Business
Final Results
Final Results.
About this update from Fiske Plc
[{"type":"text","content":"\n \nRNS Number : 8146J Fiske PLC 21 August 2019 \n\n21 August 2019\n \nFISKE PLC\n(\"Fiske\" or the \"Company\" or the \"Group\")\n \nFinal Results \n \n \nFiske (AIM:FKE) is pleased to announce its final audited financial results for the year ended 31 May 2019.\n \nCopies of the 2019 Annual Report and Accounts, including the Notice of AGM and Proxy Voting form will be posted to shareholders shortly.\n \nIn accordance with rule 26 of the AIM Rules for Companies, this information is also available under the Investor Relations section of the Company's website, http://www.fiskeplc.com.\n \nThe Annual General Meeting of the Company will be held at Salisbury House, London Wall, London EC2M 5QS on 3 October 2019 at 12.30 pm.\n \n \n \nContact:\n\n\n\nFiske PLC \nJames Harrison (CEO)\nGerard Luchini (Company Secretary )\n \n\n\n \nTel: +44 (0) 20 8448 4700\n \n\n\n\n\nGrant Thornton UK LLP (Nominated Adviser)\nSamantha Harrison / Harrison Clarke\n\n\nTel: +44 (0) 20 7383 5100\n \n\n\n\n \n \n\n\n \nAbridged Chairman's Statement\n \nTrading\nFull year revenues were £4.28m (2018: £4.38m) which is slightly below the prior year.\n \nAfter a very difficult first half, commission revenues picked up in the second half of the year. Overall, commission income was only 15% lower, at £2.08m for the year, as markets recovered quickly in January from the weakness that prevailed in the fourth quarter of 2018. The prevailing sentiment in markets improved generally in the first quarter of 2019 which was beneficial to client portfolio valuations and general trading activity.\nMeanwhile, investment management fees rose 21% over the year to £2.21m (2018: £1.83m). This improvement is in part due to consolidating a full year of fee income from Fieldings but also a continuation in the general trend within the business to migrate clients to our discretionary and advisory managed fee based services.\nAs a result of the softer commissions and stronger management fee revenues the balance has swung in favour of management fees for the first time. Management fees represented 52% of commission and fee revenues with commissions representing 48%.\n \nAsset Management\nIn May 2019 our unit trust, Ocean UK Equity, passed its firs...