Fiske pre-tax losses widen

Fiske reports a disappointing first half with pre-tax losses rising to GBP662,000 from GBP162,000 a year ago.

Fiske says trading in the six months to the end of November suffered as a result of weakening markets which depressed day to day commission revenues.

Conversely fee revenue from its assets under advice and management has risen when compared to the prior year. This resulted in total revenue falling by only 7% to GBP1.226 million.

Chairman C F Harrison said: "The principal cause of the reported loss for the period is the ongoing investment in our major systems change. The majority of these costs have been expensed rather than capitalised as we consider this policy to be more prudent and appropriate. In addition we have incurred exceptional restructuring costs as we have sought to adjust our cost base to the current market environment.

"We have further such costs to meet in the second half of the year though on a reduced scale. By the end of this financial year to the end of May 2016 we will be operational on our new system with our ISAs administered in-house and all related investment costs behind us. This will provide us with the opportunity to improve the range of services we can offer our clients and grow our business on this new platform."

At 1:47pm: (LON:FKE) Fiske PLC share price was -1.5p at 45p