REG - Fiske PLC - Interim results
26/02/2026 07:00
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RNS Number : 4316U Fiske PLC 26 February 2026
26 February 2026
FISKE PLC
("Fiske" or the "Company" or the "Group")
Interim results
Fiske (AIM:FKE) is pleased to announce its interim results for the six months
ended 31 December 2025.
This information is also available, under the Investors section, at the
Company's website, https://www.fiskeplc.com .
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
For further information, please contact:
Fiske PLC
James Harrison (CEO) Tel: +44 (0) 20 7448 4700
100 Wood Street
London
EC2V 7AN
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Samantha Harrison / Harrison Clarke / Elliot Peters
Trading
Revenues in the first half of the year were in line with management
expectations at £3.91m (2024: £3.89m).
In previous reports to shareholders, we referred to the project of updating
the Company's systems and controls, refreshing our service offering and its
governance and oversight capabilities. This work continues apace. The
related expenditure increased operational costs in the six months to 31
December 2025 to £4.2m (six months to 31 December 2024: £3.59m) leading to
an operating loss of £0.292m (2024: £0.294m profit). These operational
enhancements and associated costs are necessary to both comply with the
requirements of the regulator and create a robust platform for future growth.
The timing of dividends paid by Euroclear were such that two dividends fell to
be paid during the year to 30 June 2025 but none in the latest interim period
(2024: £0.47m). However, we anticipate receiving our next dividend payment in
June 2026 which will amount to approximately £0.55m.
Our assets under management and administration were £950m at 31 December 2025
which is up c.8% from £880m at 30 June 2025.
Our company cash balance as at 31 December 2025 was £6.27m.
Euroclear
We continue to regard our holding in Euroclear as an attractive long-term
investment generating a good income stream. Recent results from Euroclear to
31 December 2025 show continued strong financial performance with adjusted net
profit rising by 5% to €1.2bn and a recommended increase of 7% in their
dividend.
Markets
Despite the uncertainties faced by investors at the start of 2025, with Donald
Trump's inauguration and pending "Liberation Day" tariff setting agenda, the
continuing conflicts in Ukraine and the Middle East and an uncertain economic
outlook, equity markets have performed well. During the period under review.
the volatility we anticipated did occur with global equities falling by 17%,
at their nadir, in reaction to those first tariff levels announced. However,
this proved short-lived and markets rallied. Initially driven by the
technology titans, the recovery broadened out such that the UK market (+21.5%)
and Japan's Nikkei (+26.2%) outstripped the American market indices over the
year whilst the European markets matched the USA.
There has been much debate about whether we are in an Artificial Intelligence
(AI) led bubble and for once the so called "Magnificent 7", which have been
such a driving force behind the American market over recent years, were
relatively subdued. Alphabet (Google) did manage a 29% gain in Q4 but Netflix
(-22%), Meta (-10%) and Microsoft (-5%) all fell whilst the others rose by
less than 10%. Such huge amounts of money have been committed to investment in
AI over the coming years that the bubble debate has been emboldened. Some are
likening the current position to the technology, media and telecom bubble of
1999 following which there was a three-year bear market. The numbers do appear
quite different this time with these large companies being profitable and
expected to show decent profit growth in 2026. However, bubbles can inflate
over a long time period and if a change in sentiment sets in, the consequences
could be significant.
Many of the world's equity markets started 2026 at new record highs and have
continued to make progress. There are some encouraging signs; inflation
continues to fall and further interest rate cuts can be expected. Corporate
earnings growth is still forecast. Economic growth is in evidence; all be it
relatively modest. Things to watch out for remain the impact of tariffs and
whether trade wars intensify. Also, as we head to mid-term US elections in
November, President Trumps declining popularity could restrict his powers in
the last two years of his term. In the UK, a government with a massive
majority has lost its popularity and will be lucky to preside over much growth
in the short-term.
Dividend
Reflecting its strong balance sheet and the Board's determination to maintain
a progressive distribution policy, the Directors have resolved to increase the
interim dividend by 10% to 0.3025p. The dividend will be payable on 7 April
2026 to shareholders on the register on 13 March 2026. The shares will be
marked ex-dividend on 12 March 2026.
Outlook
Despite the ongoing compliance advisory work, we look forward to making
further progress in building on the sustainability of our business model so we
can provide attractive outcomes for all our stakeholders.
Tony R Pattison
James P Q Harrison
Chairman
Chief Executive Officer
26 February 2026
Condensed Consolidated Statement of Total Comprehensive Income
for the six months ended 31 December 2025
6 months ended 6 months ended Year to
31 December 2025 31 December 2024 30 June 2025
note Unaudited Unaudited Audited
£'000 £'000 £'000
Revenues 2 3,915 3,888 7,930
Operating expenses (4,207) (3,594) (7,633)
Operating (loss) / profit (292) 294 297
Investment revenue - 472 970
Finance income 97 120 229
Finance costs (10) (7) (19)
(Loss) / Profit on ordinary activities before taxation (205) 879 1,477
Taxation charge (8) (49) (127)
(Loss) / Profit on ordinary activities after taxation (213) 830 1,350
Other comprehensive income / (expense)
Items that may subsequently be reclassified to profit or loss
Movement in unrealised appreciation of investments 93 (128) 528
Deferred tax on movement in unrealised appreciation of investments 3 (23) 32
(132)
Net other comprehensive income / (expense) 70 (96) 396
Total comprehensive (loss) / income for the period/year attributable to equity (143) 734 1,746
shareholders
(Loss) / Earnings per ordinary share (pence) 4
Basic (1.8)p 7.0p 11.4p
Diluted (1.8)p 7.0p 11.4p
All results are from continuing operations and are attributable to equity
shareholders of the parent Company.
Condensed Consolidated Statement of Financial Position
At 31 December 2025
As at As at As at
31 December 2025 31 December 2024 30 June 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Non-current assets
Intangible assets arising on consolidation 342 503 422
Right-of-use assets 125 238 178
Deferred tax asset 8 - 11
Property, plant and equipment 35 35 35
Investments held at Fair Value Through Other Comprehensive Income 6,041 5,292 5,947
Total non-current assets 6,551 6,068 6,593
Current assets
Trade and other receivables 3,110 2,417 2,347
Cash and cash equivalents 6,274 5,922 6,846
Total current assets 9,384 8,339 9,193
Current liabilities
Trade and other payables 3,118 2,495 2,701
Short-term lease liabilities 111 241 76
Current tax liabilities 138 49 138
Total current liabilities 3,367 2,785 2,915
Net current assets 6,017 5,554 6,278
Non-current liabilities
Long-term lease liabilities 20 - 105
Deferred tax liabilities 1,343 1,156 1,320
Total non-current liabilities 1,363 1,156 1,425
Net assets 11,205 10,466 11,446
Equity
Share capital 2,957 2,957 2,957
Share premium 2,085 2,085 2,085
Revaluation reserve 4,108 3,546 4,038
Retained earnings 2,055 1,878 2,366
Shareholders' equity 11,205 10,466 11,446
Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 December 2025
Share Capital Share Premium Revaluation Reserve Retained Earnings Total Equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 July 2025 2,957 2,085 4,038 2,366 11,446
Loss on ordinary activities after taxation - - - (213) (213)
Movement in unrealised appreciation of investments - - 93 - 93
Deferred tax on movement in unrealised appreciation of investments - - (23) - (23)
Total comprehensive income / (expense) for the period - - 70 (213) (143)
Dividends paid - - - (98) (98)
Total transactions with owners, recognised directly in equity - - - (98) (98)
Balance at 31 December 2025 2,957 2,085 4,108 2,055 11,205
Balance at 1 July 2024 2,957 2,085 3,642 1,136 9,820
Profit on ordinary activities after taxation - - - 830 830
Movement in unrealised appreciation of investments - - (128) - (128)
Deferred tax on movement in unrealised appreciation of investments - - 32 - 32
Total comprehensive income / (expense) for the period - - (96) 830 856
Share based payment transactions - - - 1 1
Dividends paid - - - (89) (89)
Total transactions with owners, recognised directly in equity - - - (88) (88)
Balance at 31 December 2024 2,957 2,085 3,546 1,878 10,466
Balance at 1 July 2024 2,957 2,085 3,642 1,136 9,820
Profit on ordinary activities after taxation - - - 1,350 1,350
Movement in unrealised appreciation of investments - - 528 - 528
Deferred tax on movement in unrealised appreciation of investments - - (132) - (132)
Total comprehensive (expense) / income for the period - - 396 1,350 1,746
Share based payment transactions - - - 1 1
Dividends Paid - - - (121) (121)
Total transactions with owners, recognised directly in equity - - - (120) (120)
Balance at 30 June 2025 2,957 2,085 4,038 2,366 11,446
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 December 2025
6 months ended 6 months ended Year ended
31 December 2025 31 December 2024 30 June 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating (loss) / profit (292) 294 297
Amortisation of intangible assets arising on consolidation 79 80 161
Depreciation of right-of-use assets 53 48 108
Depreciation of property, plant and equipment 10 8 22
Interest relating to ROU assets (7) (1) (10)
Expenses settled by the issue of shares - 1 1
Decrease in receivables 309 1,647 137
(Decrease)/increase in payables (663) (1,518) 258
Cash (used in) / generated from operations (511) 559 974
Tax recovered 4 - 11
Net cash generated from operating activities (507) 559 985
Investing activities
Investment income received - 472 970
Interest income received 97 120 229
Purchase of available-for-sale investments - - -
Purchases of property, plant and equipment (10) (38) (52)
Purchase of other intangible assets - - -
Net cash generated from investing activities 87 554 1,147
Financing activities
Interest paid (3) (6) (9)
Repayment of lease liabilities (51) (53) (113)
Dividends paid (98) (89) (121)
Net cash used in financing activities (152) (148) (243)
Net (decrease) / increase in cash and cash equivalents (572) 965 1,889
Cash and cash equivalents at beginning of period 6,846 4,957 4,957
Cash and cash equivalents at end of period/year 6,274 5,922 6,846
Notes to the Interim Financial Statements
1. Basis of preparation
The Condensed Consolidated Interim Financial Statements of Fiske plc and its
subsidiaries (the Group) for the six months ended 31 December 2025 have been
prepared in accordance with IAS 34 (Interim Financial Reporting), as adopted
in the United Kingdom. The accounting policies applied are consistent with
those set out in the June 2025 Fiske plc Annual Report and accounts. These
Condensed Consolidated Interim Financial Statements do not include all the
information required for full annual statements and should be read in
conjunction with the June 2025 Annual Report and Accounts.
The Financial Statements of the Group for the Year ended 30 June 2025 were
prepared in accordance with International Financial Reporting Standards
adopted by in the United Kingdom. The statutory Consolidated Financial
Statements for Fiske plc in respect of the Year ended 30 June 2025 have been
reported on by the Company's auditor and delivered to the registrar of
companies. The report of the auditor was (i) unqualified, (ii) did not include
a reference to any matters to which the auditor drew attention by way of
emphasis without qualifying their report, and (iii) did not contain a
statement under Section 498 (2) or (3) of the Companies Act 2006.
Under IAS 27 these financial statements are prepared on a consolidated basis
where the Group consists of Fiske plc, the parent, and those subsidiaries in
which it owns 100% of the voting rights, being Ionian Group Limited, Fiske
Nominees Limited, Fieldings Investment Management Limited and VOR Financial
Strategy Limited.
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 this half-yearly financial report.
There were no new mandatory standards or amendments to existing standards
effective in the six-month reporting period to 31 December 2025.
2. Revenues
IFRS 8 requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by
management to allocate resources to the segments and to assess their
performance. The Group identifies a single reportable segment, being UK-based
financial intermediation. Within this single reportable segment, total revenue
comprises:
6 months ended 6 months ended Year ended
31 December 2025 31 December 2024 30 June 2025
Unaudited Unaudited Audited
£'000 £'000 £'000
Commission receivable 1,864 1,899 3,863
Investment management fees 2,050 1,987 4,066
3,914 3,886 7,929
Other income 1 2 1
3,915 3,888 7,930
3. Deferred tax
Deferred tax assets and liabilities are recognised at a rate which is
substantively enacted at the balance sheet date. The rate to be taken in this
case is 25%, (Year to 30 June 2025: 25%) being the anticipated rate of
taxation applicable to the Group and Company in the following year.
4. Earnings per share
Diluted
Basic Basic
£'000 £'000
Loss on ordinary activities after taxation (213) (213)
Adjustment to reflect impact of dilutive share options - -
Loss (213) (213)
Weighted average number of shares (000's) 11,830 11,830
Loss per share (pence) (1.8)p (1.8)p
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