Interim Report

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Interim Report 30 November 2005

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

FISKE plc

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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

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FISKE plc

Consolidated Profit and Loss Account for the six months ended 30 November 2005 Six months ended 30 November 2005 Unaudited Notes

TURNOVER Gross commission and similar income Commission payable Other income

OPERATING COSTS Staff costs Depreciation Amortisation of intangible fixed assets Other operating charges

1

OPERATING PROFIT/(LOSS) Gain on disposal of fixed asset investment Other income from fixed asset investments Interest receivable and similar income Interest payable PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION Taxation charge on profit on ordinary activities PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION Dividends paid

3

Retained profit for the period/year Retained profit brought forward Retained profit carried forward Basic earnings per share Diluted earnings per share Headline earnings per share Headline diluted earnings per share

2 2 2 2

Six months ended 30 November 2004 Unaudited (restated) £’000

Year ended 31 May 2005 Audited (restated) £’000

2,007 (577) 249

1,723 (529) 210

3,924 (1,115) 199

1,679

1,404

3,008

(617) (12) (91) (730)

(640) (25) (92) (686)

(1,259) (53) (184) (1,452)

(1,450)

(1,443)

(2,948)

229 7 18 90 (5)

(39) – 54 101 (2)

60 246 57 203 (8)

339 (108)

114 (30)

558 (175)

231 (166)

84 (165)

383 (331)

65 992

(81) 940

52 940

1,057

859

992

1.0p 1.0p 1.8p 1.8p

4.6p 4.6p 4.1p 4.1p

£’000

2.8p 2.8p 3.5p 3.5p

FISKE plc

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Consolidated Balance Sheet 30 November 2005 As at 30 November 2005 Unaudited Note

£’000

As at 30 November 2004 Unaudited (restated) £’000

1

531 150 137

714 60 78

622 41 108

818

852

771

6,927 – 450 4,058

13,504 154 288 4,441

16,643 164 380 3,575

11,435

18,387

20,762

(7,190) (743)

(14,511) (607)

(16,574) (704)

(7,933)

(15,118)

(17,278)

NET CURRENT ASSETS

3,502

3,269

3,484

TOTAL ASSETS LESS CURRENT LIABILITIES

4,320

4,121

4,255

CAPITAL AND RESERVES Called up share capital Share premium account Profit and loss account

2,078 1,185 1,057

2,077 1,185 859

2,078 1,185 992

EQUITY SHAREHOLDERS’ FUNDS

4,320

4,121

4,255

FIXED ASSETS Intangible assets Tangible assets Other investments

CURRENT ASSETS Market and client debtors Investments Other debtors Cash at bank and in hand

CREDITORS: amounts falling due within one year Market and client creditors Other creditors

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FISKE plc

As at 31 May 2005 Audited (restated) £’000

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 30 November 2005 Unaudited £’000

Operating profit/(loss) Depreciation charges Amortisation of intangible fixed assets Decrease/(increase) in current asset investment Decrease/(increase) in debtors (Decrease)/increase in creditors

229 12 91 164 9,647 (9,361)

Six months ended 30 November 2004 Unaudited £’000

Year ended 31 May 2005 Audited £’000

(39) 25 92 – (339) 715

60 53 184 (164) (3,406) 2,789

782

454

(484)

Six months ended 30 November 2005 Unaudited £’000

Six months ended 30 November 2004 Unaudited £’000

Net cash inflow/(outflow) from operating activities

CASH FLOW STATEMENT

Net cash inflow/(outflow) from operating activities Returns on investment and servicing of finance Taxation – UK Corporation tax paid Capital expenditure and financial investment Equity dividends paid

Year ended 31 May 2005 Audited £’000

782 103 – (142) (166)

454 135 – (14) (140)

(484) 235 (162) 192 (306)

Increase/(decrease) in cash

577

435

(525)

Increase/(decrease) in cash in the period

577

435

(525)

Change in net cash Net funds brought forward

577 3,481

435 4,006

(525) 4,006

Net funds carried forward

4,058

4,441

3,481

FISKE plc

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Notes for the six months ended 30 November 2005

1. INTANGIBLE FIXED ASSETS Goodwill Fund management acquisition £’000

Goodwill Other acquisition £’000

Fiscal licence £’000

Total £’000

Cost At 1 June 2005

1,146

300

99

1,545

At 30 November 2005

1,146

300

99

1,545

Accumulated amortisation At 1 June 2005 Charge for the period

621 37

225 38

77 16

923 91

At 30 November 2005

658

263

93

1,014

Net book value At 30 November 2005

488

37

6

531

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 30 November 2005 Unaudited

Basic earnings per ordinary share Add: Goodwill write-off Less: Gain on disposal of fixed asset investment after taxation

2.8p 0.8p

Year ended 31 May 2005 Audited

1.0p 0.8p

4.6p 1.5p

–

(2.0)p

Headline earnings per ordinary share

3.5p

1.8p

4.1p

Diluted earnings per ordinary share Add: Goodwill write-off Less: Gain on disposal of fixed asset investment after taxation

2.8p 0.8p

1.0p 0.8p

4.6p 1.5p

–

(2.0)p

1.8p

4.1p

Headline diluted earnings per ordinary share

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FISKE plc

(0.1)p

Six months ended 30 November 2004 Unaudited

(0.1)p 3.5p

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.

FISKE plc

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