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Interim Report 30 November 2011
Chairman’s Statement The first quarter of the current financial year showed encouraging signs of progress but then September, October and particularly November proved in the event to be disappointing. The degree of uncertainty surrounding the Eurozone has in fact steadily increased over 2011 and still no end is in sight and in those circumstances markets will continue to be lacklustre. It is obvious that the powers that be in Europe have no comprehension of the scale of the crisis and its causes. Unfortunately they are unable to execute a solution that is both economically sound and politically acceptable, and in this instance are also vociferous and addicted to grandstanding summits. The outlook is sombre for the UK economy and for investment performance. Our prime concern, however, must be to look after the best interests of our clients even where that means that our revenue suffers in the short term. This is especially a market for investors to tread cautiously. There are of course many small steps we can take and are taking to control costs and to improve trading performance. We have negotiated improved terms with our bankers and insurers. As a result and given the strength of our balance sheet, we are confident of our position whilst we look and wait for markets to pick up and as an expression of our confidence will be maintaining our dividend at 2p per share, although for this half year period it will not be fully covered by earnings. The shares will be traded ex-dividend on 15 February 2012 and the dividend will be paid on 16 March 2012 to shareholders on the register on 17 February 2012. C F Harrison Chairman 9 February 2012
Fiske plc
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Independent Review Report to Fiske plc We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2011 which comprise the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of financial position, the consolidated cash flow statement and the related notes 1 to 3. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” 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 conclusions we have formed. Directors’ responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules of the London Stock Exchange. As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report have been prepared in accordance with the accounting policies the Group intends to use in preparing its next annual financial statements. Our responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2011 is not prepared, in all material respects, in accordance with the AIM Rules of the London Stock Exchange. Deloitte LLP Chartered Accountants and Statutory Auditor London, United Kingdom
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Fiske plc
9 February 2012
Consolidated Statement of Comprehensive Income for the six months ended 30 November 2011 Six months ended 30 November 2011 Unaudited £’000
Six months ended 30 November 2010 Unaudited £’000
Year ended 31 May 2011 Audited £’000
Fee and commission income Fee and commission expenses
1,866 (408)
2,226 (504)
4,341 (1,027)
Net fee and commission income Other income
1,458 102
1,722 100
3,314 157
1,560 7 (1,455)
1,822 23 (1,504)
3,471 5 (2,952)
OPERATING PROFIT Investment revenue Finance income Finance costs
112 28 13 (1)
341 18 13 (3)
524 29 25 (5)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION Taxation
152 (29)
369 (115)
573 (167)
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION
123
254
406
(2)
6
5
1
(1)
21
(1)
5
26
259
432
3.0p 3.0p
4.8p 4.8p
TOTAL REVENUE Profit on investments held for trading Operating expenses
OTHER COMPREHENSIVE INCOME/(EXPENSE) Movement in unrealised appreciation of investments Deferred tax on movement in unrealised appreciation of investments NET OTHER COMPREHENSIVE (LOSS)/INCOME TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR ATTRIBUTABLE TO EQUITY SHAREHOLDERS Earnings per ordinary share (pence) Basic Diluted
122
1.5p 1.5p
All results are from continuing operations and are attributable to equity shareholders of the parent company.
Fiske plc
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Consolidated Statement of Changes in Equity
Share Capital £’000
Share Premium £’000
Revaluation Reserve £’000
Retained Earnings £’000
Total Equity £’000
2,109 6
1,216 6
735 –
575 –
4,635 12
Profit on ordinary activities after taxation Other comprehensive income
– –
– –
– 21
152 –
152 21
Total comprehensive income for period
–
–
21
152
173
Dividends paid
–
–
–
(168)
(168)
2,115
1,222
756
559
4,652
Profit on ordinary activities after taxation Other comprehensive loss
– –
– –
– (1)
123 –
123 (1)
Total comprehensive (loss)/income for period
–
–
(1)
123
122
Dividends paid
–
–
–
(169)
(169)
2,115
1,222
755
513
4,605
BALANCE AT 1 DECEMBER 2010 Issue of share capital
BALANCE AT 31 MAY 2011
BALANCE AT 30 NOVEMBER 2011
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Fiske plc
Consolidated Statement of Financial Position 30 November 2011 As at 30 November 2011 Unaudited £’000
As at 30 November 2010 Unaudited £’000
As at 31 May 2011 Audited £’000
NON-CURRENT ASSETS Goodwill Property, plant and equipment Available-for-sale investments
395 46 1,227
395 65 1,227
395 57 1,228
TOTAL NON-CURRENT ASSETS
1,668
1,687
1,680
CURRENT ASSETS Trade and other receivables Investments held for trading Cash and cash equivalents
6,193 237 3,498
10,124 209 3,746
11,747 284 3,458
TOTAL CURRENT ASSETS
9,928
14,079
15,489
CURRENT LIABILITIES Trade and other payables Current tax liabilities
6,565 175
10,632 239
12,119 145
TOTAL CURRENT LIABILITIES
6,740
10,871
12,264
NET CURRENT ASSETS
3,188
3,208
3,225
NON-CURRENT LIABILITIES Deferred tax liabilities
251
260
253
TOTAL NON-CURRENT LIABILITIES
251
260
253
NET ASSETS
4,605
4,635
4,652
EQUITY Share capital Share premium Revaluation reserve Retained earnings
2,115 1,222 755 513
2,109 1,216 735 575
2,115 1,222 756 559
SHAREHOLDERS’ EQUITY
4,605
4,635
4,652
ASSETS
LIABILITIES
Fiske plc
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Consolidated Cash Flow Statement for the six months ended 30 November 2011 Six months ended 30 November 2011 Unaudited £’000
OPERATING PROFIT Profit on disposal of available-for-sale investments Depreciation of property plant and equipment Decrease in investments held for trading Impairment of available-for-sale investments Decrease/(increase) in receivables (Decrease)/increase in payables
112 – 14 47 – 5,554 (5,555)
Six months ended 30 November 2010 Unaudited £’000
Year ended 31 May 2011 Audited £’000
341 – 33 115 – (1,082) (256)
524 – 55 40 – (2,705) 1,232
CASH GENERATED FROM/(USED IN) OPERATIONS Tax paid
172 –
(849) –
(854) (133)
NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES
172
(849)
(987)
INVESTING ACTIVITIES Interest received Investment income received Interest paid Proceeds on disposal of available-for-sale investments Purchases of available-for-sale investments Purchases of property, plant and equipment
13 28 (1) – – (3)
13 18 (3) 6 – (66)
25 29 (5) 5 – (80)
NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES
37
(32)
(26)
FINANCING ACTIVITIES Proceeds from issue of ordinary share capital Dividends paid
– (169)
– (169)
12 (337)
NET CASH USED IN FINANCING ACTIVITIES
(169)
(169)
(325)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of period
40 3,458
(1,050) 4,796
(1,338) 4,796
CASH AND CASH EQUIVALENTS AT END OF PERIOD/YEAR
3,498
3,746
3,458
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Fiske plc
Notes to the Interim Financial Statements 1. BASIS OF PREPARATION The financial information contained in this half-year financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The figures and financial information for the period ended 31 May 2011 are extracted from the latest published audited financial statements of the Group and do not constitute the statutory financial statements for that period. The audited financial statements for the period ended 31 May 2011 have been filed with the Registrar of Companies. The report of the independent auditors on those financial statements contained no qualification or statement under section 498(2) or section 498(3) of the Companies Act 2006. The condensed set of financial statements has been prepared using accounting policies consistent with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The financial information has been prepared under the historical cost convention, except for the revaluation of certain financial instruments. The same accounting policies, presentation and methods of computation are followed in the condensed set of financial statements as applied in the Group’s latest annual audited financial statements. While the financial figures included in this half-yearly report have been computed in accordance with IFRSs applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34. 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 these half-yearly financial statements. 2. TAXATION The tax charge for the six months to 30 November 2011 reflects all the necessary provisions for current tax, taking into account the availability of losses brought forward, and movements in deferred tax. In arriving at the effective tax rate account has been taken of the change in the rate of tax charged and the disallowance of the cost of share-based payments charged to the consolidated statement of comprehensive income. 3. DIVIDENDS PAID Dividends paid of £169,000 (2010 – £169,000) refer to the second interim dividend paid for the preceding year. The Interim dividend of 2p will be paid on 16 March 2012 to shareholders on the register on 17 February 2012. The shares will be marked ex-dividend on 15 February 2012.
Fiske plc
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Fiske plc
Park Communications – 10360