31st Aug 2018 15:07
LONDON (Alliance News) - Stockbroker & investment manager Fiske PLC on Friday reported a considerably increased full-year profit due to its Fieldings Investment Management acquisition.
In its financial year ended May 31, Fiske's pretax profit multiplied to GBP464,000 from GBP31,000 as fee & commission income grew to GBP4.3 million from GBP3.2 million. This resulted in total revenue jumping by almost a third to GBP4.4 million from GBP3.4 million.
"In recent years, investment management fees have formed a steadily increasing proportion of our total revenue," said Chairman Clive Harrison.
"A large proportion of the increase has come from the acquisition of Fieldings which contributed to the group results for three quarters of the year," added Harrison.
The company's cash balance as at May 31 was GBP2.5 million, up from GBP1.0 million a year earlier.
"The first quarter of our current financial year to May 2019 has begun in a positive fashion with business levels in line with the year just reported," said Harrison.
Fiske shares were untraded at 81.50 pence on Friday.
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