Interim Results-Replacement

Fiske PLC 06 February 2004 This announcement replaces the Interim results announcement released today at 0700hrs under RNS number 0934V. In the Consolidated Profit and Loss Account the figure for Dividends paid and proposed for the Six months ended 30 November 2003 should read (165) and not as previously stated. All other details remain unchanged. Chairman's Statement In my Statement to Shareholders made at our Annual General Meeting on 24 September 2003 I made reference to the promising start to the current year having continued and that levels of business in the first quarter were encouraging. That improvement has continued and the first half year's results show a welcome return to profitability. Apart from a general improvement in our core private client business there has been marked progress in our institutional business and a resumption of activity in corporate broking. Profit before tax for the half year ended 30 November 2003 was £262,000, arrived at after making provisions for the amortisation of Goodwill of £75,000. Profit after tax amounted to £179,000. There have been no exceptional profits in the period and our holding in the London Stock Exchange remains at 50,000 shares, which is carried in our Balance Sheet at nil cost. Levels of business generally have continued into the second half and whilst we are encouraged by these improvements we believe it appropriate to remain somewhat cautious in these current uncertain global economic conditions. On 3 November 2003 we were very pleased to appoint Martin Henry Withers Perrin as an independent non-executive director with effect from that date. He is aged 49, is a chartered accountant and has wide experience of operations and finance in industry, particularly in technology and communications. Whilst a partner with Grahams Rintoul & Co. he gained additional investment management and corporate finance experience. He has become a member of our Audit Committee. We continue to monitor our cost base and are particularly pleased that our staff have handled the recent increase in the volume of business without any need for additional personnel. In view of the results achieved, our strong Balance Sheet and our confidence in the future, the Board has decided to pay a higher proportion of the annual dividend at the interim stage. On this occasion we shall be paying an interim dividend of 2p per share. G Maitland Smith Chairman 6 February 2004 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 2003 which comprises the consolidated profit and loss account, the consolidated balance sheet, the consolidated cash flow statement and related notes 1 to 5. 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. This report is made solely to the company, in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusion we have formed. 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 group 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 2003. Deloitte & Touche LLP Chartered Accountants London 6 February 2004 Consolidated Profit and Loss Account for the six months ended 30 November 2003 Six months ended Six months Year ended ended 30 November 30 November 31 May 2003 2002 2003 Unaudited Unaudited Audited Notes £'000 £'000 £'000 TURNOVER Gross commission receivable 2,026 1,138 2,255 Commission payable (576) (327) (649) Other income 179 122 228 1,629 933 1,834 OPERATING COSTS Goodwill write-off (exceptional) - (395) (395) Staff costs (616) (638) (1,295) Depreciation (30) (51) (102) Amortisation of intangible fixed assets (92) - (161) Other operating charges (697) (659) (1,304) (1,435) (1,743) (3,257) OPERATING PROFIT/(LOSS) 194 (810) (1,423) Gain on disposal of fixed asset investment - 319 467 Other income from fixed asset investments 13 33 60 Interest receivable and similar income 55 56 106 Interest payable - (1) (3) 68 407 630 PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 262 (403) (793) Taxation on profit/(loss) on ordinary activities (83) (10) 129 PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION 179 (413) (664) Dividends paid and proposed 3 (165) (80) (220) Retained profit/(loss) for the period/year 14 (493) (884) Retained profit brought forward 788 1,672 1,672 Retained profit carried forward 802 1,179 788 Basic earnings/(losses) per share 2 2.2p (5.2)p (8.3)p Diluted earnings/(losses) per share 2 2.2p (5.2)p (8.3)p Headline earnings/(losses) per share 2 3.0p (3.2)p (6.7)p Headline diluted earnings/(losses) per share 2 3.0p (3.2)p (6.7)p Consolidated Balance Sheet 30 November 2003 As at As at As at 30 November 30 November 31 May 2003 2002 2003 Unaudited Unaudited Audited Note £'000 £'000 £'000 FIXED ASSETS Tangible assets 77 120 86 Intangible assets 1 897 1,122 989 Investments 225 347 251 1,199 1,589 1,326 CURRENT ASSETS Market and client debtors 11,844 7,151 11,593 Other debtors 205 203 268 Cash at bank and in hand 3,355 2,868 3,276 15,404 10,222 15,137 CREDITORS: amounts falling due within one year Market and client creditors (11,908) (6,950) (11,982) Other creditors (655) (559) (560) (12,563) (7,509) (12,542) NET CURRENT ASSETS 2,841 2,713 2,595 TOTAL ASSETS LESS CURRENT LIABILITIES 4,040 4,302 3,921 PROVISION FOR LIABILITIES AND CHARGES - - (2) 4,040 4,302 3,919 CAPITAL AND RESERVES Called up share capital 2,068 1,996 2,001 Share premium account 1,170 1,127 1,130 Profit and loss account 802 1,179 788 EQUITY SHAREHOLDERS' FUNDS 4,040 4,302 3,919 Consolidated Cash Flow Statement for the six months ended 30 November 2003 RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Six months Six months Year ended ended ended 30 November 30 November 31 May 2003 2002 2003 Unaudited Unaudited Audited £'000 £'000 £'000 Operating profit/(loss) 194 (810) (1,423) Depreciation charges 30 51 102 Amortisation of intangible fixed assets 92 30 161 Goodwill write-off (exceptional) - 395 395 Increase in debtors (318) (451) (4,827) (Decrease)/increase in creditors (94) 322 5,466 Net cash outflow from operating activities (96) (463) (126) CASH FLOW STATEMENT Six months ended Six months ended Year ended 30 November 30 November 31 May 2003 2002 2003 Unaudited Unaudited Audited £'000 £'000 £'000 Net cash outflow from operating activities (96) (463) (126) Returns on investment and servicing of finance 71 68 125 Taxation UK corporation tax repaid/(paid) 131 145 (16) Capital expenditure and financial investment 6 (27) 519 Acquisitions - (272) (572) Equity dividends paid (108) (299) (378) Financing 75 - 8 Increase/(decrease) in cash 79 (848) (440) Increase/(decrease) in cash in the period 79 (848) (440) Change in net cash 79 (848) (440) Net funds brought forward 3,276 3,716 3,716 Net funds carried forward 3,355 2,868 3,276 Notes for the six months ended 30 November 2003 1. INTANGIBLE FIXED ASSETS Goodwill Fund Goodwill management Other Fiscal acquisition acquisition licence Total £'000 £'000 £'000 £'000 Cost At 1 June 2003 1,146 300 99 1,545 At 30 November 2003 1,146 300 99 1,545 Accumulated amortisation At 1 June 2003 470 75 11 556 Charge for the period 38 37 17 92 At 30 November 2003 508 112 28 648 Net book value At 30 November 2003 638 188 71 897 At 31 May 2003 676 225 88 989 2. EARNINGS/(LOSSES) PER ORDINARY SHARE Headline earnings/(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 eliminate the exceptional gain arising on the disposal of London Stock Exchange shares and any effects of goodwill as follows: Six months ended Six months ended Year ended 30 November 30 November 31 May 2003 2002 2003 Unaudited Unaudited Audited Basic earnings/(losses) per ordinary share 2.2p (5.2)p (8.3)p Add: Goodwill write-off 0.8p 5.2p 6.5p Less: Gain on disposal of fixed asset investment after taxation - (3.2)p (4.9)p Headline earnings/(losses) per ordinary share 3.0p (3.2)p (6.7)p Diluted earnings/(losses) per ordinary share 2.2p (5.2)p (8.3)p Add: Goodwill write-off 0.8p 5.2p 6.5p Less: Gain on disposal of fixed asset investment after taxation - (3.2)p (4.9)p Headline diluted earnings/(losses) per ordinary share 3.0p (3.2)p (6.7)p 3. DIVIDEND The interim dividend of 2p per share will be paid on 12 March 2004 to shareholders on the register on 20 February 2004. The shares will be marked ex-dividend on 18 February 2004. 4. CONTINGENT LIABILITY As previously reported in the Annual Report and Accounts for the year ended 31 May 2003, the group has received a small number of claims. The theoretical maximum exposure to the group of these claims is £600,000. The directors continue to be of the opinion that few of these claims will be sustained. 5. BASIS OF PREPARATION Financial information for the year ended 31 May 2003 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 2003 was unqualified. The financial information contained in this Interim Report does not constitute the company's statutory accounts within the meaning of section 240 of the Companies Act 1985. Enquiries: Clive Harrison - Chief Executive - (020) 7448 4700 This information is provided by RNS The company news service from the London Stock Exchange

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