Last checked at 9 Feb 2012 08:30
9 February 2012
Fiske Plc
('Fiske' or 'the Company')
Interim Results
Fiske Plc (the 'Company') announces its interim results for the six months ended 30 November 2011. 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 first quarter of the current financial year showed encouraging signs of progress but then September, October and particularly November proved in the event to be disappointing. The degree of uncertainty surrounding the Eurozone has in fact steadily increased over 2011 and still no end is in sight and in those circumstances markets will continue to be lacklustre. It is obvious that the powers that be in Europe have no comprehension of the scale of the crisis and its causes. Unfortunately they are unable to execute a solution that is both economically sound and politically acceptable, and in this instance are also vociferous and addicted to grandstanding summits. The outlook is sombre for the UK economy and for investment performance.
Our prime concern, however, must be to look after the best interests of our clients even where that means that our revenue suffers in the short term. This is especially a market for investors to tread cautiously.
There are of course many small steps we can take and are taking to control costs and to improve trading performance. We have also negotiated improved terms with our bankers and insurers.
As a result and given the strength of our balance sheet, we are confident of our position whilst we look and wait for markets to pick up and as an expression of our confidence will be maintaining our dividend at 2p per share, although for this half year period it will not be fully covered by earnings.
The shares will be traded ex-dividend on 15 February 2012 and the dividend will be paid on 16 March 2012 to shareholders on the register on 17 February 2012.
C F Harrison Chairman
9 February 2012
Consolidated Statement of Comprehensive Income
for the six months ended 30 November 2011
| Six months ended 30 November 2011 Unaudited | Six months ended 30 November 2010 Unaudited | Year ended 31 May 2011 Audited | |
£'000 | £'000 | £'000 | ||
Fee and commission income | 1,866 | 2,226 | 4,341 | |
Fee and commission expenses | (408) | (504) | (1,027) | |
Net fee and commission income | 1,458 | 1,722 | 3,314 | |
Other income | 102 | 100 | 157 | |
Total revenue | 1,560 | 1,822 | 3,471 | |
Profit on investments held for trading | 7 | 23 | 5 | |
Operating expenses | (1,455) | (1,504) | (2,952) | |
Operating profit | 112 | 341 | 524 | |
Investment revenue | 28 | 18 | 29 | |
Finance income | 13 | 13 | 25 | |
Finance costs | (1) | (3) | (5) | |
Profit on ordinary activities before taxation | 152 | 369 | 573 | |
Taxation | (29) | (115) | (167) | |
Profit on ordinary activities after taxation | 123 | 254 | 406 | |
Other comprehensive income/(expense) | ||||
Movement in unrealised appreciation of investments | (2) | 6 | 5 | |
Deferred tax on movement in unrealised appreciation of investments |
1 |
(1) |
21 | |
Net other comprehensive (loss)/income | (1) | 5 | 26 | |
Total comprehensive income for the period/year attributable to equity shareholders |
122 |
259 |
432 | |
Earnings per ordinary share (pence) | ||||
Basic | 1.5p | 3.0p | 4.8p | |
Diluted | 1.5p | 3.0p | 4.8p |
All results are from continuing operations and are attributable to equity shareholders of the parent company.
Consolidated Statement of Changes in Equity
| Share Capital | Share Premium | Revaluation Reserve | Retained Earnings | Total Equity |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Balance at 1 December 2010 | 2,109 | 1,216 | 735 | 575 | 4,635 |
Issue of share capital | 6 | 6 | - | - | 12 |
Profit on ordinary activities after taxation | - | - | - | 152 | 152 |
Other comprehensive income | - | - | 21 | - | 21 |
Total comprehensive income for period | - | - | 21 | 152 | 173 |
Dividends paid | - | - | - | (168) | (168) |
Balance at 31 May 2011 | 2,115 | 1,222 | 756 | 559 | 4,652 |
Profit on ordinary activities after taxation | - | - | 123 | 123 | |
Other comprehensive loss | - | - | (1) | - | (1) |
Total comprehensive (loss)/income for period | - | - | (1) | 123 | 122 |
Dividends paid | - | - | - | (169) | (169) |
Balance at 30 November 2011 | 2,115 | 1,222 | 755 | 513 | 4,605 |
Consolidated Statement of Financial Position
30 November 2011
| As at 30 November 2011 Unaudited | As at 30 November 2010 Unaudited | As at 31 May 2011 Audited | |
£'000 | £'000 | £'000 | ||
Non-current assets | ||||
Goodwill | 395 | 395 | 395 | |
Property, plant and equipment | 46 | 65 | 57 | |
Available-for-sale investments | 1,227 | 1,227 | 1,228 | |
Total non-current assets | 1,668 | 1,687 | 1,680 | |
Current assets | ||||
Trade and other receivables | 6,193 | 10,124 | 11,747 | |
Investments held for trading | 237 | 209 | 284 | |
Cash and cash equivalents | 3,498 | 3,746 | 3,458 | |
Total current assets | 9,928 | 14,079 | 15,489 | |
Current liabilities | ||||
Trade and other payables | 6,565 | 10,632 | 12,119 | |
Current tax liabilities | 175 | 239 | 145 | |
Total current liabilities | 6,740 | 10,871 | 12,264 | |
Net current assets | 3,188 | 3,208 | 3,225 | |
Non-current liabilities | ||||
Deferred tax liabilities | 251 | 260 | 253 | |
Total non-current liabilities | 251 | 260 | 253 | |
Net assets | 4,605 | 4,635 | 4,652 | |
Equity | ||||
Share capital | 2,115 | 2,109 | 2,115 | |
Share premium | 1,222 | 1,216 | 1,222 | |
Revaluation reserve | 755 | 735 | 756 | |
Retained earnings | 513 | 575 | 559 | |
Shareholders' equity | 4,605 | 4,635 | 4,652 |
Consolidated Cash Flow Statement
For the six months ended 30 November 2011
| Six months ended 30 November 2011 Unaudited | Six months ended 30 November 2010 Unaudited | Year ended 31 May 2011 Audited |
£'000 | £'000 | £'000 | |
Operating profit | 112 | 341 | 524 |
Profit on disposal of available-for-sale investments | - | - | - |
Depreciation of property plant and equipment | 14 | 33 | 55 |
Decrease in investments held for trading | 47 | 115 | 40 |
Impairment of available-for-sale investments | - | - | - |
Decrease/(increase) in receivables | 5,554 | (1,082) | (2,705) |
(Decrease)/increase in payables | (5,555) | (256) | 1,232 |
Cash generated from/ (used in) operations | 172 | (849) | (854) |
Tax paid | - | - | (133) |
Net cash generated from/(used in) operating activities | 172 | (849) | (987) |
Investing activities | |||
Interest received | 13 | 13 | 25 |
Investment income received | 28 | 18 | 29 |
Interest paid | (1) | (3) | (5) |
Proceeds on disposal of available-for-sale investments | - | 6 | 5 |
Purchases of available-for-sale investments | - | - | - |
Purchases of property, plant and equipment | (3) | (66) | (80) |
Net cash generated from/(used in) investing activities | 37 | (32) | (26) |
Financing activities | |||
Proceeds from issue of ordinary share capital | - | - | 12 |
Dividends paid | (169) | (169) | (337) |
Net cash used in financing activities | (169) | (169) | (325) |
Net increase/(decrease) in cash and cash equivalents | 40 | (1,050) | (1,338) |
Cash and cash equivalents at beginning of period | 3,458 | 4,796 | 4,796 |
Cash and cash equivalents at end of period/year | 3,498 | 3,746 | 3,458 |
Notes to the Interim Financial Statements
1. Basis of preparation
The financial information contained in this half-year 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 2011 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 2011 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 the condensed set of financial statements as applied in the Group's latest 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 these half-yearly financial statements.
2. Taxation
The tax charge for the six months to 30 November 2011 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 £169,000 (2010 - £169,000) refer to the second interim dividend paid for the preceding year.
The Interim dividend of 2p will be paid on 16 March 2012 to shareholders on the register on 17 February 2012. The shares will be marked ex-dividend on 15 February 2012.