Final Results

Fiske PLC
27 August 2004

Fiske plc - Preliminary Results for the year ended 31 May 2004

Chairman's Statement

As reported in our Interim Statement issued in February 2004, the results
achieved in the six months to 30 November 2003 showed a welcome return to
profitability. However, whilst the second half started reasonably well, the
caution we expressed at the interim stage proved to be well founded. Levels of
business have remained static with the result that our profit for the year did
not come up to earlier expectations.

Profit before tax for the year ended 31 May 2004 was £466,000 as compared with a
loss in the previous year of £793,000. Profit after tax amounted to £317,000 as
compared with a loss in the previous year of £664,000. The profit is stated
after provisions of £150,000 have been made for the amortisation of goodwill. As
at 31 May 2004 our shareholding in the London Stock Exchange was 50,000 ordinary
shares, which is carried in our Balance Sheet at nil cost.

Management continues to focus on cost control and it is reassuring to note that
in a people business like ours, we have been able to hold increases in staff
costs to less than 1% and other operating costs to just over 3%.

The Board has always been conscious of the importance of a strong and liquid
balance sheet with the advantages this gives to a company to come through
difficult times. For the six month period to 30 November 2003 we declared a
dividend of a higher proportion of the total annual dividend than hitherto. On
this occasion we believe it appropriate to recommend to shareholders a final
dividend of 2p per share, being equal to the interim dividend.

As last year, shareholders may elect to receive their final dividend by way of a
scrip dividend of Fiske shares in lieu of cash. Shareholders eligible to receive
their dividend by way of scrip will be sent an election form during the week
beginning 20 September 2004.

In our Interim Statement I referred to the appointment of Mr Martin Perrin as an
additional non-executive director. Mr Perrin will be proposed for election at
our forthcoming Annual General Meeting. Also, at that meeting, Mr Philip
Lovegrove, who joined us as an executive director in June 2002, following our
acquisition of Ionian, will be proposed for re-election.

I shall be retiring from the Board as its Chairman and as a non-executive
director at the end of September 2004. I feel privileged to have been associated
with the company over the past four and a half years, particularly in its
transition from a private company to one quoted on the London Stock Exchange AIM
market. The company has an enthusiastic and hard working management team and I
take the opportunity to thank them for all their support during my term of
office.

It gives me much pleasure to report that Mr Michael Allen, who joined us as a
non-executive director in November 2002, has agreed to succeed me and I wish him
every success in his future role.

The current year has not yet shown any positive signs of improvement in levels
of business. The Stock Market continues to be volatile, largely due to a number
of factors that influence the wish to invest and which are currently adversely
affecting confidence levels. These include rising interest rates, company
pension fund deficits, oil prices and global uncertainty over terrorist attacks.
It is not surprising therefore that the public is generally becoming more
cautious. However, we have traded profitably so far in the current financial
year.


G Maitland Smith

Chairman

26 August 2004



Consolidated Profit and Loss Account
Year ended 31 May 2004
                                                                                Notes        2004          2003
                                                                                            £'000         £'000
TURNOVER
Gross commission and similar income                                                         4,323         2,401
Commission payable                                                                        (1,207)         (649)
Other income                                                                                   87            82

                                                                                            3,203         1,834
OPERATING COSTS
Staff costs                                                                               (1,306)       (1,295)
Depreciation                                                                                 (65)         (102)
Amortisation of intangible fixed assets                                                     (183)         (161)
Other operating charges                                                                   (1,346)       (1,304)
Goodwill write-off (exceptional)                                                                -         (395)

                                                                                          (2,900)       (3,257)

OPERATING PROFIT/(LOSS)                                                                       303       (1,423)
Gain on disposal of fixed asset investment                                                     22           467
Other income from fixed asset investments                                                      23            60
Interest receivable and similar income                                                        126           106
Interest payable                                                                              (8)           (3)

PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION                                          466         (793)
Taxation (charge)/credit on profit/(loss) on ordinary activities                            (149)           129

PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION                                           317         (664)
Dividends paid and proposed                                                                 (330)         (220)

Retained loss for the financial year                                                         (13)         (884)
Retained profit brought forward                                                               788         1,672

Retained profit carried forward                                                               775           788

Basic earnings/(losses) per share                                                   1        3.9p        (8.3)p

Diluted earnings/(losses) per share                                                 1        3.9p        (8.3)p

Headline earnings/(losses) per share                                                1        5.0p        (6.7)p

Headline diluted earnings/(losses) per share                                        1        5.0p        (6.7)p


All activities relate to continuing operations; there are no recognised gains or
losses other than the profit/(loss) for the current and prior years.



Consolidated Balance Sheet
31 May 2004
                                                                                              2004         2003
                                                                                             £'000        £'000
FIXED ASSETS

Tangible assets                                                                                 57           86
Intangible assets                                                                              806          989
Investments                                                                                     74          251

                                                                                               937        1,326

CURRENT ASSETS
Market and client debtors                                                                   13,447       11,593
Other debtors                                                                                  158          268
Cash at bank and in hand                                                                     4,006        3,276

                                                                                            17,611       15,137

CREDITORS: amounts falling due within one year
Market and client creditors                                                               (13,808)     (11,982)
Other creditors                                                                              (727)        (560)

                                                                                          (14,535)     (12,542)

NET CURRENT ASSETS                                                                           3,076        2,595

TOTAL ASSETS LESS CURRENT LIABILITIES                                                        4,013        3,921
PROVISION FOR LIABILITIES AND CHARGES                                                            -          (2)

NET ASSETS                                                                                   4,013        3,919

CAPITAL AND RESERVES
Called up share capital                                                                      2,068        2,001
Share premium account                                                                        1,170        1,130
Profit and loss account                                                                        775          788

EQUITY SHAREHOLDERS' FUNDS                                                                   4,013        3,919



Company Balance Sheet
31 May 2004
                                                                                             2004        2003
                                                                                            £'000       £'000
FIXED ASSETS
Tangible assets                                                                                57          86
Intangible assets                                                                             806         989
Investment in subsidiary                                                                      432         432
Investments                                                                                    74         251

                                                                                            1,369       1,758

CURRENT ASSETS
Market and client debtors                                                                  13,447      11,593
Other debtors                                                                                 158         268
Cash at bank and in hand                                                                    4,006       3,276

                                                                                           17,611      15,137

CREDITORS: amounts falling due within one year
Market and client creditors                                                              (13,808)    (11,982)
Other creditors                                                                           (1,212)     (1,045)

                                                                                         (15,020)    (13,027)

NET CURRENT ASSETS                                                                          2,591       2,110

TOTAL ASSETS LESS CURRENT LIABILITIES                                                       3,960       3,868
PROVISION FOR LIABILITIES AND CHARGES                                                           -         (2)

NET ASSETS                                                                                  3,960       3,866

CAPITAL AND RESERVES
Called up share capital                                                                     2,068       2,001
Share premium account                                                                       1,170       1,130
Profit and loss account                                                                       722         735

EQUITY SHAREHOLDERS' FUNDS                                                                  3,960       3,866





Consolidated Cash Flow Statement
For the year ended 31 May 2004
                                                                            Cash flow         2004          2003
                                                                                notes        £'000         £'000
Net cash inflow/(outflow) from operating activities                                 1          490         (126)
Returns on investment and servicing of finance                                      2          136           125
Taxation - UK corporation tax repaid/(paid)                                                    131          (16)
Capital expenditure and financial investment                                        2          171           519
Acquisitions                                                                        2            -         (572)
Equity dividends paid                                                                        (273)         (378)
Financing                                                                           2           75             8

Increase/(decrease) in cash                                                       3,4          730         (440)





Notes to the Consolidated Cash Flow Statement
For the year ended 31 May 2004

1.         RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH
           INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
                                                                                             2004          2003
                                                                                            £'000         £'000
Operating profit/(loss)                                                                       303       (1,423)
Depreciation charges                                                                           65           102
Amortisation of intangible fixed assets                                                       183           161
Goodwill write-off (exceptional)                                                                -           395
Increase in debtors                                                                       (1,812)       (4,827)
Increase in creditors                                                                       1,751         5,466

Net cash inflow/(outflow) from operating activities                                           490         (126)



2.         GROSS CASH FLOWS
                                                                                              2004         2003
                                                                                             £'000        £'000
Returns on investments and servicing of finance
Interest received                                                                              126          106
Interest paid                                                                                  (8)          (3)
Dividends received                                                                              18           22

                                                                                               136          125

Capital expenditure and financial investment
Proceeds from sale of London Stock Exchange shares                                               -          467
Payments to acquire tangible fixed assets                                                     (36)         (21)
Payments to acquire intangible fixed assets                                                      -         (99)
Purchase of fixed asset investments                                                          (159)        (504)
Proceeds from sale of fixed asset investments                                                  366          676

                                                                                               171          519

Acquisitions
Cash paid upon purchase of subsidiary undertaking                                                -        (430)
Cash paid upon purchase of associate's business                                                  -        (300)
Cash acquired with subsidiary undertakings                                                       -          158

                                                                                                 -        (572)

Financing
Issue of ordinary share capital                                                                 54            5
Premium on issue of ordinary share capital less expenses                                        21            3

                                                                                                75            8


Notes to the Consolidated Cash Flow Statement
For the year ended 31 May 2004

3.         ANALYSIS OF CHANGES IN NET CASH

                                                                            At 1 June          Cash   At 31 May
                                                                                 2003         flows        2004
                                                                                £'000         £'000       £'000
Cash at bank and in hand                                                        3,276           730       4,006



4.         RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
                                                                                               2004        2003
                                                                            Cash Flow         £'000       £'000
                                                                                notes
Increase/(decrease) in cash in the year                                             3           730       (440)

Change in net cash                                                                              730       (440)
Net funds at 1 June 2003                                                                      3,276       3,716

Net funds at 31 May 2004                                                                      4,006       3,276




Notes to the Accounts

For the year ended 31 May 2004


1.         Earnings/(losses) per share


Basic earnings/(losses) per share has been calculated by dividing the
profit/(loss) on ordinary activities after taxation by the weighted average
number of shares in issue during the year. Diluted earnings/(losses) per share
is basic earnings/(losses) per share adjusted for the effect of conversion into
fully paid shares of the weighted average number of share options during the
year.

Headline earnings and losses per share have been calculated in accordance with
the definition in the Institute of Investment Management Research ('IIMR')
Statement of Investment Practice No. 1, 'The Definition of IIMR Headline
Earnings', in order to take out the exceptional gain arising on disposal of
certain fixed asset investments, as follows:


                                                                                            Diluted      Diluted
31 May 2004                                                     Basic eps  Headline eps   Basic eps Headline eps
                                                                    £'000         £'000       £'000        £'000

Profit on ordinary activities after taxation                          317           317         317          317
Add: Goodwill written off after taxation                                -           105           -          105
Less: Exceptional gain on disposal of fixed asset
  investment after tax                                                  -          (15)           -         (15)
Add: Adjustment to reflect impact of dilutive share options             -             -           3            3

Earnings                                                              317           407         320          410

Number of shares (000s)                                             8,167         8,167       8,250        8,250

Earnings per share (pence)                                            3.9           5.0         3.9          5.0

                                                                                            Diluted      Diluted
31 May 2003                                                     Basic eps  Headline eps   Basic eps Headline eps
                                                                    £'000         £'000       £'000        £'000

Loss on ordinary activities after taxation                          (664)         (664)       (664)        (664)
Add: Goodwill written off after taxation                                -           520           -          520
Less: Exceptional gain on disposal of fixed asset
  investment after tax                                                  -         (390)           -        (390)

Losses                                                              (664)         (534)       (664)        (534)

Number of shares (000s)                                             7,983         7,983       7,983        7,983

Losses per share (pence)                                            (8.3)         (6.7)       (8.3)        (6.7)

                                                                                        31 May 2004  31 May 2003

Number of shares (000s):
Weighted average number of shares                                                             8,167        7,983
Dilutive effect of share option schemes                                                          83            -

                                                                                              8,250        7,983




2.         Final Dividend

The final dividend of 2p per share will be paid, subject to shareholder
approval, on 19 October 2004 to shareholders on the share register on 10
September 2004. The shares will go ex-dividend on 8 September 2004. A scrip
dividend alternative is being offered to eligible shareholders in respect of
this final dividend.

The above results for the year ended 31 May 2004 are an abridged version of the
Group's audited statutory financial statements which have not yet been filed
with the Registrar of Companies. The balance sheet and profit and loss account
do not constitute statutory financial statements within the meaning of Section
240 of the Companies Act 1985 (as amended). These statements have been prepared
on a consistent basis with the accounting policies as stated in the previous and
current years' financial statements.

The results for the years ended 31 May 2004 and 2003 have been extracted from
the financial statements of the company on which unqualified reports from the
auditors have been issued and which in respect of 31 May 2003 accounts have been
filed with the Registrar of Companies.

Copies of this announcement are available from the Group's registered office at
Salisbury House, London Wall, London, EC2M 5QS. The Annual Report and Accounts
will be sent to shareholders on 1 September 2004.


Enquiries:

Clive Harrison (Chief Executive Officer) - 020 7448 4700



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