AGM Statement

Fiske PLC
24 September 2003



Fiske plc

Extract from Statement by Geoffrey Maitland Smith (Chairman) to the Shareholders
at the Company's Annual General Meeting held at 12.30 pm on 24 September 2003.

Year Ended 31 May 2003


In the Chairman's Statement contained in the Report and Accounts before you
today, I made brief reference to the current year making a promising start. That
situation continues and levels of business seen in the first quarter are
encouraging. However, these are early days to be optimistic, relying, as we do,
on satisfactory levels of market activity which, in turn, are dependent on
levels of economic confidence and optimism. Whilst it seems increasingly likely
that March 2003 marked the nadir of the bear market it is also possible that the
subsequent rapid and sustained bounce in markets and market activity may lead to
some form of correction.


We take comfort that our overhead cost base has been constrained and is being
maintained under close review. We are focusing on a fuller utilisation of our
existing assets, principally the firm's human resources, as the key to growth in
profitability.


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