LONDON (ShareCast) - (ShareCast News) - Stockbroking and investment management firm Fiske reported a return to profit for the year to 31 May on Friday, with its pre-tax profit reaching £31k, compared to a loss for the prior year of £1.32m.
The AIM-traded firm said its revenues rose by 22% in its final results, while its operating expenses fell by 13%, leading to the "significant improvement" in profitability.

It also said its commission revenues rose by 15% to £2.23m, and its investment management fees rose by 43% to £0.97m.

"This was in part due to the integration of our ISA business onto our new platform alongside the appreciation of our assets under management and the gradual migration of clients to a fee based charging structure," said chairman Clive Fiske Harrison.

The annual dividend from the company's Euroclear holding was received at the end of the second half, which meant the firm received the majority of two years' dividends in the year to May.

A portion of the 2017 dividend remained unpaid whilst Fiske reclaimed part of the Swiss withholding tax, however.

"During the year currency movements have led to an appreciation in the carrying value of our holding in Euroclear which is denominated in euros," Fiske Harrison added.

"The relative strength of the euro against sterling has resulted in a further appreciation of £243,000."

Fiske's holding was now valued at £2.44m.

"We maintain our strong financial position with a further improvement in our cash balances to £1.04m at 31 May.

"This is up from £863,000 at 30 November 2016 and £405,000 at 31 May 2016."

Fiske's board resolved not to pay a second interim dividend for the year, it confirmed.

"The first half of our financial year has begun in a positive fashion with business levels in line with the previous year," commented Clive Fiske Harrison on the firm's outlook.

"We will be devoting time in the next few months to the integration of the Fieldings team and look forward to working with our new colleagues."

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