25 May 2012

Turnaround at Fiske

23/08/2010 Robert Tyerman

Stockbroker Fiske says it is 'encouraged' by current prospects after turning a £139,000 loss into £435,000 pre-tax profits. The City-based company, chaired by substantial shareholder and market veteran Clive Harrison, increased revenues 26 per cent to £3.3 million in the year to May.

AIM-quoted Fiske, an entrepreneurial concern, which caters primarily for the smaller to medium-sized company market and whose strengths include resources and shells, saw funds under management increase satisfactorily, says Harrison. He also highlights last year's acquisition of Vor Financial Strategy as having 'gratifyingly exceeded management's expectations'.

On the other hand, the chairman also notes 'significantly greater payments' made in the last financial year to the Financial Services Compensation Levy by Fiske and the entire broking industry and 'the likelihood of further heavy costs in the current year'. More cheerfully, he stresses the company's containment of its overall costs, despite these pressures, adding 2010-11 has got off to a good start and declaring 'we are encouraged by prospects for this year'.

The board has decided to pay a final dividend of 2p a share, taking the year's total to 4p a share, against 4.5p in the previous year. At 70.5p, between a 12-month high of 75.5p and a low of 65p, Fiske shares value the company at £6 million.

Tags: AIM, Dividend, Growth Stocks, Turnaround

Sector: General Financial

Companies: Fiske

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