Fiske sees share price fall despite interim profit more than doubling

Fiske PLC shares fell more than 10% on Friday, despite reporting that profit more than doubled in the first half of its current financial year.

The London-based stockbroker and investor said pretax profit for the six months that ended December 31 was £879,000, doubled from £429,000 the year before.

Fiske shares, however, closed down 11% at 62.00 pence in London on Friday. The stock has fallen 17% over the last six months, and is down 27% over the last year.

Revenue grew 11% to £3.9 million from £3.5 million, and investment revenue for the six-month period multiplied to £472,000 from £181,000.

Operating expenses increased 9.1% to £3.6 million from £3.3 million.

Fiske declared an interim dividend of 0.275 pence per share, up 10% on-year.

‘In the short term there are several macro-economic uncertainties and headwinds to navigate but as investment managers we believe that our policy of maintaining clients’ exposure to quality equities on reasonable ratings has and will continue to be the most effective strategy for achieving positive real returns over the medium to long term,’ said Fiske.

Assets under management & administration at December 31 were £882 million, rising 0.5% from £878 million at June 30.

Fiske added: ‘We continue to benefit from a solid platform on which to grow the business and provide good outcomes for our stakeholders.’

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