TIDMFKE
RNS Number : 7373X
Fiske PLC
13 February 2013
13 February 2013
Fiske Plc
('Fiske' or 'the Company')
Interim Results
Fiske Plc (the 'Company') announces its interim results for the
six months ended 30 November 2012. 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:
-- Gerry Beaney/David Hignell Grant Thornton Corporate Finance
(Nominated Adviser)
(tel: 020 7383 5100)
-- Gerard Luchini, Fiske Plc - Compliance Officer
(tel: 020 7448 4700)
Chairman's Statement
The only good thing I can say about the results for the half
year ending 30th November 2012 is that the final figure is a plus,
albeit a figure so small as to be insignificant. As I am sure
shareholders are aware the period under review has been a
particularly difficult time to make profits in our business.
Basically we have broken even, a totally unacceptable outcome. I
can assure you that we are taking steps to reduce costs by a target
of 5% and equally to boost income of the same proportion.
It is true that most Stockbrokers have fallen on bad times,
mostly because they relied heavily on corporate finance fees. We
are not in that position as we regard corporate finance business as
having a huge conflict of interest with advising private client
funds.
The image of private client stockbrokers has been badly affected
by recent events and we continue to stress our old fashioned
emphasis on value for money and integrity. In that context it is
important to accept that more activity can only be justified if it
is in the client's best interest. This has affected our short term
results, but we are confident that many interesting opportunities
will arise and our clients will be in a position to take advantage
of them.
In addition to our private client department, where we are, as
always, in discussions to add to our advisors, we have a healthy
institutional business. We have strengthened this side of the firm
with a new unit, Baden Hill, which is establishing itself as a
distinctive and expanding element in that area.
In view of the disappointing level of profit, we will only be
paying a token interim dividend of 1/4p per share.
C F Harrison Chairman
13 February 2013
Consolidated Statement of Comprehensive Income
for the six months ended 30 November 2012
Six months Six months Year ended
ended ended 31 May
30 November 30 November 2012
2012 2011 Audited
Unaudited Unaudited
GBP'000 GBP'000 GBP'000
------------------------------------- ------------ ------------ ----------
Fee and commission income 1,779 1,866 3,671
Fee and commission expenses (463) (408) (865)
------------------------------------- ------------ ------------ ----------
Net fee and commission
income 1,316 1,458 2,806
Other income 109 102 161
------------------------------------- ------------ ------------ ----------
Total revenue 1,425 1,560 2,967
Profit on investments
held for trading 54 7 24
Operating expenses (1,511) (1,455) (2,963)
Operating profit (32) 112 28
Investment revenue 26 28 34
Finance income 11 13 26
Finance costs - (1) (2)
Profit on ordinary activities
before taxation 5 152 86
Taxation (3) (29) (17)
------------------------------------- ------------ ------------ ----------
Profit on ordinary activities
after taxation 2 123 69
------------------------------------- ------------ ------------ ----------
Other comprehensive income/(expense)
Movement in unrealised
appreciation of investments 1 (2) (5)
Deferred tax on movement
in unrealised appreciation
of investments - 1 23
------------------------------------- ------------ ------------ ----------
Net other comprehensive
(loss)/income 1 (1) 18
===================================== ============ ============ ==========
Total comprehensive income
for the period/year attributable
to equity shareholders 3 122 87
===================================== ============ ============ ==========
Earnings per ordinary
share (pence)
Basic 0.0p 1.5p 0.8p
Diluted 0.0p 1.5p 0.8p
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
2011 2,115 1,222 755 513 4,605
Loss on ordinary
activities after
taxation - - - (54) (54)
Other comprehensive
income - - 19 - 19
----------------------- -------- -------- ----------- --------- -------
Total comprehensive
income/(loss) for
period - - 19 (54) (35)
----------------------- -------- -------- ----------- --------- -------
Dividends paid - - - (169) (169)
----------------------- -------- -------- ----------- --------- -------
Balance at 31 May
2012 2,115 1,222 774 290 4,401
----------------------- -------- -------- ----------- --------- -------
Profit on ordinary
activities after
taxation - - - 2 2
Other comprehensive
loss - - 1 - 1
----------------------- -------- -------- ----------- --------- -------
Total comprehensive
income for period - - 1 2 3
----------------------- -------- -------- ----------- --------- -------
Dividends paid - - - (85) (85)
----------------------- -------- -------- ----------- --------- -------
Balance at 30 November
2012 2,115 1,222 775 207 4,319
======================= ======== ======== =========== ========= =======
Consolidated Statement of Financial Position
30 November 2012
As at As at As at
30 November 30 November 31 May
2012 2011 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------- ------------ ------------ --------
Non-current assets
Goodwill 395 395 395
Property, plant and equipment 53 46 37
Available-for-sale investments 1,225 1,227 1,223
Total non-current assets 1,673 1,668 1,655
------------------------------- ------------ ------------ --------
Current assets
Trade and other receivables 4,492 6,193 5,781
Investments held for
trading 201 237 251
Cash and cash equivalents 3,278 3,498 3,236
------------------------------- ------------ ------------ --------
Total current assets 7,971 9,928 9,268
------------------------------- ------------ ------------ --------
Current liabilities
Trade and other payables 5,074 6,565 6,274
Current tax liabilities 24 175 24
------------------------------- ------------ ------------ --------
Total current liabilities 5,098 6,740 6,298
------------------------------- ------------ ------------ --------
Net current assets 2,873 3,188 2,970
------------------------------- ------------ ------------ --------
Non-current liabilities
Deferred tax liabilities 227 251 224
------------------------------- ------------ ------------ --------
Total non-current liabilities 227 251 224
------------------------------- ------------ ------------ --------
Net assets 4,319 4,605 4,401
=============================== ============ ============ ========
Equity
Share capital 2,115 2,115 2,115
Share premium 1,222 1,222 1,222
Revaluation reserve 775 755 774
Retained earnings 207 513 290
------------------------------- ------------ ------------ --------
Shareholders' equity 4,319 4,605 4,401
=============================== ============ ============ ========
Consolidated Cash Flow Statement
For the six months ended 30 November 2012
Six months Six months Year ended
ended ended 31 May
30 November 30 November 2012
2012 2011 Audited
Unaudited Unaudited
GBP'000 GBP'000 GBP'000
------------------------------- ------------ ------------ ----------
Operating (loss)/profit (32) 112 28
Depreciation of property
plant and equipment 19 14 30
Decrease in investments
held for trading 50 47 33
Decrease in receivables 1,289 5,554 5,966
Decrease in payables (1,200) (5,555) (5,846)
------------------------------- ------------ ------------ ----------
Cash generated from operations 126 172 211
Tax paid - - (143)
------------------------------- ------------ ------------ ----------
Net cash generated from
operating activities 126 172 68
------------------------------- ------------ ------------ ----------
Investing activities
Interest received 11 13 26
Investment income received 26 28 34
Interest paid - (1) (2)
Purchases of property,
plant and equipment (36) (3) (10)
Net cash generated from
investing activities 1 37 48
------------------------------- ------------ ------------ ----------
Financing activities
Dividends paid (85) (169) (338)
------------------------------- ------------ ------------ ----------
Net cash used in financing
activities (85) (169) (338)
------------------------------- ------------ ------------ ----------
Net increase in cash and
cash equivalents 42 40 (222)
Cash and cash equivalents
at beginning of period 3,236 3,458 3,458
Cash and cash equivalents
at end of period/year 3,278 3,498 3,236
------------------------------- ------------ ------------ ----------
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 2012 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 2012 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 2012 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 GBP85,000 (2011 - GBP169,000) refer to the
second interim dividend paid for the preceding year.
The Interim dividend of 0.25p will be paid on 22 March 2013 to
shareholders on the register on 22 February 2013. The shares will
be marked ex-dividend on 20 February 2013.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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