21st Aug 2019 14:37
(Alliance News) - Stockbroking and investment company Fiske PLC said on Wednesday that it swung to a full-year loss as operating expenses rose sharply.
In the year ended May 31, revenue fell by 2.1% to GBP4.3 million from GBP4.4 million and the company posted a pretax loss of GBP642,000 compared with a GBP464,000 profit last year.
Operating expenses rose by 25% to GBP5.0 million from GBP4.0 million, the biggest driver in the company sinking to a loss.
Segmentally, commissions fell by 15% to GBP2.1 million from GBP2.5 million though income from investment management fees rose by 21% to GBP2.2 million from GBP1.8 million. It marked the first time investment management fees generated more revenue than commissions.
Overall, Fiske said, trading improved in the second half of the year after it posted an interim loss of GBP492,000, compared with a GBP150,000 loss in the second half alone.
Looking ahead, the company said it is "striving for more positive outturn" in the current financial year. Trading so far in financial 2020 has been in line with the second half of the recently-ended financial year.
Shares in Fiske were down 6.3% at 60.00 pence each in London on Wednesday afternoon.
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