Interim Results

Fiske PLC 16 February 2006 Chairman's Statement The profit before tax for the half year ended 30 November 2005 amounted to £339,000 after amortisation of goodwill totalling £75,000. This compares with a pre tax figure for the same period last year of £114,000. The Board is declaring a maintained interim dividend of 2p per share. In a relatively buoyant market, especially in the resources sector where we have placed great emphasis, our funds under management and our private client and institutional businesses have shown considerable improvement. During the half year we also acted as broker in the AIM flotation of Byotrol PLC and since the half year ended have undertaken a placing of Jubilee Platinum. We have invested in refurbishing and upgrading our offices notably to ensure that all of our business generators work together in an improved office environment. The cost of this improvement will be more than paid for by the significantly reduced rental that has been negotiated for the next five years. We continue actively to explore all opportunities to enhance shareholder value, but have no intention to expand at any cost. We look for earnings enhancement, growth of funds under management and the minimum dilution of our strong balance sheet. The second half of our financial year has started well and we view the future for the full year with confidence. M J Allen Chairman 16 February 2006 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 2005 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 2005. Deloitte & Touche LLP Chartered Accountants London 16 February 2006 Consolidated Profit and Loss Account for the six months ended 30 November 2005 Six months Six months Year ended ended ended 31 May 30 November 30 2005 2005 November 2004 Audited Unaudited Unaudited (restated) (restated) Note £'000 £'000 £'000 TURNOVER 2,007 1,723 3,924 ) Gross commission and similar income Commission payable (577 ) (529 ) (1,115 ) Other income 249 210 199 1,679 1,404 3,008 OPERATING COSTS (617 ) (640 ) (1,259 ) Staff costs Depreciation (12 ) (25 ) (53 ) Amortisation of intangible 1 (91 ) (92 ) (184 ) fixed assets Other operating charges (730 ) (686 ) (1,452 ) (1,450 ) (1,443 ) (2,948 ) OPERATING PROFIT/(LOSS) 229 (39 ) 60 Gain on disposal of fixed asset 7 - 246 investment Other income from fixed asset 18 54 57 investments Interest receivable and similar 90 101 203 income Interest payable (5 ) (2 ) (8 ) PROFIT ON ORDINARY ACTIVITIES 339 114 558 BEFORE TAXATION Taxation charge on profit on (108 ) (30 ) (175 ) ordinary activities PROFIT ON ORDINARY ACTIVITIES 231 84 383 AFTER TAXATION Dividends paid 3 (166 ) (165 ) (331 ) Retained profit for the period/ 65 (81 ) 52 year Retained profit brought forward 992 940 940 Retained profit carried forward 1,057 859 992 Basic earnings per share 2 2.8p 1.0p 4.6p Diluted earnings per share 2 2.8p 1.0p 4.6p Headline earnings per share 2 3.5p 1.8p 4.1p Headline diluted earnings per 2 3.5p 1.8p 4.1p share Consolidated Balance Sheet 30 November 2005 Note As at As at As at 30 November 30 31 May 2005 November 2005 Unaudited 2004 Audited Unaudited (restated) (restated) £'000 £'000 £'000 FIXED ASSETS 1 531 714 622 Intangible assets Tangible assets 150 60 41 Other investments 137 78 108 818 852 771 CURRENT ASSETS 6,927 13,504 16,643 Market and client debtors Investments - 154 164 Other debtors 450 288 380 Cash at bank and in hand 4,058 4,441 3,575 11,435 18,387 20,762 CREDITORS: amounts falling due (7,190) (14,511) (16,574) within one year Market and client creditors Other creditors (743) (607) (704) (7,933) (15,118) (17,278) NET CURRENT ASSETS 3,502 3,269 3,484 TOTAL ASSETS LESS CURRENT 4,320 4,121 4,255 LIABILITIES CAPITAL AND RESERVES 2,078 2,077 2,078 Called up share capital Share premium account 1,185 1,185 1,185 Profit and loss account 1,057 859 992 EQUITY SHAREHOLDERS' FUNDS 4,320 4,121 4,255 Consolidated Cash Flow Statement for the six months ended 30 November 2005 RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES Six months ended Six months ended Year ended 30 November 2005 30 November 2004 31 May 2005 Unaudited Unaudited Audited £'000 £'000 £'000 Operating profit/(loss) 229 (39) 60 Depreciation charges 12 25 53 Amortisation of intangible fixed assets 91 92 184 Decrease/(increase) in current asset investment 164 - (164) Decrease/(increase) in debtors 9,647 (339) (3,406) (Decrease)/increase in creditors (9,361) 715 2,789 Net cash inflow/(outflow) from operating 782 454 (484) activities CASH FLOW STATEMENT Six months ended Six months ended Year ended 30 November 2005 30 November 2004 31 May 2005 Unaudited Unaudited Audited £'000 £'000 £'000 Net cash inflow/(outflow) from operating 782 454 (484) activities Returns on investment and servicing of finance 103 135 235 Taxation - UK Corporation tax paid - - (162) Capital expenditure and financial investment (142) (14) 192 Equity dividends paid (166) (140) (306) Increase/(decrease) in cash 577 435 (525) Increase/(decrease) in cash in the period 577 435 (525) Change in net cash 577 435 (525) Net funds brought forward 3,481 4,006 4,006 Net funds carried forward 4,058 4,441 3,481 Notes for the six months ended 30 November 2005 1. INTANGIBLE FIXED ASSETS Goodwill Goodwill Fiscal Total Fund Other licence £'000 management acquisition £'000 acquisition £'000 £'000 Cost 1,146 300 99 1,545 At 1 June 2005 At 30 November 2005 1,146 300 99 1,545 Accumulated amortisation 621 225 77 923 At 1 June 2005 37 38 16 91 Charge for the period At 30 November 2005 658 263 93 1,014 Net book value 488 37 6 531 At 30 November 2005 At 31 May 2005 525 75 22 622 2. EARNINGS PER ORDINARY SHARE Headline earnings 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 the disposal of certain fixed asset investments and any effects of goodwill as follows: Six months ended Six months ended Year ended 30 November 2005 30 November 2004 31 May 2005 Unaudited Unaudited Audited Basic earnings per ordinary share 2.8p 1.0p 4.6p Add: Goodwill write-off 0.8p 0.8p 1.5p Less: Gain on disposal of fixed asset investment (0.1)p - (2.0)p after taxation Headline earnings per ordinary share 3.5p 1.8p 4.1p Diluted earnings per ordinary share 2.8p 1.0p 4.6p Add: Goodwill write-off 0.8p 0.8p 1.5p Less: Gain on disposal of fixed asset investment (0.1)p - (2.0)p after taxation Headline diluted earnings per ordinary share 3.5p 1.8p 4.1 p 3. DIVIDEND The interim dividend of 2p per share will be paid on 24 March 2006 to shareholders on the register on 24 February 2006. The shares will be marked ex-dividend on 22 February 2006. 4. CONTINGENT LIABILITY As previously reported in the Annual Report and Accounts for the year ended 31 May 2005, the group has received a small number of claims. The theoretical maximum exposure of the group to these claims is £450,000 (31 May 2005: £600,000). 5. BASIS OF PREPARATION The interim accounts which are unaudited have been prepared on the basis of the accounting policies set out in the 2005 group accounts, except that the company has adopted FRS21 - Events after the balance sheet date, and has restated the comparitives accordingly. The financial information for the year ended 31 May 2005 has been extracted from the company's statutory accounts (as restated). The original accounts have been delivered to the Registrar of Companies. The audit report on the accounts for the year ended 31 May 2005 was unqualified. The financial information contained in the Interim Report does not constitute the company's statutory accounts within the meaning of section 240 of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange

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