Final Results

Fiske PLC
25 August 2005


Fiske plc - Preliminary Results for the year ended 31 May 2005


Chairman's Statement


The profit before tax for the year ended 31 May 2005 was £558,000 compared with
£466,000 in the previous year. Included within this year's figure is the profit
on the sale of our remaining shares in the London Stock Exchange of £246,000 and
the annual charge for the amortisation of intangible fixed assets of £184,000.

The Intangible fixed assets are now carried in the balance sheet at £622,000.

During the year our cost base was carefully controlled. We expanded our
institutional broking business. The quality of our private client business
improved benefiting our clients, despite a 12% fall in the number of
transactions carried out.

We have offered shareholders the opportunity to elect to take their final
dividend by way of a scrip dividend for the last two years. The take up has been
modest and it has been decided to withdraw this scrip dividend scheme with
immediate effect.

Our balance sheet remains strong with net cash amounting to in excess of £3
million or 36p per share. The new financial year has started well and we are
optimistic of the outcome for the year. We are therefore maintaining our final
dividend at 2p per share, making 4p per share for the year, the same as last
year. The dividend will be paid on 7 October 2005 to shareholders on the
register on 9 September 2005. The shares will go ex-dividend on the 7 September
2005.

As I stated in my Interim report in February of this year the Board is conscious
of the moves towards consolidation in the financial services industry. With our
strong balance sheet we are alert to the opportunities open to us both in
expanding our role in institutional and corporate broking or in adding to our
strong position in the private client business where our niche is at the quality
end of the market.


M J Allen
Chairman
24 August 2005


Consolidated Profit and Loss Account
Year ended 31 May 2005

                                                                                           2005         2004
                                                                                          £'000        £'000
TURNOVER
Gross commission and similar income                                                       3,924        4,323
Commission payable                                                                      (1,115)      (1,207)
Other income                                                                                199           87

                                                                                          3,008        3,203
OPERATING COSTS
Staff costs                                                                             (1,259)      (1,306)
Amortisation of intangible fixed assets                                                   (184)        (183)
Depreciation                                                                               (53)         (65)
Other operating charges                                                                 (1,452)      (1,346)

                                                                                        (2,948)      (2,900)

OPERATING PROFIT                                                                             60          303
Gain on disposal of fixed asset investment                                                  246           22
Other income from fixed asset investments                                                    57           23
Interest receivable and similar income                                                      203          126
Interest payable                                                                            (8)          (8)

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                               558          466
Taxation charge on profit on ordinary activities                                          (175)        (149)

PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION                                                383          317
Dividends paid and proposed                                                               (332)        (330)

Retained profit/(loss) for the financial year                                                51         (13)
Retained profit brought forward                                                             775          788

Retained profit carried forward                                                             826          775

Basic earnings per share                                                                   4.6p         3.9p

Diluted earnings per share                                                                 4.6p         3.9p

Headline earnings per share                                                                4.1p         5.3p

Headline diluted earnings per share                                                        4.1p         5.2p



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 2005
                                                                                        2005           2004
                                                                                       £'000          £'000
FIXED ASSETS
Intangible assets                                                                        622            806
Tangible assets                                                                           41             57
Other investments                                                                        108             74

                                                                                         771            937

CURRENT ASSETS
Market and client debtors                                                             16,643         13,447
Other debtors                                                                            380            158
Investments                                                                              164              -
Cash at bank and in hand                                                               3,575          4,006

                                                                                      20,762         17,611

CREDITORS: amounts falling due within one year
Market and client creditors                                                         (16,574)       (13,808)
Other creditors                                                                        (870)          (727)

                                                                                    (17,444)       (14,535)

NET CURRENT ASSETS                                                                     3,318          3,076

TOTAL ASSETS LESS CURRENT LIABILITIES                                                  4,089          4,013
PROVISION FOR LIABILITIES AND CHARGES                                                      -              -

NET ASSETS                                                                             4,089          4,013

CAPITAL AND RESERVES
Called up share capital                                                                2,078          2,068
Share premium account                                                                  1,185          1,170
Profit and loss account                                                                  826            775

EQUITY SHAREHOLDERS' FUNDS                                                             4,089          4,013



Consolidated Cash Flow Statement
For the year ended 31 May 2005


                                                        Cash flow                    2005             2004
                                                        notes                       £'000            £'000
Net cash (outflow)/inflow from operating activities     1                           (484)              490
Returns on investment and servicing of finance          2                             235              136
Taxation - UK corporation tax (paid)/repaid                                         (162)              131
Capital expenditure and financial investment            2                             192              171
Equity dividends paid                                                               (306)            (273)
Financing                                               2                               -               75

(Decrease)/increase in cash                             3, 4                        (525)              730



Notes to the Consolidated Cash Flow Statement

For the year ended 31 May 2005

     
1.   RECONCILIATION OF OPERATING PROFIT TO NET CASH
     (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES

                                                                                          2005         2004
                                                                                         £'000        £'000
Operating profit                                                                            60          303
Depreciation charges                                                                        53           65
Amortisation of intangible fixed assets                                                    184          183
Increase in current asset investments                                                    (164)            -
Increase in debtors                                                                    (3,406)      (1,812)
Increase in creditors                                                                    2,789        1,751

Net cash (outflow)/inflow from operating activities                                      (484)          490


     
2.   GROSS CASH FLOWS
                                                                                         2005         2004
                                                                                        £'000        £'000
Returns on investments and servicing of finance
Interest received                                                                         203          126
Interest paid                                                                             (8)          (8)
Dividends received                                                                         40           18

                                                                                          235          136

Capital expenditure and financial investment
Proceeds from sale of London Stock Exchange shares                                        246            -
Payments to acquire tangible fixed assets                                                (37)         (36)
Purchase of fixed asset investments                                                      (95)        (159)
Proceeds from sale of fixed asset investments                                              78          366

                                                                                          192          171

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

                                                                                            -           75

     
3.   ANALYSIS OF CHANGES IN NET CASH
                                                              At 1 June               Cash        At 31 May
                                                                   2004              flows             2005
                                                                  £'000              £'000            £'000
Cash at bank and in hand                                          4,006              (431)            3,575

Bank overdrafts                                                       -               (94)             (94)

                                                                  4,006              (525)            3,481


     
4.   RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

                                                                                      2005             2004
                                                                                     £'000            £'000
(Decrease)/increase in cash in the year                                              (525)              730

Change in net cash                                                                   (525)              730
Net funds at 1 June 2004                                                             4,006            3,276

Net funds at 31 May 2005                                                             3,481            4,006




Note to the financial statements for the year ended 31 May 2005.


The above results for the year ended 31 May 2005 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 2005 and 2004 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 2004 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 30 August 2005.


Enquiries:

Clive Harrison (Chief Executive Officer) - 020 7448 4700




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