Fiske PLC Covid-19 and Trading Update (1222J)
08 Abril 2020 - 01:00AM
UK Regulatory
TIDMFKE
RNS Number : 1222J
Fiske PLC
08 April 2020
8 April 2020
Fiske Plc
('Fiske' or 'the Company')
Covid-19 and Trading Update
The Company is today issuing an update in relation to the
current impact of and measures taken by the Company in response to
Covid-19.
Fiske is complying with the relevant Government recommendations
and the vast majority of Fiske staff have been working remotely
since 23 March 2020. This has enabled us to ensure both the
wellbeing of our staff and to continue servicing our clients during
this period of uncertainty. Where it has not been possible for a
small number of staff to work remotely, the Company is making use
of the Job Retention Scheme (Furlough) introduced by the
Government.
Fiske appreciates the efforts and support of all its employees
in implementing these measures and is pleased that the firm is
efficiently operating remotely and has maintained all operations
during the traditionally busy period in the run up to the tax year
end.
Fiske announces that the Company's trading since the
announcement of its interim results on 26 February 2020 has been in
line with the board's expectations. Commission revenue for March
was above that of the prior year due to higher than usual market
volumes caused by enhanced volatility in markets. However asset
values and subsequent fee revenue have fallen as a result of
general market weakness. Trading volumes in the month to date have
returned to levels consistent with prior years.
Unsurprisingly there is significant macro-economic uncertainty
given the Covid-19 outbreak and the ongoing impact of this on
levels of trading and on equity and fixed income markets which
cannot be quantified at present. However our systems are working
effectively and it is expected that the firm will be able to
continue to provide a full service offering for clients throughout
the lockdown period. Although the longer-term economic impact is
hard to predict, we remain confident that the Company is well
positioned to weather the storm and to continue to service our
clients to the highest standard.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information please contact:
-- Samantha Harrison/Harrison Clarke/Niall McDonald, Grant
Thornton UK LLP (Nominated Adviser)
(tel: 020 7383 5100)
-- James Harrison, Fiske Plc - CEO
(tel: 020 7448 4700)
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END
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