Fiske Regulatory News (FKE)

25 Aug 2005 07:01

Fiske PLC25 August 2005 Fiske plc - Preliminary Results for the year ended 31 May 2005 Chairman's Statement The profit before tax for the year ended 31 May 2005 was £558,000 compared with£466,000 in the previous year. Included within this year's figure is the profiton the sale of our remaining shares in the London Stock Exchange of £246,000 andthe annual charge for the amortisation of intangible fixed assets of £184,000. The Intangible fixed assets are now carried in the balance sheet at £622,000. During the year our cost base was carefully controlled. We expanded ourinstitutional broking business. The quality of our private client businessimproved benefiting our clients, despite a 12% fall in the number oftransactions carried out. We have offered shareholders the opportunity to elect to take their finaldividend by way of a scrip dividend for the last two years. The take up has beenmodest and it has been decided to withdraw this scrip dividend scheme withimmediate effect. Our balance sheet remains strong with net cash amounting to in excess of £3million or 36p per share. The new financial year has started well and we areoptimistic of the outcome for the year. We are therefore maintaining our finaldividend at 2p per share, making 4p per share for the year, the same as lastyear. The dividend will be paid on 7 October 2005 to shareholders on theregister on 9 September 2005. The shares will go ex-dividend on the 7 September2005. As I stated in my Interim report in February of this year the Board is consciousof the moves towards consolidation in the financial services industry. With ourstrong balance sheet we are alert to the opportunities open to us both inexpanding our role in institutional and corporate broking or in adding to ourstrong position in the private client business where our niche is at the qualityend of the market. M J AllenChairman24 August 2005 Consolidated Profit and Loss AccountYear ended 31 May 2005 2005 2004 £'000 £'000TURNOVERGross commission and similar income 3,924 4,323Commission payable (1,115) (1,207)Other income 199 87 3,008 3,203OPERATING COSTSStaff costs (1,259) (1,306)Amortisation of intangible fixed assets (184) (183)Depreciation (53) (65)Other operating charges (1,452) (1,346) (2,948) (2,900) OPERATING PROFIT 60 303Gain on disposal of fixed asset investment 246 22Other income from fixed asset investments 57 23Interest receivable and similar income 203 126Interest payable (8) (8) PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 558 466Taxation charge on profit on ordinary activities (175) (149) PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 383 317Dividends paid and proposed (332) (330) Retained profit/(loss) for the financial year 51 (13)Retained profit brought forward 775 788 Retained profit carried forward 826 775 Basic earnings per share 4.6p 3.9p Diluted earnings per share 4.6p 3.9p Headline earnings per share 4.1p 5.3p Headline diluted earnings per share 4.1p 5.2p All activities relate to continuing operations; there are no recognised gains orlosses other than the profit/(loss) for the current and prior years.Consolidated Balance Sheet 31 May 2005 2005 2004 £'000 £'000FIXED ASSETSIntangible assets 622 806Tangible assets 41 57Other investments 108 74 771 937 CURRENT ASSETSMarket and client debtors 16,643 13,447Other debtors 380 158Investments 164 -Cash at bank and in hand 3,575 4,006 20,762 17,611 CREDITORS: amounts falling due within one yearMarket and client creditors (16,574) (13,808)Other creditors (870) (727) (17,444) (14,535) NET CURRENT ASSETS 3,318 3,076 TOTAL ASSETS LESS CURRENT LIABILITIES 4,089 4,013PROVISION FOR LIABILITIES AND CHARGES - - NET ASSETS 4,089 4,013 CAPITAL AND RESERVESCalled up share capital 2,078 2,068Share premium account 1,185 1,170Profit and loss account 826 775 EQUITY SHAREHOLDERS' FUNDS 4,089 4,013 Consolidated Cash Flow StatementFor the year ended 31 May 2005 Cash flow 2005 2004 notes £'000 £'000Net cash (outflow)/inflow from operating activities 1 (484) 490Returns on investment and servicing of finance 2 235 136Taxation - UK corporation tax (paid)/repaid (162) 131Capital expenditure and financial investment 2 192 171Equity dividends paid (306) (273)Financing 2 - 75 (Decrease)/increase in cash 3, 4 (525) 730 Notes to the Consolidated Cash Flow Statement For the year ended 31 May 2005 1. RECONCILIATION OF OPERATING PROFIT TO NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES 2005 2004 £'000 £'000Operating profit 60 303Depreciation charges 53 65Amortisation of intangible fixed assets 184 183Increase in current asset investments (164) -Increase in debtors (3,406) (1,812)Increase in creditors 2,789 1,751 Net cash (outflow)/inflow from operating activities (484) 490 2. GROSS CASH FLOWS 2005 2004 £'000 £'000Returns on investments and servicing of financeInterest received 203 126Interest paid (8) (8)Dividends received 40 18 235 136 Capital expenditure and financial investmentProceeds from sale of London Stock Exchange shares 246 -Payments to acquire tangible fixed assets (37) (36)Purchase of fixed asset investments (95) (159)Proceeds from sale of fixed asset investments 78 366 192 171 FinancingIssue of ordinary share capital - 54Premium on issue of ordinary share capital less expenses - 21 - 75 3. ANALYSIS OF CHANGES IN NET CASH At 1 June Cash At 31 May 2004 flows 2005 £'000 £'000 £'000Cash at bank and in hand 4,006 (431) 3,575 Bank overdrafts - (94) (94) 4,006 (525) 3,481 4. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2005 2004 £'000 £'000(Decrease)/increase in cash in the year (525) 730 Change in net cash (525) 730Net funds at 1 June 2004 4,006 3,276 Net funds at 31 May 2005 3,481 4,006 Note to the financial statements for the year ended 31 May 2005. The above results for the year ended 31 May 2005 are an abridged version of theGroup's audited statutory financial statements which have not yet been filedwith the Registrar of Companies. The balance sheet and profit and loss accountdo not constitute statutory financial statements within the meaning of Section240 of the Companies Act 1985 (as amended). These statements have been preparedon a consistent basis with the accounting policies as stated in the previous andcurrent years' financial statements. The results for the years ended 31 May 2005 and 2004 have been extracted fromthe financial statements of the company on which unqualified reports from theauditors have been issued and which in respect of 31 May 2004 accounts have beenfiled with the Registrar of Companies. Copies of this announcement are available from the Group's registered office atSalisbury House, London Wall, London, EC2M 5QS. The Annual Report and Accountswill be sent to shareholders on 30 August 2005. Enquiries: Clive Harrison (Chief Executive Officer) - 020 7448 4700 This information is provided by RNS The company news service from the London Stock Exchange