26th Feb 2020 11:19
(Alliance News) - Stockbroking and investment company Fiske PLC on Wednesday reported a narrowed first half loss helped by a revenue climb.
In the six months to November 30, revenue climbed 16% to GBP2.5 million from GBP2.2 million. Its pretax loss narrowed to GBP158,000 from GBP344,000.
Operating expenses rose 9.5% however, to GBP2.7 million from GBP2.5 million the year prior, which Fiske blamed on "additional costs relating to the increasing burden of regulation manifesting itself".
The company in October took aim at European and domestic regulators arguing that changes in the wealth management market have led to increased costs for customers. Executive Chair Clive Harrison lambasted what he described as the largest changes to wealth management sector "in a generation".
Fiske said sentiment improved following the UK general election.
Fiske said: "Having a government with a sizeable majority should allow for positive measures to be delivered to drive economic growth and maintain a more favourable market background. Offsetting this optimism to some extent is the growing impact of the coronavirus not only in China but increasingly around the world. Until we see a genuine peak in new cases in China and a significant diminution in the rate of infection elsewhere markets will struggle to shake off the increasingly negative outlook for global growth in 2020.
"Assuming no significant deterioration in trading conditions, the board remains confident that the group will continue to make further progress in 2020."
Shares in the company were untraded in London on Wednesday, last quoted at 59.00 pence each.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Fiske