The current market outlook is less clear than it has been for many years. We have the major uncertainties of the Federal Reserve's future interest rate policy and their quantitative tightening, the US/China trade discussions, Brexit and the gentle slide of the Eurozone into recession to contend with. Although markets have recovered well since the start of the year a certain degree of caution is warranted.

Outlook

The second half of our financial year began during a period of weak markets with December being particularly quiet. However sentiment turned quickly in January and markets have continued to improve through February. We now anticipate a busy period leading up to the end of the UK income tax year.

Clive F Harrison

Chairman

27 February 2019

Independent Review Report to Fiske plc

We have been engaged by the Group to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2018 which comprise the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of financial position, the consolidated cash flow statement and the related notes 1 to 4. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Group in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Group 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 Group, for our review work, for this report, or for the conclusions we have formed.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules of the London Stock Exchange.

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report have been prepared in accordance with the accounting policies the Group intends to use in preparing its next annual financial statements.

Our responsibility

Our responsibility is to express to the Group a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2018 is not prepared, in all material respects, in accordance with accounting policies the Group intends to use in preparing its next annual financial statements and the AIM Rules of the London Stock Exchange.

Deloitte LLP

Statutory Auditor

London

United Kingdom

27 February 2019

Consolidated Statement of Comprehensive Income

for the six months ended 30 November 2018

 
                                          Six months    Six months  Year ended 
                                               ended         ended      31 May 
                                         30 November   30 November        2018 
                                                2018          2017     Audited 
                                           Unaudited     Unaudited 
                                             GBP'000       GBP'000     GBP'000 
-------------------------------------   ------------  ------------  ---------- 
Fee and commission income                      2,015         2,074       4,283 
Other income                                       -            75          80 
Fair value through other 
 comprehensive income 
 (FVTOCI)                                          4           (4)          18 
TOTAL REVENUE                                  2,019         2,145       4,381 
Operating expenses                           (2,544)       (1,955)     (4,020) 
--------------------------------------  ------------  ------------  ---------- 
OPERATING (LOSS) / PROFIT                      (525)           190         361 
--------------------------------------  ------------  ------------  ---------- 
Investment revenue                                 -             -         103 
Finance income                                    33             -           - 
(Loss) / Profit on ordinary 
 activities before taxation                    (492)           190         464 
Taxation                                           -             -         (4) 
--------------------------------------  ------------  ------------  ---------- 
(Loss)/Profit on ordinary 
 activities after taxation                     (492)           190         460 
--------------------------------------  ------------  ------------  ---------- 
Other comprehensive income/(expense) 
Movement in unrealised 
 appreciation of investments                      20            25          26 
Deferred tax on movement 
 in unrealised appreciation 
 of investments                                  (4)            12          12 
--------------------------------------  ------------  ------------  ---------- 
Net other comprehensive 
 (expense)/ income                                16            37          38 
======================================  ============  ============  ========== 
Total comprehensive (loss) 
 / income for the period/year 
 attributable to equity 
 shareholders                                  (476)           227         498 
======================================  ============  ============  ========== 
(Loss) / Earnings per 
 ordinary share (pence), 
 excluding other comprehensive 
 income 
Basic                                         (4.5p)          1.9p        4.2p 
Diluted                                       (4.5p)          1.8p        4.2p 
 

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 
 2017                             2,115     1,222        1,459    (1,309)    3,487 
 
Profit on ordinary 
 activities after 
 taxation                             -         -            -        460      460 
Movement in unrealised 
 appreciation of investments          -         -           26          -       26 
Deferred tax on movement 
 in unrealised appreciation 
 of investments                       -         -           12          -       12 
Share based payment 
 transactions                         -         -            -          1        1 
Issue of ordinary 
 share capital                      775       775            -          -     1550 
-----------------------------  --------  --------  -----------  ---------  ------- 
Balance at 31 May 
 2018                             2,890     1,997        1,497      (848)    5,536 
-----------------------------  --------  --------  -----------  ---------  ------- 
 
(Loss) on ordinary 
 activities after 
 taxation                             -         -            -      (492)    (492) 
Other comprehensive 
 income                               -         -            -          2        2 
Movement in unrealised 
 appreciation of investments          -         -           21          -       21 
Deferred tax on movement 
 in unrealised appreciation 
 of investments                       -         -          (4)          -      (4) 
-----------------------------  --------  --------  -----------  ---------  ------- 
Total comprehensive 
 (loss) for the period                -         -           17      (490)    (473) 
-----------------------------  --------  --------  -----------  ---------  ------- 
Dividends paid                        -         -            -          -        - 
-----------------------------  --------  --------  -----------  ---------  ------- 
Share based payment 
 transactions                         -         -            -          1        1 
-----------------------------  --------  --------  -----------  ---------  ------- 
Balance at 30 November 
 2018                             2,890     1,997        1,514    (1,337)    5,064 
=============================  ========  ========  ===========  =========  ======= 
 

Consolidated Statement of Financial Position

30 November 2018

 
                                             As at         As at     As at 
                                       30 November   30 November    31 May 
                                              2018          2017      2018 
                                         Unaudited     Unaudited   Audited 
                                           GBP'000       GBP'000   GBP'000 
-----------------------------------   ------------  ------------  -------- 
 
Non-current assets 
Goodwill and intangible 
 assets                                      1,510         1,524     1,576 
Other intangible assets                        113           146       130 
Property, plant and equipment                   37            20        35 
Equity investments                           2,491         2,468     2,470 
Total non-current assets                     4,151         4,158     4,211 
------------------------------------  ------------  ------------  -------- 
 
Current assets 
Trade and other receivables                  2,364         2,508     4,087 
Investments held at fair 
 value through other comprehensive 
 income (FVTOCI)                                 -             8         0 
Cash and cash equivalents                    2,014         2,252     2,453 
------------------------------------  ------------  ------------  -------- 
Total current assets                         4,378         4,768     6,540 
------------------------------------  ------------  ------------  -------- 
Current liabilities 
Trade and other payables                     3,212         3,418     4,965 
Current tax liabilities                         36            71        36 
Total current liabilities                    3,248         3,489     5,001 
------------------------------------  ------------  ------------  -------- 
Net current assets                           1,130         1,279     1,539 
------------------------------------  ------------  ------------  -------- 
 
Non-current liabilities 
Deferred tax liabilities                       217           213       214 
------------------------------------  ------------  ------------  -------- 
Total non-current liabilities                  217           213       214 
------------------------------------  ------------  ------------  -------- 
Net assets                                   5,064         5,224     5,536 
====================================  ============  ============  ======== 
 
Equity 
Share capital                                2,890         2,890     2,890 
Share premium                                1,997         1,957     1,997 
Revaluation reserve                          1,514         1,496     1,497 
Retained earnings                          (1,337)       (1,119)     (848) 
------------------------------------  ------------  ------------  -------- 
Shareholders' equity                         5,064         5,224     5,536 
====================================  ============  ============  ======== 
 
 

Consolidated Cash Flow Statement

For the six months ended 30 November 2018

 
                                    Six months    Six months  Year ended 
                                         ended         ended      31 May 
                                   30 November   30 November        2018 
                                          2018          2017     Audited 
                                     Unaudited     Unaudited 
                                       GBP'000       GBP'000     GBP'000 
--------------------------------  ------------  ------------  ---------- 
Operating activities                     (525)           190         361 
Amortisation of intangibles                 17             -          26 
Depreciation of tangible 
 and intangible assets                       9            32          20 
Decrease/(increase) in 
 investments                                 -            11          19 
Remove opening receivables 
 of acquisition                              -         (568)           - 
Amortisation of intangible 
 asset - customer relationships              -           131           - 
Remove opening payables 
 of acquisition                              -           475           - 
Write down of goodwill                      66             -           - 
Decrease/(increase) in 
 receivables                             1,723         (252)     (1,397) 
Increase/(decrease) in 
 payables                              (1,751)           768         730 
--------------------------------  ------------  ------------  ---------- 
Cash generated from / (used 
 in) operations                          (461)           656       (110) 
 
Tax recovered                                -            71        (38) 
--------------------------------  ------------  ------------  ---------- 
Net cash (used in)/generated 
 from operating activities               (461)           727       (148) 
--------------------------------  ------------  ------------  ---------- 
Investing activities 
Interest received                           33             -           - 
Investment income received                   -             -         103 
Interest paid                                -           (1)           - 
Purchases of property, 
 plant and equipment                      (11)          (12)        (45) 
Purchases of other intangible 
 assets                                      -             -        (12) 
Payments to acquire subsidiary 
 undertaking                                 -       (3,357)     (2,092) 
Cash acquired with subsidiary 
 undertaking                                 -         2,320       2,320 
Net cash (used in)/ generated 
 from investing activities                  22       (1,060)         274 
--------------------------------  ------------  ------------  ---------- 
Financing activities 
Proceeds from issue of 
 ordinary share capital                      -         1,550       1,292 
Dividends paid                               -             -           - 
--------------------------------  ------------  ------------  ---------- 
Net cash used in financing 
 activities                                  -         1,550       1,292 
--------------------------------  ------------  ------------  ---------- 
Net (decrease) / increase 
 in cash and cash equivalents            (439)         1,217       1,418 
Cash and cash equivalents 
 at beginning of period                  2,453         1,035       1,035 
Cash and cash equivalents 
 at end of period/year                   2,014         2,252       2,453 
--------------------------------  ------------  ------------  ---------- 
 

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 2018 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 2018 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.

In the current period, no standards or interpretations, new or revised, have been adopted that have had a significant impact on the amounts reported in the financial statements. This is the first set of the Group's financial statements where IFRS 9 and IFRS 15 have been applied. These new standards were adopted from 1 June 2018 and have not had a significant impact on the amounts reported in these financial statements.

Under IAS 27 these financial statements are prepared on a consolidated basis where the Group consists of Fiske plc, the parent, with the following subsidiaries in which it owns 100% of the voting rights:

VOR Financial Strategy Limited

Ionian Group Limited

Fiske Nominees Limited

Fieldings Investment Management Limited

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.

There has been no impact on the classification and measurement of the Group's financial assets and liabilities, except for equity assets that were classified as available--for--sale under IAS 39 which, at the date of initial application of IFRS 9, the Group is applying the Fair Value through Other Comprehensive Income ("FVOCI") option. A review of the expected credit loss on receivables has been conducted and the impact thereof is expected to be de-minimis.

   2.        Taxation 

No tax credit on the loss for the period has been recognised for the six months to 30 November 2018, due to uncertainty over sufficient future taxable profits being available.

   3.        Dividends paid 

Dividends paid in the first period of 2019 GBPnil (2018 - GBPnil).

   4.        IAS39 and IFRS9 

The change in classification of the Euroclear holding from IAS39 to IFRS9 will result in the financial asset continuing to be valued at fair value but subsequent gains or losses will be recognised in other comprehensive income rather than profit and loss

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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