18:00 Wed 26 Feb 2020
Fiske PLC - Interim Results
('Fiske' or 'the Company')
Interim Results
The Company announces its interim results for the six months ended
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 .
For further information please contact:
•
(tel: 020 7383 5100)
•
(tel: 020 7448 4700)
Chairman's Statement
Trading
Chairman's Statement
Trading
Our results for the half year to
Our fee and commission revenues were some
Our operating expenses increased by 9% to
Asset Management
We are pleased to report further progress for our unit trust, Ocean
Investment Managers
Despite the ongoing cost pressure from the regulatory environment we continue to invest in the growth of our front office capabilities. The two investment managers who joined us shortly before the beginning of the financial year are making an increasingly positive contribution.
Euroclear
Due to the re-domiciliation of Euroclear from
Euroclear have recently announced that following another successful year to
Restatement of accounts
Following our own internal audit process, the directors of the Company have determined that certain adjustments need to be made to the accounts. These result primarily from a change in an accounting process which has affected the way in which our systems data has been interpreted for accounting purposes. In addition, we have resolved to change the way in which the accounting for the acquisition of
There has been no impact on the client money or asset positions of our clients, and no impact on the Company's cash position. The overall impact has been an overstatement of current liabilities. The necessary adjustments, accumulated over several years, amount to a net addition of some
IFRS 16
The adoption of IFRS 16 from
Markets
Since the decisive victory of the Conservatives in the
Outlook
Assuming no significant deterioration in trading conditions, the board remains confident that the Group will continue to make further progress in 2020.
Chairman
Condensed Consolidated Statement of Total Comprehensive Income
for the six months ended
|
|
Six months ended Unaudited |
Six months ended Unaudited |
Year ended Unaudited |
|
|
£'000 |
£'000 (restated) |
£'000 (restated) |
Fee and commission income |
|
2,493 |
2,159 |
4,591 |
Other income |
|
16 |
- |
(1) |
Fair value through other comprehensive income (FVTOCI) |
|
- |
4 |
(1) |
Total Revenue |
|
2,509 |
2,163 |
4,589 |
Operating expenses |
|
(2,746) |
(2,509) |
(5,020) |
Operating Profit/(loss) |
|
(237) |
(346) |
(431) |
Investment revenue |
|
27 |
- |
- |
Finance income |
|
87 |
33 |
108 |
Finance costs |
|
(35) |
(31) |
(58) |
(Loss) / Profit on ordinary activities before taxation |
|
(158) |
(344) |
(381) |
Taxation |
|
- |
- |
- |
(Loss)/Profit on ordinary activities after taxation |
|
(158) |
(344) |
(381) |
Other comprehensive income/(expense) |
|
|
|
|
Movement in unrealised appreciation of investments |
|
(212) |
20 |
3,289 |
Deferred tax on movement in unrealised appreciation of investments |
|
39 |
(4) |
(583) |
Net other comprehensive (expense)/ income |
|
(173) |
16 |
2,706 |
Total comprehensive (loss) / income for the period/year attributable to equity shareholders |
|
(331) |
(328) |
2,325 |
(Loss) / Earnings per ordinary share (pence), excluding other comprehensive income |
|
|
|
|
Basic |
|
(1.4p) |
(3.0p) |
(3.3p) |
Diluted |
|
(1.4p) |
(3.0p) |
(3.3p) |
All results are from continuing operations and are attributable to equity shareholders of the parent company
Condensed Consolidated Statement of Financial Position
|
|
As at Unaudited |
As at Unaudited |
As at Unaudited |
As at Unaudited |
|
|
£'000 |
£'000 (restated) |
£'000 (restated) |
£'000 (restated) |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Intangible assets arising on consolidation |
|
1,379 |
1,510 |
1,445 |
1,576 |
Other intangible assets |
|
81 |
113 |
97 |
130 |
Right-of-use assets |
|
188 |
- |
- |
- |
Property, plant and equipment |
|
28 |
37 |
30 |
35 |
Financial assets at fair value through profit or loss |
|
5,546 |
2,491 |
5,759 |
2,470 |
Total non-current assets |
|
7,222 |
4,151 |
7,331 |
4,211 |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Trade and other receivables |
|
2,667 |
2,273 |
2,387 |
4,183 |
Cash and cash equivalents |
|
1,377 |
2,014 |
2,073 |
2,453 |
Total current assets |
|
4,044 |
4,287 |
4,460 |
6,636 |
Current liabilities |
|
|
|
|
|
Trade and other payables |
|
2,479 |
2,703 |
2,814 |
4,790 |
Short-term lease liabilities |
|
207 |
- |
- |
- |
Current tax liabilities |
|
- |
36 |
- |
36 |
Total current liabilities |
|
2,686 |
2,739 |
2,814 |
4,826 |
Net current assets |
|
1,358 |
1,548 |
1,646 |
1,810 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Long-term lease liabilities |
|
18 |
- |
- |
- |
Deferred tax liabilities |
|
759 |
217 |
797 |
214 |
Total non-current liabilities |
|
777 |
217 |
797 |
214 |
Net assets |
|
7,803 |
5,482 |
8,180 |
5,807 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital |
|
2,904 |
2,890 |
2,904 |
2,890 |
Share premium |
|
2,029 |
1,997 |
2,029 |
1,997 |
Revaluation reserve |
|
4,030 |
1,514 |
4,203 |
1,497 |
Retained earnings |
|
(1,160) |
(919) |
(956) |
(577) |
Shareholders' equity |
|
7,803 |
5,482 |
8,180 |
5,807 |
|
|
|
|
|
|
Condensed Consolidated Statement of Changes in Equity
|
Share Capital |
Share Premium |
Revaluation Reserve |
Retained Earnings |
Total Equity |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Balance at |
2,890 |
1,997 |
1,514 |
(1,337) |
5,064 |
Adjustments |
- |
- |
- |
418 |
418 |
As restated at |
2,890 |
1,997 |
1,514 |
(919) |
5,482 |
Loss on ordinary activities after taxation |
- |
- |
- |
(37) |
(37) |
Other comprehensive income |
- |
- |
- |
(2) |
(2) |
Movement in unrealised appreciation of investments |
- |
- |
3,268 |
- |
3,268 |
Deferred tax on movement in unrealised appreciation of investments |
- |
- |
(579) |
- |
(579) |
Share based payment transactions |
- |
- |
- |
2 |
2 |
Issue of ordinary share capital |
14 |
32 |
- |
- |
46 |
Balance at |
2,904 |
2,029 |
4,203 |
(956) |
8,180 |
Adoption of IFRS 16 (note 1) |
- |
- |
- |
(48) |
(48) |
Balance at |
2,904 |
2,029 |
4,203 |
(1,004) |
8,132 |
|
|
|
|
|
|
(Loss) on ordinary activities after taxation |
- |
- |
- |
(158) |
(158) |
Other comprehensive income |
- |
- |
- |
- |
- |
Movement in unrealised appreciation of investments |
- |
- |
(212) |
- |
(212) |
Deferred tax on movement in unrealised appreciation of investments |
- |
- |
39 |
- |
39 |
Total comprehensive (loss) for the period |
- |
- |
(173) |
(158) |
(331) |
Dividends paid |
- |
- |
- |
- |
- |
Share based payment transactions |
- |
- |
- |
2 |
2 |
Balance at |
2,904 |
2,029 |
4,030 |
(1,160) |
7,803 |
Condensed Consolidated Statement of Cash Flows
For the six months ended
|
Six months ended Unaudited |
Six months ended Unaudited |
Year ended Unaudited |
|
£'000 |
£'000 (restated) |
£'000 (restated) |
Operating (loss) |
(237) |
(346) |
(431) |
Amortisation of intangible asset - customer relationships |
66 |
66 |
131 |
Amortisation of other intangible assets |
16 |
17 |
33 |
Depreciation of Right-of-use assets |
86 |
- |
- |
Depreciation of property, plant and equipment |
10 |
9 |
22 |
Expenses settled by the issue of shares |
2 |
- |
2 |
Decrease/(increase) in investments held for trading |
- |
- |
- |
Decrease/(increase) in receivables |
(280) |
1,910 |
1,796 |
Increase/(decrease) in payables |
(354) |
(2,117) |
(2,034) |
Cash generated from / (used in) operations |
(692) |
(461) |
(481) |
Tax recovered |
- |
- |
(36) |
Net cash (used in)/generated from operating activities |
(692) |
(461) |
(517) |
Investing activities |
|
|
|
Investment income received |
27 |
- |
- |
Interest received |
87 |
33 |
108 |
Interest paid |
(15) |
- |
- |
Purchases of property, plant and equipment |
(8) |
(11) |
(17) |
Purchases of other intangible assets |
- |
- |
- |
Net cash (used in)/ generated from investing activities |
91 |
22 |
91 |
Financing activities |
|
|
|
Proceeds from issue of ordinary share capital |
- |
- |
46 |
Repayment of lease liabilities |
(96) |
- |
- |
Dividends paid |
- |
- |
- |
Net cash used in financing activities |
(96) |
- |
46 |
Net (decrease) / increase in cash and cash equivalents |
(696) |
(439) |
(380) |
Cash and cash equivalents at beginning of period |
2,073 |
2,453 |
2,453 |
Cash and cash equivalents at end of period/year |
1,377 |
2,014 |
2,073 |
Notes to the Interim Financial Statements
1. Basis of preparation
The Condensed Consolidated Interim Financial Statements of
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
The comparative figures for the year ended
The Financial Statements of the Group for the year ended
Under IAS 27 these financial statements are prepared on a consolidated basis where the Group consists of
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.
New standards adopted in the current year
IFRS 16 (Leases)
The Group adopted IFRS 16 (Leases) using the modified retrospective approach on
As a result of adopting IFRS 16, the difference between the asset and liability recognised on
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
2. Taxation
No tax credit on the loss for the period has been recognised for the six months to
3. Dividends paid
Dividends paid in the first half of the year to
4. Impact of restatements
(a) Consolidated Statement of Total Comprehensive income in the prior half year to
|
Notes |
As previously reported (Unaudited) £'000 |
Adjustments (Unaudited) £'000 |
As restated (Unaudited) £'000 |
Fee and commission income |
i |
2,015 |
144 |
2,159 |
Other income |
|
- |
- |
- |
Fair value through other comprehensive income (FVTOCI) |
|
4 |
- |
4 |
Total Revenue |
|
2,019 |
144 |
2,163 |
Operating expenses |
i |
(2,544) |
35 |
(2,509) |
Operating Profit/(loss) |
|
(525) |
179 |
(346) |
Finance income |
|
33 |
- |
33 |
Finance costs |
ii |
- |
(31) |
(31) |
(Loss) / Profit on ordinary activities before taxation |
|
(492) |
148 |
(344) |
Taxation |
|
- |
- |
- |
(Loss)/Profit on ordinary activities after taxation |
|
(492) |
148 |
(344) |
Other comprehensive income/(expense) |
|
|
|
|
Movement in unrealised appreciation of investments |
|
20 |
- |
20 |
Deferred tax on movement in unrealised appreciation of investments |
|
(4) |
- |
(4) |
Net other comprehensive (expense)/ income |
|
16 |
- |
16 |
Total comprehensive (loss) / income for the period/year attributable to equity shareholders |
|
(476) |
148 |
(328) |
(Loss) / Earnings per ordinary share (pence), excluding other comprehensive income |
|
|
|
|
Basic |
|
(4.5p) |
1.3p |
(3.0p) |
Diluted |
|
(4.5p) |
1.3p |
(3.0p) |
(b) Consolidated Statement of Total Comprehensive income in the prior year to
|
Notes |
As previously reported (Audited) £'000 |
Adjustments (Unaudited) £'000 |
As restated (Unaudited) £'000 |
Fee and commission income |
i |
4,289 |
302 |
4,591 |
Other income |
|
(1) |
- |
(1) |
Fair value through other comprehensive income (FVTOCI) |
|
(1) |
- |
(1) |
Total Revenue |
|
4,287 |
302 |
4,589 |
Operating expenses |
i |
(5,037) |
17 |
(5,020) |
Operating Profit/(loss) |
|
(750) |
319 |
(431) |
Finance income |
|
108 |
- |
108 |
Finance costs |
ii |
- |
(58) |
(58) |
(Loss) / Profit on ordinary activities before taxation |
|
(642) |
261 |
(381) |
Taxation |
|
- |
- |
- |
(Loss)/Profit on ordinary activities after taxation |
|
(642) |
261 |
(381) |
Other comprehensive income/(expense) |
|
|
|
|
Movement in unrealised appreciation of investments |
|
3,289 |
- |
3,289 |
Deferred tax on movement in unrealised appreciation of investments |
|
(583) |
- |
(583) |
Net other comprehensive (expense)/ income |
|
2,706 |
- |
2,706 |
Total comprehensive (loss) / income for the period/year attributable to equity shareholders |
|
2,064 |
261 |
2,325 |
(Loss) / Earnings per ordinary share (pence), excluding other comprehensive income |
|
|
|
|
Basic |
|
(5.5p) |
(2.2p) |
(3.3p) |
Diluted |
|
(5.5p) |
(2.2p) |
(3.3p) |
(c) Consolidated Statement of Financial Position as at
|
Notes |
As previously reported (Unaudited) £'000 |
Adjustments (Unaudited) £'000 |
As restated (Unaudited) £'000 |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
1,510 |
- |
1,510 |
Other intangible assets |
|
113 |
- |
113 |
Property, plant and equipment |
|
37 |
- |
37 |
Equity investments |
|
2,491 |
- |
2,491 |
Total non-current assets |
|
4,151 |
- |
4,151 |
|
|
|
|
|
Current assets |
|
|
|
|
Trade and other receivables |
i |
2,364 |
(91) |
2,273 |
Cash and cash equivalents |
|
2,014 |
- |
2,014 |
Total current assets |
|
4,378 |
(91) |
4,287 |
Current liabilities |
|
|
|
|
Trade and other payables |
i, ii |
3,212 |
(509) |
2,703 |
Current tax liabilities |
|
36 |
- |
36 |
Total current liabilities |
|
3,248 |
(509) |
2,739 |
Net current assets |
|
1,130 |
418 |
1,548 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Deferred tax liabilities |
|
217 |
- |
217 |
Total non-current liabilities |
|
217 |
- |
217 |
Net assets |
|
5,064 |
418 |
5,482 |
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
|
2,890 |
- |
2,890 |
Share premium |
|
1,997 |
- |
1,997 |
Revaluation reserve |
|
1,514 |
- |
1,514 |
Retained earnings |
|
(1,337) |
418 |
(919) |
Shareholders' equity |
|
5,064 |
418 |
5,482 |
|
|
|
|
|
(d) Consolidated Statement of Financial Position as at
|
Notes |
As previously reported (Audited) £'000 |
Adjustments (Unaudited) £'000 |
As restated (Unaudited) £'000 |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
1,445 |
- |
1,445 |
Other intangible assets |
|
97 |
- |
97 |
Property, plant and equipment |
|
30 |
- |
30 |
Equity investments |
|
5,759 |
- |
5,759 |
Total non-current assets |
|
7,331 |
- |
7,331 |
|
|
|
|
|
Current assets |
|
|
|
|
Trade and other receivables |
i |
2,545 |
(158) |
2,387 |
Cash and cash equivalents |
|
2,073 |
- |
2,073 |
Total current assets |
|
4,618 |
(158) |
4,460 |
Current liabilities |
|
|
|
|
Trade and other payables |
i, ii |
3,504 |
(690) |
2,814 |
Current tax liabilities |
|
- |
- |
- |
Total current liabilities |
|
3,504 |
(690) |
2,814 |
Net current assets |
|
1,114 |
532 |
1,646 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Deferred tax liabilities |
|
797 |
- |
797 |
Total non-current liabilities |
|
797 |
- |
797 |
Net assets |
|
7,648 |
532 |
8,180 |
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
|
2,904 |
- |
2,904 |
Share premium |
|
2,029 |
- |
2,029 |
Revaluation reserve |
|
4,203 |
- |
4,203 |
Retained earnings |
|
(1,488) |
532 |
(956) |
Shareholders' equity |
|
7,648 |
532 |
8,180 |
|
|
|
|
|
(e) Consolidated Statement of Financial Position as at
|
Notes |
As previously reported (Audited) £'000 |
Adjustments (Unaudited) £'000 |
As restated (Unaudited) £'000 |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
1,576 |
- |
1,576 |
Other intangible assets |
|
130 |
- |
130 |
Property, plant and equipment |
|
35 |
- |
35 |
Equity investments |
|
2,470 |
- |
2,470 |
Total non-current assets |
|
4,211 |
- |
4,211 |
|
|
|
|
|
Current assets |
|
|
|
|
Trade and other receivables |
i |
4,087 |
96 |
4,183 |
Cash and cash equivalents |
|
2,453 |
- |
2,453 |
Total current assets |
|
6,540 |
96 |
6,636 |
Current liabilities |
|
|
|
|
Trade and other payables |
i, ii |
4,965 |
(175) |
4,790 |
Current tax liabilities |
|
36 |
- |
36 |
Total current liabilities |
|
5,001 |
(175) |
4,826 |
Net current assets |
|
1,539 |
271 |
1,810 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Deferred tax liabilities |
|
214 |
- |
214 |
Total non-current liabilities |
|
214 |
- |
214 |
Net assets |
|
5,536 |
271 |
5,807 |
|
|
|
|
|
Equity |
|
|
|
|
Share capital |
|
2,890 |
- |
2,890 |
Share premium |
|
1,997 |
- |
1,997 |
Revaluation reserve |
|
1,497 |
- |
1,497 |
Retained earnings |
|
(848) |
271 |
(577) |
Shareholders' equity |
|
5,536 |
271 |
5,807 |
|
|
|
|
|
Notes:
i impact of change in an accounting process which has affected the way in which our systems data has been interpreted for accounting purposes, resulting in increased revenue and reallocated costs
ii impact of change in the way in which the accounting for the acquisition of
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