Last checked at 25 Sep 2015 14:43
25 September 2015
Fiske Plc
('Fiske' or 'the Company')
Result of AGM
Fiske Plc (the 'Company') announces that at the AGM held yesterday all the resolutions were duly passed.
Speaking at the AGM, Clive Harrison, the Company's Executive Chairman, said the following:
"Since my statement in the Annual Report on the 20th August markets have remained volatile and the outlook uncertain. Our levels of business remain subdued partly due to market conditions and partly due to the heavy involvement of management in our major project of systems change. Our investment of time and resources in the change of systems will continue for a further six months but we are confident that when completed and the new system is up and running we will be in a strong position to expand the number of our associates, improve both our efficiency and our service to clients, and bring in-house our presently outsourced ISA's. We see that as the way forward.
The market outlook is dominated by the prospect of interest rate rises and by the slowdown in China. Both may have a profound, if possibly delayed impact, on markets.
The growth of the Chinese economy has been the main influence on world economic affairs for the past decade and was vital in preventing a serious recession after the financial crisis of 2008/2009. That the growth has slowed down is clear from the collapse in the price of oil and other commodities, but it is possible that the growth has stopped altogether as happened to Japan in 1990.
There are of course other factors which have a bearing. Profits as a percent of GDP are at unprecedented levels. Price/earnings ratio on the Shiller index, that is earnings averaged over the past ten years, are excessive. We have enjoyed an unusually long bull market by historical standards. All of this suggests that markets are vulnerable to a major correction."
For further information please contact:
• Gerard Luchini, Fiske Plc - Compliance Officer
(tel: 020 7448 4700)
• Salmaan Khawaja/Richard Tonthat/Harrison Clarke, Grant Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)