Interim Results

Fiske PLC
17 January 2002

                             CHAIRMAN'S STATEMENT




The first half of our current financial year has proved to be a difficult and
testing period. Markets have been volatile, the economic background gloomy and
overall levels of activity have been depressed. During the half-year we sold a
further 325,000 shares in the London Stock Exchange at a profit of £1,097,000.
As a consequence our results show a profit before tax for the half-year ended
30 November 2001 of £881,000 (2000: £1,109,000) after a loss of £216,000
(2000: profit £569,000) on trading. We retain a holding of 175,000 shares in
the London Stock Exchange, at nil value, which were quoted at 421p per share
on the 15 January 2002.


At the end of October Malcolm Bryant, our Finance Director, resigned by mutual
agreement. We have appointed Amanda Andrews as Financial Controller. Amanda
has worked for some four years at Fiske in a senior financial role.


The Board has looked carefully at the firm's overheads and has taken steps to
make a meaningful reduction. The costs involved have been taken in the first
half-year and the savings will accrue in the second half.


Our industry is going through a period of consolidation. We are aware of the
opportunities open to a firm like ours, with an AIM quotation and a strong
balance sheet and will continue to seek ways of improving both the quality and
quantity of our earnings.


The Board has approved the payment of a maintained interim dividend of 2p per
share.


               Record date:          25 January 2002

               Ex-dividend date:     23 January 2002

               Payment date:          22 February 2002


G. Maitland Smith

Chairman

17 January 2002





PROFIT AND LOSS ACCOUNT

For the six months ended 30 November 2001

                                     Six months     Six months            Year
                                          ended          ended           ended
                                    30 November    30 November          31 May
                                           2001           2000            2001
                                      Unaudited      Unaudited         Audited  
                                          £'000          £'000           £'000
TURNOVER
Gross commission receivable               1,312          2,799          4,614
Commission payable                        (525)          (1,213)        (1,949)
Other income                              206            241            460

                                          993            1,827          3,125

OPERATING COSTS
Staff costs                               (554)          (566)          (1,215)
Depreciation                              (54)           (47)           (102)
Other operating charges                   (727)          (766)          (1,477)

                                          (1,335)        (1,379)        (2,794)

OPERATING (LOSS)/PROFIT                   (342)          448            331


Gain on disposal of fixed asset           1,097          540            1,236
investment
Other income from fixed asset             13             2              16
investments
Interest receivable and similar income    113            121            257
Interest payable                          -              (2)            (3)

                                          1,223          661            1,506

PROFIT ON ORDINARY ACTIVITIES BEFORE      881            1,109          1,837
TAXATION

Taxation on profit on ordinary            (282)          (367)          (560)
activities


PROFIT ON ORDINARY ACTIVITIES AFTER       599            742            1,277
TAXATION

Dividends paid and proposed               (130)          (130)          (373)


Retained profit for the period/year       469            612            904
Retained profit brought forward           1,806          902            902

Retained profit carried forward           2,275          1,514          1806





PROFIT AND LOSS ACCOUNT (continued)

For the six months ended 30 November 2001



EARNINGS PER ORDINARY SHARE



Headline earnings per share has 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 the disposal
of London Stock Exchange shares as follows:-


                                                       Six        Six     
                                                     months    months     Year
                                                      Ended     ended    ended
                                                        30         30       31 
                                                  November   November      May
                                                      2001      2000       2001
                                                 Unaudited Unaudited    Audited

Basic earnings per ordinary share                     9.2p      11.4p    19.7p

Less: gain on disposal of fixed asset investment
after taxation                                        12.5p     5.8p     13.3p

                                                     ______    ______   ______
Headline (loss)/earnings per ordinary share
                                                     (3.3p)     5.6p     6.4p

                                                     ______    ______   ______




Diluted earnings per ordinary share                   9.2p      11.1p    18.3p


Less: gain on disposal of fixed asset investment
after taxation                                        12.5p     5.7p     12.4p

                                                     ______    ______   ______
Headline diluted (loss)/earnings per ordinary share
                                                     (3.3p)     5.4p      5.9p
                                                               
                                                     ______    ______   ______
                                                               
NOTE

Financial information for the year ended 31 May 2001 has been extracted from
the Company's statutory accounts which have been delivered to the Registrar of
Companies. The audit report on the accounts for the year ended 31 May 2001 was
unqualified. The financial information contained in this Interim Report does
not constitute the Company's statutory accounts within the meaning of s240 of
the Companies Act 1985.


BALANCE SHEET

30 November 2001


                                                          30    31 May
                                              30    November      2001
                                        November
                                                       2000    Audited
                                            2001
                                                  Unaudited      £'000
                                       Unaudited
                                                      £'000
                                           £'000
FIXED ASSETS
Tangible assets                              208        215        254
Investments                                  115        75         99

                                             323        290        353

CURRENT ASSETS
Market and client debtors                    7,237      20,093     9,818
Other debtors                                160        306        210
Cash at bank and in hand                     4,675      4,362      4,347

                                             12,072     24,761     14,375

CREDITORS: amounts falling due within one
year
Market and client creditors                  (7,293)    (19,875)   (9,875)
Other creditors                              (852)      (1,691)    (1,072)

                                             (8,145)    (21,566)   (10,947)

NET CURRENT ASSETS                           3,927      3,195      3,428

TOTAL ASSETS LESS CURRENT                    4,250      3,485      3,781

LIABILITIES
PROVISION FOR LIABILITIES AND CHARGES        -          (3)        -

                                             4,250      3,482      3,781

CAPITAL AND RESERVES
Called up share capital                      1,630      1,625      1,630
Share premium account                        345        343        345
Profit and loss account                      2,275      1,514      1,806

EQUITY SHAREHOLDERS' FUNDS                   4,250      3,482      3,781



CASH FLOW STATEMENT

For the six months ended 30 November 2001


RECONCILIATION OF OPERATING (LOSS)/PROFIT TO NET CASH (OUTFLOW)/INFLOW

FROM OPERATING ACTIVITIES
                                           Six months Six months        Year

                                                ended      ended       ended

                                                   30         30      31 May
                                              November   November
                                                                        2001
                                                  2001       2000
                                                                      Audited
                                             Unaudited  Unaudited
                                                                        £'000
                                                 £'000      £'000
Operating (loss)/profit                          (342)      448        331
Depreciation charges                             54         47         102
Decrease in debtors                              2,631      17,200     27,565
Decrease in creditors                            (2,788)    (16,773)   (26,957)

Net cash (outflow)/inflow from operating         (445)      922        1,041
activities


                                           Six months Six months        Year

                                                Ended      ended       ended

                                                   30         30      31 May
                                              November   November
                                                                         2001
                                                  2001       2000
                                                                       Audited
                                             Unaudited  Unaudited
                                                                        £'000
                                                 £'000      £'000
CASH FLOW STATEMENT

Net cash (outflow)/inflow from operating         (445)      922        1,041
activities

Returns on investment and servicing of finance   126        121        270

Disposal of fixed asset investment               1,097      540        1,236

Taxation
UK corporation tax paid                          (182)      -          (740)

Capital expenditure                              (24)       (17)       (135)

Equity dividends paid                            (244)      (243)      (373)

Financing                                        -          -          8

Increase in cash                                 328        1,323      1,307


Increase in cash in the period/year              328        1,323      1,307

Change in net cash                               328        1,323      1,307
Net funds brought forward                        4,347      3,039      3,040

Net funds carried forward                        4,675      4,362      4,347

Represented by:
Cash at bank and in hand                         4,675      4,362      4,347





INDEPENDENT REVIEW REPORT TO FISKE PLC


Introduction


We have been instructed by the company to review the financial information for
the six months ended 30 November 2001 which comprises the profit and loss
account, the balance sheet and the cash flow statement. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial
information.


Directors' responsibilities


The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are also responsible for ensuring that the accounting policies and
presentation applied to the interim figures are consistent with those applied
in preparing the preceding annual accounts except where any changes, and the
reasons for them, are disclosed.


Review work performed


We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of management and applying
analytical procedures to the financial information and underlying financial
data and, based thereon, assessing whether the accounting policies and
presentation have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than
an audit performed in accordance with United Kingdom auditing standards and
therefore provides a lower level of assurance than an audit. Accordingly, we
do not express an audit opinion on the financial information.


Review conclusion


On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 November 2001.




Deloitte & Touche

Chartered Accountants

Stonecutter Court

1 Stonecutter Street

London EC4A 4TR


17 January 2002