News Column

Fiske Chairman Labels Second Half "Something Of A Disappointment"

August 21, 2014

Samuel Agini

LONDON (Alliance News) - Fiske PLC Thursday said its full year results were hit by one-off costs and provisions set aside in the second half, offsetting the strong numbers reported for the first half.

In a statement, the stockbrokers said it made a GBP268,000 pretax profit in the year ended May 31, compared with GBP232,000 last year. Total revenue increased to GBP3.2 million, from GBP3.1 million, due to higher net fee and commission income. Investment revenue, which is not included in total revenue, increased to GBP134,000, from GBP34,000.

However, GBP239,000 of Fiske's pretax profit had already been reported in the first half.

"As a result we have shown the full year after tax profit of GBP231,000. Although our income for the second half was similar to the first half the result was adversely affected by some one-off costs and provisions, all of which we expense rather than capitalise," Chairman Clive Fiske Harrison said in a statement.

Fiske said it will pay a 0.35 pence second interim dividend, an increase from last year's 0.25p, despite the second half showing.

Harrison said that Fiske has continued to increase advisory and discretionary funds under management.

"We are in the process of investing in upgrading and improving our systems to enable us to improve further our level of service to our private clients, the backbone of our business and better to equip our staff," the Chairman said.

Harrison also said that he was in attendance at Euroclear PLC's annual general meeting in May, adding that he was "very encouraged" by what he heard at the meeting. He said that Fiske is "confident" that its investment in Euroclear, which cost GBP660,000, will turn out to be a "significant" success.

As previously reported, Harrison will step down from his role as CEO, but will continue as Chairman, after the stockbroker's annual general meeting on September 25, after which Chief Operating Officer James Harrison will assume the role.

"However, although the board will have a younger look we at Fiske are in no way ageist. Both Gerard Luchini and myself will continue in full time roles, in my case as Executive Chairman and Investment Director," Clive Fiske Harrison said.

Fiske shares were Thursday untraded at 57.5p.

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Source: Alliance News

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