25 May 2012

Private clients boost Fiske

11/02/2011 Robert Tyerman

Stockbroker Fiske (FKE) has increased first-half profits 30 per cent to £369,000 pre-tax, helped by growth in private client commissions. The AIM-quoted company, a traditional London stockbroker with some emphasis on smaller companies and resources, upped fees and commissions 8 per cent to £2.2 million in the six months to November, with revenues after expenses nearly 10 per cent ahead top $1.8 million.

Chairman Clive Harrison has declared an unchanged interim dividend of 2p a share, covered by earnings of 3p a share. He says that reflects 'confidence in our own outlook', although he is decidedly cautious about overall trends. 'We anticipate 2011 will be a difficult year for markets as major economic uncertainties in the world remain unresolved.'

Harrison highlights the risk of more defaults in the Eurozone and the USA and warns the ability of the US Treasury and Federal Reserve to create more money 'is being called into question.' Doubtful of China's ability to continue growing 'at its current breakneck speed', he warns of the impact on banks and the whole market.

Investors have responded well to the broker's results, with the shares up 6.5p to 71.5p, close to their year's high. They could well outperform some sector peers. 

Tags: Clive Harrison, Eurozone, Fiske, US Treasury

Sector: General Financial

Companies: Fiske

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