TIDMFKE
RNS Number : 1145E
Fiske PLC
26 February 2020
26 February 2020
Fiske Plc
('Fiske' or 'the Company')
Interim Results
The Company announces its interim results for the six months
ended 30 November 2019.
In accordance with rule 26 of the AIM Rules for Companies this
information is also available, under the Investors section, at the
Company's website, http://www.fiskeplc.com .
For further information please contact:
-- Samantha Harrison/Harrison Clarke/Niall McDonald, Grant
Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)
-- Gerard Luchini, Fiske Plc - Compliance Officer
(tel: 020 7448 4700)
Chairman's Statement
Trading
Chairman's Statement
Trading
Our results for the half year to 30 November 2019 were
significantly better than for the prior half year with a pre-tax
operating loss of GBP158,000 compared to a loss of GBP344,000 for
the comparable period in 2018.
Our fee and commission revenues were some GBP334,000 higher than
the prior year comparative which represents an improvement of
approximately 15%. Within this our investment management fee
revenues grew by 19% whilst our commission revenues increased by
12% when compared to the equivalent period to 30 November 2018.
This has delivered total revenues of GBP2.509 million (2018:
GBP2.163 million) which is a result of generally improved market
conditions and the continued migration of clients to fee paying
services.
Our operating expenses increased by 9% to GBP2.746 million
(2018: GBP2.509 million) primarily as a result of additional costs
relating to the increasing burden of regulation manifesting itself
in the ongoing development of our internal controls around the
Client Money and Assets rules (CASS).
Asset Management
We are pleased to report further progress for our unit trust,
Ocean UK Equity. In the period to 31 January 2020 the fund has
delivered first quartile performance in each of the last three and
twelve month periods (Source: T. Bailey Fund Services
Limited/Financial Express Analytics). As at the end of January 2020
the fund was valued at approximately GBP8.2 million. We have also
delivered a good performance for The Investment Company plc, a
listed investment trust, with the net asset value rising by 7.6%
over the six months to 31 December 2019 and the share price rising
by 16.1% over the same period.
Investment Managers
Despite the ongoing cost pressure from the regulatory
environment we continue to invest in the growth of our front office
capabilities. The two investment managers who joined us shortly
before the beginning of the financial year are making an
increasingly positive contribution.
Euroclear
Due to the re-domiciliation of Euroclear from Switzerland to
Belgium in late 2018 we have not received dividend income from
Euroclear in either the financial year to 31 May 2019 or the six
month period to 30 November 2019. Subsequent to the period end we
have now received part of the dividend for Euroclear's financial
year to 31 December 2018. The dividend amounted to EUR55 per share
and we received EUR139,000 in December 2019 with the tax credit of
EUR59,000 to follow in due course.
Euroclear have recently announced that following another
successful year to 31 December 2019, where their profits rose by
34%, they have increased their full year dividend by 50%. This will
mean we can expect to receive a dividend of approximately
EUR298,000 from Euroclear during this calendar year. We expect this
to further strengthen the market value of our holding.
Restatement of accounts
Following our own internal audit process, the directors of the
Company have determined that certain adjustments need to be made to
the accounts. These result primarily from a change in an accounting
process which has affected the way in which our systems data has
been interpreted for accounting purposes. In addition, we have
resolved to change the way in which the accounting for the
acquisition of Fieldings Investment Management has been
executed.
There has been no impact on the client money or asset positions
of our clients, and no impact on the Company's cash position. The
overall impact has been an overstatement of current liabilities.
The necessary adjustments, accumulated over several years, amount
to a net addition of some GBP532,000 to the Group's net assets as
at 31 May 2019. Comparative data in this report has been restated
and the adjustments elaborated in notes to the accounts.
IFRS 16
The adoption of IFRS 16 from 1 June 2019 has resulted in a new
treatment of our property rental obligations leading to the
inclusion of GBP188,000 of right-of-use assets in the Statement of
Financial Position as at 30 November 2019 together with a lease
liability of GBP225,000. In the six months to 30 June 2019,
operating profit was increased by GBP26,000, which was matched by
an increase in lease liability interest of GBP14,000, giving a
de-minimis impact to the Income Statement. Further information can
be found in Note 1.
Markets
Since the decisive victory of the Conservatives in the UK
General Election held in December 2019 investment sentiment has
markedly improved. Having a government with a sizeable majority
should allow for positive measures to be delivered to drive
economic growth and maintain a more favourable market background.
Offsetting this optimism to some extent is the growing impact of
the Coronavirus (COVID-19) not only in China but increasingly
around the world. Until we see a genuine peak in new cases in China
and a significant diminution in the rate of infection elsewhere
markets will struggle to shake off the increasingly negative
outlook for global growth in 2020.
Outlook
Assuming no significant deterioration in trading conditions, the
board remains confident that the Group will continue to make
further progress in 2020.
Clive Fiske Harrison
Chairman
26 February 2020
Condensed Consolidated Statement of Total Comprehensive
Income
for the six months ended 30 November 2019
Six months Six months
ended ended Year ended
30 November 30 November 31 May
2019 2018 2019
Unaudited Unaudited Unaudited
GBP'000 GBP'000
GBP'000 (restated) (restated)
------------------------------------- --- ------------ ------------ -----------
Fee and commission income 2,493 2,159 4,591
Other income 16 - (1)
Fair value through other
comprehensive income
(FVTOCI) - 4 (1)
Total Revenue 2,509 2,163 4,589
Operating expenses (2,746) (2,509) (5,020)
------------------------------------------ ------------ ------------ -----------
Operating Profit/(loss) (237) (346) (431)
------------------------------------------ ------------ ------------ -----------
Investment revenue 27 - -
Finance income 87 33 108
Finance costs (35) (31) (58)
(Loss) / Profit on ordinary
activities before taxation (158) (344) (381)
Taxation - - -
------------------------------------- --- ------------ ------------ -----------
(Loss)/Profit on ordinary
activities after taxation (158) (344) (381)
------------------------------------------ ------------ ------------ -----------
Other comprehensive income/(expense)
Movement in unrealised
appreciation of investments (212) 20 3,289
Deferred tax on movement
in unrealised appreciation
of investments 39 (4) (583)
------------------------------------------ ------------ ------------ -----------
Net other comprehensive
(expense)/ income (173) 16 2,706
------------------------------------------ ------------ ------------ -----------
Total comprehensive (loss)
/ income for the period/year
attributable to equity
shareholders (331) (328) 2,325
------------------------------------------ ------------ ------------ -----------
(Loss) / Earnings per
ordinary share (pence),
excluding other comprehensive
income
Basic (1.4p) (3.0p) (3.3p)
Diluted (1.4p) (3.0p) (3.3p)
All results are from continuing operations and are attributable
to equity shareholders of the parent company
Condensed Consolidated Statement of Financial Position
30 November 2019
As at As at As at As at
30 November 30 November 31 May 1 June
2019 2018 2019 2018
Unaudited Unaudited Unaudited Unaudited
GBP'000 GBP'000 GBP'000
GBP'000 (restated) (restated) (restated)
-------------------------- --- ------------ ------------ ----------- -----------
Non-current assets
Intangible assets
arising on consolidation 1,379 1,510 1,445 1,576
Other intangible
assets 81 113 97 130
Right-of-use assets 188 - - -
Property, plant
and equipment 28 37 30 35
Financial assets
at fair value
through profit
or loss 5,546 2,491 5,759 2,470
------------------------------- ------------ ------------ ----------- -----------
Total non-current
assets 7,222 4,151 7,331 4,211
------------------------------- ------------ ------------ ----------- -----------
Current assets
Trade and other
receivables 2,667 2,273 2,387 4,183
Cash and cash
equivalents 1,377 2,014 2,073 2,453
------------------------------- ------------ ------------ ----------- -----------
Total current
assets 4,044 4,287 4,460 6,636
------------------------------- ------------ ------------ ----------- -----------
Current liabilities
Trade and other
payables 2,479 2,703 2,814 4,790
Short-term lease
liabilities 207 - - -
Current tax liabilities - 36 - 36
------------------------------- ------------ ------------ ----------- -----------
Total current
liabilities 2,686 2,739 2,814 4,826
------------------------------- ------------ ------------ ----------- -----------
Net current assets 1,358 1,548 1,646 1,810
------------------------------- ------------ ------------ ----------- -----------
Non-current liabilities
Long-term lease
liabilities 18 - - -
Deferred tax liabilities 759 217 797 214
------------------------------- ------------ ------------ ----------- -----------
Total non-current
liabilities 777 217 797 214
------------------------------- ------------ ------------ ----------- -----------
Net assets 7,803 5,482 8,180 5,807
------------------------------- ------------ ------------ ----------- -----------
Equity
Share capital 2,904 2,890 2,904 2,890
Share premium 2,029 1,997 2,029 1,997
Revaluation reserve 4,030 1,514 4,203 1,497
Retained earnings (1,160) (919) (956) (577)
------------------------------- ------------ ------------ ----------- -----------
Shareholders'
equity 7,803 5,482 8,180 5,807
------------------------------- ------------ ------------ ----------- -----------
Condensed Consolidated Statement of Changes in Equity
Share Share Revaluation Retained Total
Capital Premium Reserve Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- -------- ----------- --------- -------
Balance at 1 December
2018 as reported 2,890 1,997 1,514 (1,337) 5,064
Adjustments - - - 418 418
----------------------------- -------- -------- ----------- --------- -------
As restated at 1
December 2018 2,890 1,997 1,514 (919) 5,482
Loss on ordinary
activities after
taxation - - - (37) (37)
Other comprehensive
income - - - (2) (2)
Movement in unrealised
appreciation of investments - - 3,268 - 3,268
Deferred tax on m
ovement in unrealised
appreciation of investments - - (579) - (579)
Share based payment
transactions - - - 2 2
Issue of ordinary
share capital 14 32 - - 46
----------------------------- -------- -------- ----------- --------- -------
Balance at 31 May
2019 (as restated) 2,904 2,029 4,203 (956) 8,180
----------------------------- -------- -------- ----------- --------- -------
Adoption of IFRS
16 (note 1) - - - (48) (48)
----------------------------- -------- -------- ----------- --------- -------
Balance at 1 June
2019 2,904 2,029 4,203 (1,004) 8,132
----------------------------- -------- -------- ----------- --------- -------
(Loss) on ordinary
activities after
taxation - - - (158) (158)
Other comprehensive
income - - - - -
Movement in unrealised
appreciation of investments - - (212) - (212)
Deferred tax on movement
in unrealised appreciation
of investments - - 39 - 39
----------------------------- -------- -------- ----------- --------- -------
Total comprehensive
(loss) for the period - - (173) (158) (331)
----------------------------- -------- -------- ----------- --------- -------
Dividends paid - - - - -
----------------------------- -------- -------- ----------- --------- -------
Share based payment
transactions - - - 2 2
----------------------------- -------- -------- ----------- --------- -------
Balance at 30 November
2019 2,904 2,029 4,030 (1,160) 7,803
----------------------------- -------- -------- ----------- --------- -------
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 November 2019
Six months Six months
ended ended Year ended
30 November 30 November 31 May
2019 2018 2019
Unaudited Unaudited Unaudited
GBP'000 GBP'000
GBP'000 (restated) (restated)
--------------------------------- ------------ ------------ -----------
Operating (loss) (237) (346) (431)
Amortisation of intangible
asset - customer relationships 66 66 131
Amortisation of other intangible
assets 16 17 33
Depreciation of Right-of-use
assets 86 - -
Depreciation of property,
plant and equipment 10 9 22
Expenses settled by the
issue of shares 2 - 2
Decrease/(increase) in
investments held for trading - - -
Decrease/(increase) in
receivables (280) 1,910 1,796
Increase/(decrease) in
payables (354) (2,117) (2,034)
--------------------------------- ------------ ------------ -----------
Cash generated from / (used
in) operations (692) (461) (481)
Tax recovered - - (36)
--------------------------------- ------------ ------------ -----------
Net cash (used in)/generated
from operating activities (692) (461) (517)
--------------------------------- ------------ ------------ -----------
Investing activities
Investment income received 27 - -
Interest received 87 33 108
Interest paid (15) - -
Purchases of property,
plant and equipment (8) (11) (17)
Purchases of other intangible
assets - - -
Net cash (used in)/ generated
from investing activities 91 22 91
--------------------------------- ------------ ------------ -----------
Financing activities
Proceeds from issue of
ordinary share capital - - 46
Repayment of lease liabilities (96) - -
Dividends paid - - -
--------------------------------- ------------ ------------ -----------
Net cash used in financing
activities (96) - 46
--------------------------------- ------------ ------------ -----------
Net (decrease) / increase
in cash and cash equivalents (696) (439) (380)
Cash and cash equivalents
at beginning of period 2,073 2,453 2,453
--------------------------------- ------------ ------------ -----------
Cash and cash equivalents
at end of period/year 1,377 2,014 2,073
--------------------------------- ------------ ------------ -----------
Notes to the Interim Financial Statements
1. Basis of preparation
The Condensed Consolidated Interim Financial Statements of Fiske
plc and its subsidiaries (the Group) for the six months ended 30
November 2019 have been prepared in accordance with IAS 34 (Interim
Financial Reporting), as adopted in the United Kingdom. The
accounting policies applied are consistent with those set out in
the May 2019 Fiske plc Annual Report and accounts except for IFRS
16 (Leases) which has been adopted in the current year.
These Condensed Consolidated Interim Financial Statements do not
include all the information required for full annual statements and
should be read in conjunction with the May 2019 Annual Report and
Accounts.
The comparative figures for the year ended 31 May 2019 do not
constitute the Group's statutory Financial Statements for that
financial year as defined in Section 434 of the Companies Act 2006,
and amounts which have been extracted from those Financial
Statements for reporting in these have been subject to restatements
as elaborated in Note 4 below.
The Financial Statements of the Group for the year ended 31
May2019 were prepared in accordance with International Financial
Reporting Standards adopted by in the United Kingdom. The statutory
Consolidated Financial Statements for Fiske plc in respect of the
year ended 31 May 2019 have been reported on by the Company's
auditor and delivered to the registrar of companies. The report of
the auditor was (i) unqualified, (ii) did not include a reference
to any matters to which the auditor drew attention by way of
emphasis without qualifying their report, and (iii) did not contain
a statement under Section 498 (2) or (3) of the Companies Act
2006.
Under IAS 27 these financial statements are prepared on a
consolidated basis where the Group consists of Fiske plc, the
parent, and those subsidiaries in which it owns 100% of the voting
rights, being Ionian Group Limited, Fiske Nominees Limited,
Fieldings Investment Management Limited and VOR Financial Strategy
Limited.
The directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing this half-yearly financial
report.
New standards adopted in the current year
IFRS 16 (Leases)
The Group adopted IFRS 16 (Leases) using the modified
retrospective approach on 1 June 2019. IFRS 16 introduces new
requirements for lessee and lessor accounting, with the distinction
between operating lease and finance lease no longer applying for
lessees. Under IFRS 16, a lessee is required to recognise assets
and liabilities for all leases with a term of more than 12 months,
unless the underlying asset is of a low value when new. The new
standard also requires depreciation of the asset to be recognised
separately from the interest expense on the lease liability.
As a result of adopting IFRS 16, the difference between the
asset and liability recognised on 1 June 2019 has been shown as an
adjustment to opening retained earnings within the Consolidated
Statement of Changes in Equity. The exemptions taken by the Group
on transition are detailed below. For any new leases entered into
after 1 June 2019, the lease liability is initially measured at the
present value of the lease payments that are not paid at the
commencement date, discounted by using the incremental borrowing
rate for the related geographical location. The lease liability is
subsequently measured by increasing the carrying amount to reflect
interest on the lease liability and by reducing the carrying amount
to reflect the lease payments made.
The right-of-use assets comprise the initial measurement of the
corresponding lease liability, lease payments made at or before the
commencement date and any initial direct costs. They are
subsequently measured at cost less accumulated depreciation and
impairment losses.
2. Taxation
No tax credit on the loss for the period has been recognised for
the six months to 30 November 2019, due to uncertainty over the
timing and quantum of future taxable profits being available.
3. Dividends paid
Dividends paid in the first half of the year to 31 May 2020
GBPnil (2019 - GBPnil).
4. Impact of restatements
(a) Consolidated Statement of Total Comprehensive income in the
prior half year to 30 November 2018
As previously
reported Adjustments As restated
(Unaudited) (Unaudited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000
------------------------------------- ------ ------------- ------------ ------------
Fee and commission income i 2,015 144 2,159
Other income - - -
Fair value through other
comprehensive income
(FVTOCI) 4 - 4
Total Revenue 2,019 144 2,163
Operating expenses i (2,544) 35 (2,509)
------------------------------------- ------ ------------- ------------ ------------
Operating Profit/(loss) (525) 179 (346)
--------------------------------------------- ------------- ------------ ------------
Finance income 33 - 33
Finance costs ii - (31) (31)
(Loss) / Profit on ordinary
activities before taxation (492) 148 (344)
Taxation - - -
------------------------------------- ------ ------------- ------------ ------------
(Loss)/Profit on ordinary
activities after taxation (492) 148 (344)
--------------------------------------------- ------------- ------------ ------------
Other comprehensive income/(expense)
Movement in unrealised
appreciation of investments 20 - 20
Deferred tax on movement
in unrealised appreciation
of investments (4) - (4)
--------------------------------------------- ------------- ------------ ------------
Net other comprehensive
(expense)/ income 16 - 16
--------------------------------------------- ------------- ------------ ------------
Total comprehensive (loss)
/ income for the period/year
attributable to equity
shareholders (476) 148 (328)
--------------------------------------------- ------------- ------------ ------------
(Loss) / Earnings per
ordinary share (pence),
excluding other comprehensive
income
Basic (4.5p) 1.3p (3.0p)
Diluted (4.5p) 1.3p (3.0p)
(b) Consolidated Statement of Total Comprehensive income in the prior year to 31 May 2019
As previously
reported Adjustments As restated
(Audited) (Unaudited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000
------------------------------------- ------ ------------- ------------ ------------
Fee and commission income i 4,289 302 4,591
Other income (1) - (1)
Fair value through other
comprehensive income
(FVTOCI) (1) - (1)
Total Revenue 4,287 302 4,589
Operating expenses i (5,037) 17 (5,020)
------------------------------------- ------ ------------- ------------ ------------
Operating Profit/(loss) (750) 319 (431)
--------------------------------------------- ------------- ------------ ------------
Finance income 108 - 108
Finance costs ii - (58) (58)
(Loss) / Profit on ordinary
activities before taxation (642) 261 (381)
Taxation - - -
------------------------------------- ------ ------------- ------------ ------------
(Loss)/Profit on ordinary
activities after taxation (642) 261 (381)
--------------------------------------------- ------------- ------------ ------------
Other comprehensive income/(expense)
Movement in unrealised
appreciation of investments 3,289 - 3,289
Deferred tax on movement
in unrealised appreciation
of investments (583) - (583)
--------------------------------------------- ------------- ------------ ------------
Net other comprehensive
(expense)/ income 2,706 - 2,706
--------------------------------------------- ------------- ------------ ------------
Total comprehensive (loss)
/ income for the period/year
attributable to equity
shareholders 2,064 261 2,325
--------------------------------------------- ------------- ------------ ------------
(Loss) / Earnings per
ordinary share (pence),
excluding other comprehensive
income
Basic (5.5p) (2.2p) (3.3p)
Diluted (5.5p) (2.2p) (3.3p)
(c) Consolidated Statement of Financial Position as at 30 November 2018
As previously
reported Adjustments As restated
(Unaudited) (Unaudited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000
------------------------- ------ ------------- ------------ ------------
Non-current assets
Goodwill and intangible
assets 1,510 - 1,510
Other intangible
assets 113 - 113
Property, plant
and equipment 37 - 37
Equity investments 2,491 - 2,491
Total non-current
assets 4,151 - 4,151
--------------------------------- ------------- ------------ ------------
Current assets
Trade and other
receivables i 2,364 (91) 2,273
Cash and cash
equivalents 2,014 - 2,014
--------------------------------- ------------- ------------ ------------
Total current
assets 4,378 (91) 4,287
--------------------------------- ------------- ------------ ------------
Current liabilities
Trade and other i,
payables ii 3,212 (509) 2,703
Current tax liabilities 36 - 36
Total current
liabilities 3,248 (509) 2,739
--------------------------------- ------------- ------------ ------------
Net current assets 1,130 418 1,548
--------------------------------- ------------- ------------ ------------
Non-current liabilities
Deferred tax liabilities 217 - 217
--------------------------------- ------------- ------------ ------------
Total non-current
liabilities 217 - 217
--------------------------------- ------------- ------------ ------------
Net assets 5,064 418 5,482
--------------------------------- ------------- ------------ ------------
Equity
Share capital 2,890 - 2,890
Share premium 1,997 - 1,997
Revaluation reserve 1,514 - 1,514
Retained earnings (1,337) 418 (919)
--------------------------------- ------------- ------------ ------------
Shareholders'
equity 5,064 418 5,482
--------------------------------- ------------- ------------ ------------
(d) Consolidated Statement of Financial Position as at 31 May 2019
As previously
reported Adjustments As restated
(Audited) (Unaudited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000
------------------------- ------ ------------- ------------ ------------
Non-current assets
Goodwill and intangible
assets 1,445 - 1,445
Other intangible
assets 97 - 97
Property, plant
and equipment 30 - 30
Equity investments 5,759 - 5,759
Total non-current
assets 7,331 - 7,331
--------------------------------- ------------- ------------ ------------
Current assets
Trade and other
receivables i 2,545 (158) 2,387
Cash and cash
equivalents 2,073 - 2,073
--------------------------------- ------------- ------------ ------------
Total current
assets 4,618 (158) 4,460
--------------------------------- ------------- ------------ ------------
Current liabilities
Trade and other i,
payables ii 3,504 (690) 2,814
Current tax liabilities - - -
Total current
liabilities 3,504 (690) 2,814
--------------------------------- ------------- ------------ ------------
Net current assets 1,114 532 1,646
--------------------------------- ------------- ------------ ------------
Non-current liabilities
Deferred tax liabilities 797 - 797
--------------------------------- ------------- ------------ ------------
Total non-current
liabilities 797 - 797
--------------------------------- ------------- ------------ ------------
Net assets 7,648 532 8,180
--------------------------------- ------------- ------------ ------------
Equity
Share capital 2,904 - 2,904
Share premium 2,029 - 2,029
Revaluation reserve 4,203 - 4,203
Retained earnings (1,488) 532 (956)
--------------------------------- ------------- ------------ ------------
Shareholders'
equity 7,648 532 8,180
--------------------------------- ------------- ------------ ------------
(e) Consolidated Statement of Financial Position as at 1 June 2018
As previously
reported Adjustments As restated
(Audited) (Unaudited) (Unaudited)
Notes GBP'000 GBP'000 GBP'000
------------------------- ------ ------------- ------------ ------------
Non-current assets
Goodwill and intangible
assets 1,576 - 1,576
Other intangible
assets 130 - 130
Property, plant
and equipment 35 - 35
Equity investments 2,470 - 2,470
Total non-current
assets 4,211 - 4,211
--------------------------------- ------------- ------------ ------------
Current assets
Trade and other
receivables i 4,087 96 4,183
Cash and cash
equivalents 2,453 - 2,453
--------------------------------- ------------- ------------ ------------
Total current
assets 6,540 96 6,636
--------------------------------- ------------- ------------ ------------
Current liabilities
Trade and other i,
payables ii 4,965 (175) 4,790
Current tax liabilities 36 - 36
Total current
liabilities 5,001 (175) 4,826
--------------------------------- ------------- ------------ ------------
Net current assets 1,539 271 1,810
--------------------------------- ------------- ------------ ------------
Non-current liabilities
Deferred tax liabilities 214 - 214
--------------------------------- ------------- ------------ ------------
Total non-current
liabilities 214 - 214
--------------------------------- ------------- ------------ ------------
Net assets 5,536 271 5,807
--------------------------------- ------------- ------------ ------------
Equity
Share capital 2,890 - 2,890
Share premium 1,997 - 1,997
Revaluation reserve 1,497 - 1,497
Retained earnings (848) 271 (577)
--------------------------------- ------------- ------------ ------------
Shareholders'
equity 5,536 271 5,807
--------------------------------- ------------- ------------ ------------
Notes:
i impact of change in an accounting process which has affected
the way in which our systems data has been interpreted for
accounting purposes, resulting in increased revenue and reallocated
costs
ii impact of change in the way in which the accounting for the
acquisition of Fieldings Investment Management Ltd has been
executed, resulting in an amortisation of the fair value adjustment
to deferred consideration payable
This information is provided by RNS, the news service of the
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END
IR FLFITFIIEFII
(END) Dow Jones Newswires
February 26, 2020 02:00 ET (07:00 GMT)
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