Last checked at 13 Feb 2013 08:15
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 ¼p per share.
C F Harrison Chairman
13 February 2013
Consolidated Statement of Comprehensive Income
for the six months ended 30 November 2012
| Six months ended 30 November 2012 Unaudited | Six months ended 30 November 2011 Unaudited | Year ended 31 May 2012 Audited | |
£'000 | £'000 | £'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 Capital | Share Premium | Revaluation Reserve | Retained Earnings | Total Equity |
£'000 | £'000 | £'000 | £'000 | £'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 30 November 2012 Unaudited | As at 30 November 2011 Unaudited | As at 31 May 2012 Audited | |
£'000 | £'000 | £'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 ended 30 November 2012 Unaudited | Six months ended 30 November 2011 Unaudited | Year ended 31 May 2012 Audited |
£'000 | £'000 | £'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 £85,000 (2011 - £169,000) 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.