18th Nov 2024 13:18
(Alliance News) - Fiske PLC on Monday said profit tripled during its most recent financial year, as revenue grows 25% higher thanks to higher asset prices and increased levels of trading.
The London-based stockbroker and investor said pretax profit for the financial year that ended June 30 nearly tripled to GBP942,000 from GBP315,000. Revenue grew 25% to GBP7.4 million from GBP5.9 million.
Chief Executive Officer James Harrison said: "We are pleased to report a marked increase in our revenues and operating profits for the full year to June 30. Revenue increases across the board were driven by a range of factors, including higher asset prices, increased levels of trading, improving service mix, with more clients opting for advisory and discretionary services, changes to fee tariffs and an increase in interest income."
Operating expenses increased 19% to GBP6.9 million from GBP5.8 million, due to "increased staff costs, linked to improved revenues, and an acceleration in the amortisation of legacy intangible assets represented by previously acquired client books", Fiske said.
Fiske proposed a final dividend of 0.75 pence per share, compared to no dividend a year earlier.
Assets under management on June 30 were GBP878 million, rising 8.8% year-on-year from GBP807 million.
Looking ahead, Fiske said: "The financial industry has weathered the recent global economic challenges posed by inflationary pressures and geopolitical uncertainties relatively well. Whilst we are used to navigating such geopolitical events, as sadly they never seem far away, we appreciate the concerns investors and shareholders might feel. We continue to focus our efforts on maintaining high levels of service for our clients whilst seeking to adapt to the evolving regulatory and industry landscape."
Shares in Fiske were flat at 70.00 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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