20th Aug 2015 08:59
LONDON (Alliance News) - Fiske PLC on Thursday said revenue in its last financial year was disappointing, as the stockbroker said it will continue to invest a significant amount in its systems for another six months, with the company scrapping its final dividend on swinging to a loss.
The company swung to a GBP645,000 pretax loss in the year ended May 31, compared with a GBP268,000 pretax profit in the prior year, as revenue fell to GBP2.6 million from GBP3.2 million and operating expenses rose to GBP3.3 million from GBP3.1 million.
The company said its loss means it won't be paying a second interim dividend. It paid a second interim dividend of 0.35 pence per share for 2014. It paid a 0.25p first interim dividend on March 20, down from 0.35p in the prior year.
"The past year has proved to be disappointing in revenue terms and at the same time we have incurred material non-recurring expenditure. These costs include substantial investment in systems which will continue for another six months," Chairman Clive Fiske Harrison said in a statement.
The chairman said the company is confident that upgrading its systems will "greatly enhance" the service it gives to its clients, an outcome that would support profitable growth.
Fiske shares were untraded on Thursday morning at 60.00 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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