Trading Update - Year to 30 June 2025

Fiske announces a trading update following the conclusion of its financial year to 30 June 2025 ("FY25").

As previously announced on 28 February 2025, the Company traded well in the first half of FY25 for the six-month period to 31 December 2024, growing revenues and operating profit when compared to the previous half-year period to 31 December 2023. The Company is pleased to announce that the business performed well during the second half of the year with revenues and pre-tax profits ahead of the prior year.

Based on unaudited numbers, the Company expects revenues for FY 2025 to be in the region of £7.9m, which is an increase of approximately 6% on the prior year to 30 June 2024. Profit on ordinary activities before tax will be in the region of £1.4m, which is up approximately 43% on the prior year. This gives rise to earnings for the year of approximately 11p per share.

The Company's balance sheet remains robust with an increase in its cash balance during the year to over £6.5m leading to net assets as at 30 June 2025 in excess of £11m.

As the Company stated in the first half results it expected to incur additional costs during the second half of the year associated with the ongoing compliance advisory work relating to the Consumer Duty and the Company's general upgrading of its systems and controls used by its compliance team. These expenses were incurred, and this impacted the Company's overall operating profit performance.

Trading since the end of FY25 is in line with management expectations. The Company remains mindful of potentially more volatile market conditions in the coming months due to the generally uncertain geopolitical environment, and in particular in the UK in the run-up to the Autumn Budget Statement in November. However, management is confident that the growth in revenues seen in FY25 will be maintained whilst budgets for the first half of FY26 incorporate the operational expenditure required to complete the updating of the Company's systems and controls. Going forward there may yet be additional compliance costs, however management believe any such further costs can be met by the Company given the strength of its balance sheet and the level of underlying operating profits.

As acknowledged by the Company in an announcement made today on the agreement of the Voluntary Requirement ("VREQ") with the Financial Conduct Authority ("FCA"), the Company expects that it will be able to pay a final dividend to shareholders, should the Board resolve to recommend one, and will confirm the final dividend arrangements together with notification of the final results. The Company expects to update the market with its final results for FY25 before the end of October 2025.