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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 2022 to Apr 2024
TIDMFKE
RNS Number : 5852R
Fiske PLC
02 March 2023
02 March 2023
FISKE PLC
("Fiske" or the "Company" or the "Group")
Interim results
Fiske ( AIM:FKE ) is pleased to announce its interim results for the six months ended 31 December 2022.
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:
Fiske PLC
James Harrison (CEO) Tel: +44 (0) 20 7448 4700
100 Wood Street
London
EC2V 7AN
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Samantha Harrison / Harrison Clarke / Samuel Littler
Trading
Across the half year to December 2022 UK markets were broadly level, although there was a material dip in October. Meanwhile, across the world, different markets had separate distinctive profiles in the period. With Fiske's client assets invested internationally, assets under management and thus management fees were broadly level; slightly down versus the prior reported interims (to November 2021) but slightly up on the immediately preceding six months to 30 June 2022.
In contrast, commission revenues were some 15% lower than the prior reported interims (to November 2021) and also lower than the immediately preceding six months to 30 June 2022. We believe that this recent pattern reflects the apparent turmoil in the world, with sentiment highly tuned to expectations around interest rate movements.
In a period of double-digit inflation, operating expenses have increased by some 4% over the immediately preceding six months to June 30, but are down almost 10% on the prior reported interims (to November 2021) when we had the expenses associated with our relocation to new offices at 100 Wood Street and restructuring costs incurred in anticipation of a smaller office footprint. As expected, we now benefit from the reduction in overall property costs.
Overall, the profit before tax for the half year to 31 December 2022 was GBP28,000 compared to a loss of GBP6,000 in the half year to November 2021.
Our cash balances remain strong, at GBP3.1m.
Recent results from Euroclear showed further improvement in the company's operating businesses. Sales of shares by other shareholders have taken place at modestly lower levels than when last notified. Accordingly, we have adjusted our holding value down to this lower level. The company also guided shareholders that it expects to increase its dividend, payable in October 2023, by some 31%.
Significant regulatory change in the form of the Consumer Duty is due for implementation in 2023. Considerable time and effort is being spent evaluating how the new rules should be implemented across our business and client base. As guided by the Financial Conduct Authority we have appointed a Consumer Duty Champion at Board level to oversee the implementation of these new regulations.
Markets
Over the past six months market leadership has shifted dramatically away from highly valued US technology growth stocks and pandemic beneficiaries towards higher yielding value situations found in the "old economy" sectors that are so predominant in the UK equity market. The relatively low ratings of many of the UK's major companies are attracting the interest of activist investors. As a result, the US and UK markets have become disconnected with the latter moving ahead whilst the US market and the NASDAQ market are falling. Whilst not necessarily a long-term trend this adjustment may have further to go.
The two major factors affecting stock markets at present are the European war between Russia and Ukraine and the high level of inflation. It would appear that neither is about to be solved favourably in the short term. The Russian invasion of Ukraine and in the background the threatening behaviour of China towards Taiwan have at last so disturbed the very complacent Western powers that the geo-political scene for at least the next decade will be totally changed.
Defence expenditure, for so long a declining priority amongst Western but especially European powers, has re-emerged as an urgent priority. At the same time inflation which has been quiescent for two decades has been rekindled partly by the changed world political scene but more because it had never gone away but rather lain dormant and consequently ignored. Commodity prices, especially that of oil and gas, have always been volatile but what we have seen in the past decade looks more like a major readjustment and as such will be of economic significance for many years to come. The idea that inflation in the West will return to a maximum of 2% within the current calendar year is naïve if not irresponsible and seems like the wish fulfilment of the Wall Street bulls rather than a considered economic forecast.
Outlook
History tells us that markets will eventually be calmer and meanwhile it is our role to focus on delivering the best investment strategies to protect and grow our client's assets. Since December 2022, we have executed an overhaul of our fee tariffs and are legislating for this to increase our income; a much-needed implementation given the ever-increasing costs, especially those pertaining to regulations and compliance.
Clive Fiske Harrison James P Q Harrison Chairman Chief Executive Officer
02 March 2023
Condensed Consolidated Statement of Total Comprehensive Income
For the six months ended 31 December 2022
Hot Features
Premium
6 months 6 months 13 months
ended ended ended
31 December 30 November 30 June
2022 2021 2022
note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------------------- ------ ------------ ------------ ---------
Revenues 2 2,604 2,856 5,764
Operating expenses (2,762) (3,035) (6,269)
----------------------------------------- ------ ------------ ------------ ---------
Operating (loss)/profit (158) (179) (505)
Investment revenue 200 183 185
Finance costs (14) (10) (29)
Profit/(loss) on ordinary
activities before taxation 28 (6) (349)
Taxation credit/(charge) - - 177
----------------------------------------- ------ ------------ ------------ ---------
Profit/(loss) on ordinary
activities after taxation 28 (6) (172)
----------------------------------------- ------ ------------ ------------ ---------
Other comprehensive income/(expense)
Items that may subsequently
be reclassified to profit
or loss
Movement in unrealised appreciation
of investments (192) (35) 1,017
Deferred tax on movement in
unrealised appreciation of
investments 3 48 (162) (443)
----------------------------------------- ------ ------------ ------------ ---------
Net other comprehensive income/(expense) (144) (197) 574
----------------------------------------- ------ ------------ ------------ ---------
Total comprehensive income/(loss)
for the period/year attributable
to equity shareholders (116) (203) 402
----------------------------------------- ------ ------------ ------------ ---------
Profit/(loss) Earnings per
ordinary share (pence) 4
Basic 0.2p (0.1)p (1.5)p
Diluted 0.2p (0.1)p (1.5)p
All results are from continuing operations and are attributable to equity shareholders of the parent Company.
Condensed Consolidated Statement of Financial Position
31 December 2022
As at As at
31 December 30 November As at
2022 2021 30 June 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------------- ------------ ------------ -------------
Non-current assets
Intangible assets arising
on consolidation 830 1,050 911
Other intangible assets - 16 -
Right-of-use assets 203 304 250
Property, plant and equipment 18 30 21
Investments held at Fair
Value Through Other Comprehensive
Income 4,429 3,568 4,621
------------------------------------ ------------ ------------ -------------
Total non-current assets 5,480 4,968 5,803
------------------------------------ ------------ ------------ -------------
Current assets
Trade and other receivables 2,417 2,797 2,450
Cash and cash equivalents 3,051 3,620 3,248
------------------------------------ ------------ ------------ -------------
Total current assets 5,468 6,417 5,698 ------------------------------------ ------------ ------------ ------------- Current liabilities Trade and other payables 1,801 2,647 2,147 Short-term lease liabilities 106 - 106 Current tax liabilities - 43 - ------------------------------------ ------------ ------------ ------------- Total current liabilities 1,907 2,690 2,253 ------------------------------------ ------------ ------------ ------------- Net current assets 3,561 3,727 3,445 ------------------------------------ ------------ ------------ ------------- Non-current liabilities Long-term lease liabilities 111 308 155 Deferred tax liabilities 785 735 833 ------------------------------------ ------------ ------------ ------------- Total non-current liabilities 896 1,043 988 ------------------------------------ ------------ ------------ ------------- Net assets 8,145 7,652 8,260 ------------------------------------ ------------ ------------ ------------- Equity Share capital 2,957 2,957 2,957 Share premium 2,085 2,085 2,085 Revaluation reserve 2,984 2,356 3,128 Retained earnings 119 254 90 ------------------------------------ ------------ ------------ ------------- Shareholders' equity 8,145 7,652 8,260 ------------------------------------ ------------ ------------ -------------
Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 December 2022
Share Share Revaluation Retained Total
Capital Premium Reserve Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------- -------- -------- ----------- --------- -------
Balance at 1 July 2022 2,957 2,085 3,128 90 8,260
Profit on ordinary activities
after taxation - - - 28 28
Movement in unrealised
appreciation of investments - - (192) - (192)
Deferred tax on movement
in unrealised appreciation
of investments - - 48 - 48
Total comprehensive income
/ (expense) for the period - - (144) 28 (116)
----------------------------------- -------- -------- ----------- --------- -------
Share based payment transactions - - - 1 1
Total transactions with
owners, recognised directly
in equity - - - 1 1
----------------------------------- -------- -------- ----------- --------- -------
Balance at 31 December
2022 2,957 2,085 2,984 119 8,145
----------------------------------- -------- -------- ----------- --------- -------
Balance at 31 May 2021 2,939 2,082 2,553 562 8,136
Adjustments - - - (303) (303)
----------------------------------- ----- ----- ----- ----- -----
Balance at 31 May 2020
a s restated 2,939 2,082 2,553 259 7,833
(Loss) on ordinary activities
after taxation - - - (6) (6)
Movement in unrealised
appreciation of investments - - (35) - (35)
Deferred tax on movement
in unrealised appreciation
of investments - - (162) - (162)
Total comprehensive income
/ (expense) for the period - - (197) (6) (203)
----------------------------------- ----- ----- ----- ----- -----
Share based payment transactions - - - 1 1
Issue of ordinary share
capital 18 3 - - 21
----------------------------------- ----- ----- ----- ----- -----
Total transactions with
owners, recognised directly
in equity 18 3 - 1 22
----------------------------------- ----- ----- ----- ----- -----
Balance at 30 November
2021 2,957 2,085 2,356 254 7,652
----------------------------------- ----- ----- ----- ----- -----
Balance at 1 June 2021 2,939 2,082 2,553 259 7,833
(Loss) on ordinary activities
after taxation - - - (172) (172)
Movement in unrealised
appreciation of investments - - 1,017 - 1,017
Deferred tax on m ovement
in unrealised appreciation
of investments - - (443) - (443)
Realised disposal of Fair
Value through OCI - - 1 - 1
----------------------------------- ----- ----- ----- ----- -----
Total comprehensive income
/ (expense) for the period - - 575 (172) 403
----------------------------------- ----- ----- ----- ----- -----
Share based payment transactions - - - 3 3
Issue of ordinary share
capital 18 3 - - 21
----------------------------------- ----- ----- ----- ----- -----
Total transactions with
owners, recognised directly
in equity 18 3 - 3 24
----------------------------------- ----- ----- ----- ----- -----
Balance at 30 June 2022 2,957 2,085 3,128 90 8,260
----------------------------------- ----- ----- ----- ----- -----
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 December 2022
6 months 6 months
ended ended 13 months
31 December 30 November ended
2022 2021 30 June 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------------------- ------------ ------------ -------------
Operating (loss)/profit (158) (179) (505)
Amortisation of intangible assets
arising on consolidation 81 80 218
Amortisation of other intangible
assets - 16 32
Depreciation of right-of-use assets 47 23 79
Depreciation of property, plant
and equipment 6 15 31
Expenses settled by the issue of
shares 1 1 3
Decrease/(increase) in receivables 683 (305) 248
(Decrease)/increase in payables (996) 317 (389)
----------------------------------------- ------------ ------------ -------------
Cash generated (used in)/from operations (336) (32) (283)
Tax recovered / (paid) - - (49)
----------------------------------------- ------------ ------------ -------------
Net cash (used in)/generated from
operating activities (336) (32) (332)
----------------------------------------- ------------ ------------ -------------
Investing activities
Investment income received 200 183 185
Interest received - - -
Purchases of property, plant and
equipment (3) (21) (28)
Purchases of other intangible assets - - -
Net cash (used in)/ generated from
investing activities 197 162 157
----------------------------------------- ------------ ------------ -------------
Financing activities
Interest paid (14) (10) (29)
Proceeds from issue of ordinary
share capital - 22 22
Repayment of lease liabilities (44) (20) (68)
----------------------------------------- ------------ ------------ -------------
Net cash used in financing activities (58) (8) (75)
----------------------------------------- ------------ ------------ -------------
Net (decrease) / increase in cash
and cash equivalents (197) 122 (250)
Cash and cash equivalents at beginning
of period 3,248 3,498 3,498
----------------------------------------- ------------ ------------ -------------
Cash and cash equivalents at end
of period/year 3,051 3,620 3,248
----------------------------------------- ------------ ------------ -------------
Notes to the Interim Financial Statements
1. Basis of preparation
The Condensed Consolidated Interim Financial Statements of Fiske plc and its subsidiaries (the Group) for the six months ended 31 December 2022 have been prepared in accordance with IAS 34 (Interim Financial Reporting), as adopted in the United Kingdom. The accounting policies applied are consistent with those set out in the June 2022 Fiske plc Annual Report and accounts. These Condensed Consolidated Interim Financial Statements do not include all the information required for full annual statements and should be read in conjunction with the June 2022 Annual Report and Accounts.
The Financial Statements of the Group for the 13-month period ended 30 June 2022 were prepared in accordance with International Financial Reporting Standards adopted by in the United Kingdom. The statutory Consolidated Financial Statements for Fiske plc in respect of the 13-month period ended 30 June 2022 have been reported on by the Company's auditor and delivered to the registrar of companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.
Under IAS 27 these financial statements are prepared on a consolidated basis where the Group consists of Fiske plc, the parent, and those subsidiaries in which it owns 100% of the voting rights, being Ionian Group Limited, Fiske Nominees Limited, Fieldings Investment Management Limited and VOR Financial Strategy 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 were no new mandatory standards or amendments to existing standards effective in the six-month reporting period to 31 December 2022.
2. Revenues
IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by management to allocate resources to the segments and to assess their performance. Following the acquisition of Fieldings Investment Management Limited in August 2017, their staff and operations have been integrated into the management team of Fiske plc. Pursuant to this, the Group continues to identify a single reportable segment, being UK-based financial intermediation. Within this single reportable segment, total revenue comprises:
6 months 6 months 13 months
ended ended ended
31 December 30 November 30 June
2022 2021 2022
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------- ------------ ------------ ---------
Commission receivable 1,087 1,276 2,576
Investment management fees 1,495 1,578 3,186
--------------------------- ------------ ------------ ---------
2,582 2,854 5,762
Other income 22 2 2
--------------------------- ------------ ------------ ---------
2,604 2,856 5,764
--------------------------- ------------ ------------ ---------
3. Deferred tax
Deferred tax assets and liabilities are recognised at a rate which is substantively enacted at the balance sheet date. The rate to be taken in this case is 25%, (13 months to June 2022: 25%) being the anticipated rate of taxation applicable to the Group and Company in the following year.
4. Earnings per share
Diluted
Basic Basic
GBP'000 GBP'000
------------------------------- -------- --------
Profit on ordinary activities
after taxation 28 28
Adjustment to reflect impact
of dilutive share options - -
------------------------------- -------- --------
Profit 28 28
------------------------------- -------- --------
Weighted average number
of shares (000's) 11,830 11,830
------------------------------- -------- --------
Profit per share (pence) 0.2p 0.2p
------------------------------- -------- --------
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END
IR FLFLTVDILIIV
(END) Dow Jones Newswires
March 02, 2023 02:00 ET (07:00 GMT)
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