TIDMFKE
RNS Number : 6517P
Fiske PLC
19 February 2021
19 February 2021
Fiske Plc
('Fiske' or 'the Company')
Interim Results
The Company announces its interim results for the six months
ended 30 November 2020.
In accordance with rule 26 of the AIM Rules for Companies this
information is also available, under the Investors section, at the
Company's website, http://www.fiskeplc.com .
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
For further information please contact:
-- Samantha Harrison / Harrison Clarke / Lukas Girzadas, Grant
Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)
-- James Harrison, Fiske Plc - CEO
(tel: 020 7448 4700)
Chairman's Statement
Trading
Our results for the half year to 30 November 2020 show a marked
improvement on the two prior six month periods.
Total revenues of GBP2.775 million in the six months to November
2020 represent an 11% increase over revenues in the six months to
November 2019 and only a 2% decrease on the following six months to
May 2020. This was achieved despite the severe drop in market
values in the first quarter of 2020. Whilst our commission revenues
were up only 5% on the prior year equivalent period, our investment
management fees increased by 14%.
Total assets under management ('AUM') have increased over the
six months, as one would expect in the improving market conditions,
and management fees as a percentage of AUM have improved slightly
over the equivalent prior period to November 2019.
The increase in operating expenses was held to 2% which is
plenty enough in the current low-inflation environment, but very
modest given the continued investment in our internal controls and
management of the regulatory oversight environment.
Overall, our operating results for the half year to 30 November
2020 were a continued improvement on the prior periods which have
shown declining operating losses: of GBP237,000 for the half year
to November 2019, GBP123,000 for the (second) half year to May 2020
and now GBP21,000 in the half year to November 2020.
At the pre-tax level, with interest rates dwindling to nil and
fortunately for us not being negative in the UK, interest income
has all but disappeared. On a more positive note, whilst we did not
receive a Euroclear dividend in the six-month period, we do
anticipate one within the current financial year.
Euroclear
We took advantage of an unsolicited offer to acquire some of our
shares in Euroclear by releasing 28% of our holding. Euroclear has
been a very profitable investment for Fiske: we have now realised a
profit of GBP1.2m and we still retain GBP3.7m worth of Euroclear
shares. The realisation of this profit has further strengthened our
balance sheet and capital adequacy position, providing an extra
GBP1.4m of cash.
Markets
At the beginning of this six-month period, in May, UK markets
had started a price recovery from the market collapse in March but
were still 17% below levels at the beginning of 2020. In November
market prices began a further rally on the back of the US
Presidential win for Biden and the positive vaccine news from both
Pfizer and Moderna. For the main UK markets, though, prices still
remained some 10% lower than at the start of the year. In parallel,
international markets being reflected in indices such as the DAX,
S&P and Nasdaq have fared much better, and growing client
exposure to these markets has been a positive for the year.
Outlook
Much attention remains focussed on the path of the pandemic and
both the monetary and fiscal responses. Thus, whilst our own
operations continue to run smoothly, a very great many companies,
not just the obvious retail and leisure businesses, have been badly
affected and the economic impact is yet to be widely appreciated.
We retain a healthy degree of caution regarding the immediate
outlook for markets and will be very mindful of the likely economic
impact of the virus as we progress through the year. Nevertheless,
we continue to strive for further improvements in our financial
results.
Clive Fiske Harrison
Chairman
18 February 2021
Condensed Consolidated Statement of Total Comprehensive
Income
for the six months ended 30 November 2020
Six months Six months
ended ended Year ended
30 November 30 November 31 May
2020 2019 2020
note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------- ------ ------------ ------------ ----------
Total Revenue 2 2,775 2,509 5,383
Operating expenses (2,796) (2,746) (5,743)
------------------------------------- ------ ------------ ------------ ----------
Operating Loss (21) (237) (360)
------------------------------------- ------ ------------ ------------ ----------
Investment revenue - 27 143
Finance income - 87 148
Finance costs (6) (35) (58)
Loss on ordinary activities
before taxation (27) (158) (127)
Taxation (1) - -
------------------------------------- ------ ------------ ------------ ----------
Loss on ordinary activities
after taxation (26) (158) (127)
------------------------------------- ------ ------------ ------------ ----------
Other comprehensive income/(expense)
Movement in unrealised
appreciation of investments 222 (212) (793)
Deferred tax on movement
in unrealised appreciation
of investments (37) 39 187
------------------------------------- ------ ------------ ------------ ----------
Net other comprehensive
income/(expense) 185 (173) (606)
------------------------------------- ------ ------------ ------------ ----------
Total comprehensive income/loss
for the period/year attributable
to equity shareholders 159 (331) (733)
------------------------------------- ------ ------------ ------------ ----------
(Loss) / Earnings per
ordinary share (pence),
excluding other comprehensive
income 3
Basic (0.2p) (1.4p) (1.1p)
Diluted (0.2p) (1.4p) (1.1p)
All results are from continuing operations and are attributable
to equity shareholders of the parent company.
Condensed Consolidated Statement of Financial Position
30 November 2020
As at As at As at
30 November 30 November 31 May
2020 2019 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------------- ------------ ------------ --------
Non-current assets
Intangible assets arising
on consolidation 1,216 1,379 1,289
Right-of-use assets 14 188 101
Other intangible assets 49 81 65
Property, plant and equipment 37 28 53
Investments held at Fair
Value Through Other Comprehensive
Income 3,751 5,546 4,962
------------------------------------ ------------ ------------ --------
Total non-current assets 5,067 7,222 6,470
------------------------------------ ------------ ------------ --------
Current assets
Trade and other receivables 3,459 2,667 2,398
Cash and cash equivalents 2,992 1,377 2,239
------------------------------------ ------------ ------------ --------
Total current assets 6,451 4,044 4,637
------------------------------------ ------------ ------------ --------
Current liabilities
Trade and other payables 3,237 2,479 2,924
Short-term lease liabilities 18 207 124
Current tax liabilities - - -
----------------------------------- ------------ ------------ --------
Total current liabilities 3,255 2,686 3,048
------------------------------------ ------------ ------------ --------
Net current assets 3,196 1,358 1,589
------------------------------------ ------------ ------------ --------
Non-current liabilities
Long-term lease liabilities - 18 -
Deferred tax liabilities 538 759 611
------------------------------------ ------------ ------------ --------
Total non-current liabilities 538 777 611
------------------------------------ ------------ ------------ --------
Net assets 7,725 7,803 7,448
------------------------------------ ------------ ------------ --------
Equity
Share capital 2,939 2,904 2,923
Share premium 2,082 2,029 2,057
Revaluation reserve 2,736 4,030 3,597
Retained earnings (32) (1,160) (1,129)
------------------------------------ ------------ ------------ --------
Shareholders' equity 7,725 7,803 7,448
------------------------------------ ------------ ------------ --------
Condensed Consolidated Statement of Changes in Equity
Share Share Revaluation Retained Total
Capital Premium Reserve Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- -------- ----------- --------- -------
Balance at 31 May
2020 2,923 2,057 3,597 (1,129) 7,448
(Loss) on ordinary
activities after
taxation - - - (26) (26)
Movement in unrealised
appreciation of investments - - 222 - 222
Deferred tax on movement
in unrealised appreciation
of investments - - (37) - (37)
Total comprehensive
income / (expense)
for the period - - 185 (26) 159
----------------------------- -------- -------- ----------- --------- -------
Realised on disposal
of available-for-sale
investments - - (1,046) 1,122 76
----------------------------- -------- -------- ----------- --------- -------
Share based payment
transactions - - - 1 1
Issue of ordinary
share capital 16 25 - - 41
----------------------------- -------- -------- ----------- --------- -------
Total transactions
with owners, recognised
directly in equity 16 25 - 1 42
----------------------------- -------- -------- ----------- --------- -------
Balance at 30 November
2020 2,939 2,082 2,736 (32) 7,725
----------------------------- -------- -------- ----------- --------- -------
Balance at 31 May
2019 2,904 2,029 4,203 (1,004) 8,132
(Loss) on ordinary
activities after
taxation - - - (158) (158)
Movement in unrealised
appreciation of investments - - (212) - (212)
Deferred tax on movement
in unrealised appreciation
of investments - - 39 - 39
----------------------------- ----- ----- ----- ------- -----
Total comprehensive
income / (expense)
for the period - - (173) (158) (331)
----------------------------- ----- ----- ----- ------- -----
Share based payment
transactions - - - 2 2
Issue of ordinary
share capital - - - - -
----------------------------- ----- ----- ----- ------- -----
Total transactions
with owners, recognised
directly in equity - - - 2 2
----------------------------- ----- ----- ----- ------- -----
Balance at 30 November
2019 2,904 2,029 4,030 (1,160) 7,803
----------------------------- ----- ----- ----- ------- -----
Balance at 1 June
2019 2,904 2,029 4,203 (1,004) 8,132
Loss on ordinary
activities after
taxation - - - (127) (127)
Movement in unrealised
appreciation of investments - - (793) - (793)
Deferred tax on m
ovement in unrealised
appreciation of investments - - 187 - 187
----------------------------- ----- ----- ----- ------- -----
Total comprehensive
income / (expense)
for the period - - (606) (127) (733)
----------------------------- ----- ----- ----- ------- -----
Share based payment
transactions - - - 2 2
Issue of ordinary
share capital 19 28 - - 47
----------------------------- ----- ----- ----- ------- -----
Total transactions
with owners, recognised
directly in equity 19 28 - 2 49
----------------------------- ----- ----- ----- ------- -----
Balance at 31 May
2020 2,923 2,057 3,597 (1,129) 7,448
----------------------------- ----- ----- ----- ------- -----
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 November 2020
Six months Six months
ended ended Year ended
30 November 30 November 31 May
2020 2019 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------------- ------------ ------------ ----------
Operating (loss) (21) (237) (360)
Amortisation of intangible
assets arising on consolidation 74 66 156
Amortisation of other intangible
assets 16 16 32
Depreciation of Right-of-use
assets 86 86 173
Depreciation of property,
plant and equipment 16 10 39
Expenses settled by the
issue of shares 1 1 2
Decrease/(increase) in
receivables (1,063) (280) (11)
Increase/(decrease) in
payables 316 (354) 75
--------------------------------- ------------ ------------ ----------
Cash generated from / (used
in) operations (575) (691) 106
Tax paid - - -
--------------------------------- ------------ ------------ ----------
Net cash (used in)/generated
from operating activities (575) (691) 106
--------------------------------- ------------ ------------ ----------
Investing activities
Investment income received - 27 143
Interest received - 87 148
Proceeds on disposal of
investments held at FVTOCI 1,400 - 5
Purchases of property,
plant and equipment - (8) (62)
Purchases of other intangible
assets - - -
Net cash (used in)/ generated
from investing activities 1,400 106 234
--------------------------------- ------------ ------------ ----------
Financing activities
Interest paid (6) (15) (24)
Proceeds from issue of
ordinary share capital 40 - 47
Repayment of lease liabilities (106) (96) (197)
--------------------------------- ------------ ------------ ----------
Net cash used in financing
activities (72) (111) (174)
--------------------------------- ------------ ------------ ----------
Net (decrease) / increase
in cash and cash equivalents 753 (696) 166
Cash and cash equivalents
at beginning of period 2,239 2,073 2,073
--------------------------------- ------------ ------------ ----------
Cash and cash equivalents
at end of period/year 2,992 1,377 2,239
--------------------------------- ------------ ------------ ----------
Notes to the Interim Financial Statements
1. Basis of preparation
The Condensed Consolidated Interim Financial Statements of Fiske
plc and its subsidiaries (the Group) for the six months ended 30
November 2020 have been prepared in accordance with IAS 34 (Interim
Financial Reporting), as adopted in the United Kingdom. The
accounting policies applied are consistent with those set out in
the May 2020 Fiske plc Annual Report and accounts. These Condensed
Consolidated Interim Financial Statements do not include all the
information required for full annual statements and should be read
in conjunction with the May 2020 Annual Report and Accounts.
The Financial Statements of the Group for the year ended 31 May
2020 were prepared in accordance with International Financial
Reporting Standards adopted by in the United Kingdom. The statutory
Consolidated Financial Statements for Fiske plc in respect of the
year ended 31 May 2020 have been reported on by the Company's
auditor and delivered to the registrar of companies. The report of
the auditor was (i) unqualified, (ii) did not include a reference
to any matters to which the auditor drew attention by way of
emphasis without qualifying their report, and (iii) did not contain
a statement under Section 498 (2) or (3) of the Companies Act
2006.
Under IAS 27 these financial statements are prepared on a
consolidated basis where the Group consists of Fiske plc, the
parent, and those subsidiaries in which it owns 100% of the voting
rights, being Ionian Group Limited, Fiske Nominees Limited,
Fieldings Investment Management Limited and VOR Financial Strategy
Limited.
The directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing this half-yearly financial
report.
There were no new mandatory standards or amendments to existing
standards effective in the six-month reporting period to 30
November 2020.
2. Revenues
IFRS 8 requires operating segments to be identified on the basis
of internal reports about components of the Group that are
regularly reviewed by management to allocate resources to the
segments and to assess their performance. Following the acquisition
of Fieldings Investment Management Limited in August 2017, their
staff and operations have been integrated into the management team
of Fiske plc. Pursuant to this, the Group continues to identify a
single reportable segment, being UK-based financial intermediation.
Within this single reportable segment, total revenue comprises:
Six months Six months
ended ended Year ended
30 November 30 November 31 May
2020 2019 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------- ------------ ------------ ----------
Commission receivable 1,295 1,238 2,732
Investment management fees 1,429 1,255 2,615
--------------------------- ------------ ------------ ----------
2,724 2,493 5,347
Other income / (loss) 51 16 36
--------------------------- ------------ ------------ ----------
2,775 2,509 5,383
--------------------------- ------------ ------------ ----------
3. Earnings per share
Diluted
Basic Basic
GBP'000 GBP'000
------------------------------- -------- --------
(Loss) on ordinary activities
after taxation (26) (26)
Adjustment to reflect impact
of dilutive share options - -
------------------------------- -------- --------
(Loss) (26) (26)
------------------------------- -------- --------
Weighted average number
of shares (000's) 11,694 11,735
------------------------------- -------- --------
(Loss) per share (pence) (0.2) (0.2)
------------------------------- -------- --------
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