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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fletcher King Plc | LSE:FLK | London | Ordinary Share | GB0003425310 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.00 | 33.00 | 37.00 | 35.00 | 35.00 | 35.00 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Consulting Svcs,nec | 3.13M | 233k | 0.0227 | 15.42 | 3.59M |
TIDMFLK
RNS Number : 9211K
Fletcher King PLC
13 July 2017
FLETCHER KING PLC
Preliminary Results for the Year Ending 30(th) April 2017
Highlights
-- Revenue for the year of GBP4,094,000 (2016: GBP4,633,000) -- Profit before tax of GBP738,000 (2016: GBP1,355,000) -- Profit after tax of GBP579,000 (2016: GBP1,060,000) -- Basic and diluted earnings per share of 6.29p (2016: 11.51p)
-- Final dividend of 3.00p per share. An interim dividend of 1.00p per share was paid and therefore the total ordinary dividend for the year will be 4.00p per share (2016: 10.00p)
Commenting on the results, David Fletcher, chairman of Fletcher King Plc said:
"We are pleased with the results for the year. In particular, our second half turned out better than we expected largely due to a higher volume of sales post Brexit than anticipated. All departments performed well during the year and some significant rating appeals were settled despite the Valuation Office continuing to procrastinate on listing appeals. Valuations were steady and asset management enjoyed a better than average year.
We have again started the year with a significant volume of potential sales and are hopeful that at least one of our current SHIPS schemes will be let and sold, most likely in the second half.
Brexit uncertainty and the outcome of the General Election will undoubtedly continue to influence the market and it is impossible at this stage to estimate that impact. Uncertainty is never positive and we expect transactions will prove more difficult to complete. However, this may produce interesting buying opportunities for SHIPS and other clients."
For further information, please call:
David Fletcher/ Peter Bailey, Fletcher King 020 7493 8400 James Caithie, Cairn Financial Advisers LLP 020 7213 0880
CHAIRMAN'S STATEMENT
Results
Revenue for the year was GBP4,094,000 (2016: GBP4,633,000). Profit on disposal of property investment was GBPnil (2016: GBP593,000). Profit before tax was GBP738,000 (2016: GBP1,355,000).
The board is proposing a final dividend of 3.00p per share. The final dividend is subject to shareholder approval at the AGM and will be paid on 6 October 2017 to those shareholders on the register at the close of business on 8 September 2017. With the interim dividend of 1.00p per share (2016:1.00p) the dividend for the year will amount to 4.00p per share (2016: 10.00p per share).
The Commercial Property Market
The unexpected EU Referendum result in June 2016 has brought significant uncertainty to the market. However, after initial market turmoil, demand for commercial investment property remained reasonably strong and we transacted a higher level of sales than anticipated at very competitive prices, particularly for industrial investments. Only in the case of Central London sales were prices at marginally below Brexit levels. It was noticeable that although there were fewer buyers in the market there was still competitive bidding for the majority of our sales.
The letting market was by contrast more influenced by the uncertainties and Central London office rents have generally fallen by circa 5% to 10% and demand is definitely somewhat muted.
Business Overview
We are pleased with the results for the year. In particular, our second half turned out better than we expected largely due to a higher volume of sales post Brexit than anticipated. All departments performed well during the year and some significant rating appeals were settled despite the Valuation Office continuing to procrastinate on listing appeals. Valuations were steady and asset management enjoyed a better than average year.
Outlook
We have again started the year with a significant volume of potential sales and are hopeful that at least one of our current SHIPS properties will be let and sold, most likely in the second half.
Brexit uncertainty and the outcome of the General Election will undoubtedly continue to influence the market and it is impossible at this stage to estimate that impact. Uncertainty is never positive and we expect transactions will prove more difficult to complete. However, this may produce interesting buying opportunities for SHIPS and other clients.
It is very difficult to forecast what might happen in the coming year but we have a strong balance sheet, very loyal clients and hard working staff so we are well placed for the challenges ahead.
DAVID FLETCHER
CHAIRMAN
13 July 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 April 2017
Note 2017 2016 GBP000 GBP000 Revenue 4,094 4,633 Employee benefits expense (2,129) (2,640) Depreciation expense (34) (34) Other operating expenses (1,214) (1,230) -------- -------- Operating profit 717 729 Profit on disposal of available for sale investments - 593 Income from investments 12 22 Finance income 9 11 -------- -------- Profit before taxation 738 1,355 Taxation (159) (295) -------- -------- Profit and total comprehensive income for the year attributable to equity shareholders 579 1,060 Basic and diluted earnings per share 3 6.29p 11.51p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 April 2017
2017 2016 GBP000 GBP000 Assets Non-current assets Property, plant and equipment 16 50 Available-for-sale investments 1,588 1,274 Deferred tax assets 16 18 ------- ------- 1,620 1,342 ------- ------- Current assets Trade and other receivables 1,495 871 Cash and cash equivalents 2,733 2,846 ------- ------- 4,228 3,717 ------- ------- Total assets 5,848 5,059 ------- ------- Liabilities Current liabilities Trade and other payables 568 346 Current taxation liabilities 97 282 Other payables 883 526 ------- ------- 1,548 1,154 ------- ------- Total liabilities 1,548 1,154 ------- ------- Shareholders' equity Share capital 921 921 Share premium 140 140 Retained Earnings 3,239 2,844 ------- ------- Total shareholders' equity 4,300 3,905 ------- ------- Total equity and liabilities 5,848 5,059 ------- -------
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 April 2017
2017 2016 GBP000 GBP000 Cash flows from operating activities Profit before taxation from continuing operations 738 1,355 Adjustments for: Depreciation expense 34 34 Profit on disposal of available for sale investments - 593 Income from investments (12) (22) Finance income (9) (11) ------- -------- Cash flows from operating activities before movement in working capital 751 763 Decrease in trade and other receivables (624) 284 Decrease in trade and other payables 579 (291) ------- -------- Cash generated from operations 706 756 Taxation paid (342) (91) ------- -------- Net cash flows from operating activities 364 665 ------- -------- Cash flows from investing activities Purchase of investments (314) (1,274) Sale of investments - 1,468 Finance income 9 11 Income from investments 12 22 ------- -------- Net cash flows from investing activities (293) 227 ------- -------- Cash flows from financing activities Dividends paid to shareholders (184) (898) ------- -------- Net cash flows from financing activities (184) (898) ------- -------- Net decrease in cash and cash equivalents (113) (6) Cash and cash equivalents at start of year 2,846 2,852 ------- -------- Cash and cash equivalents at end of year 2,733 2,846 ------- --------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 April 2017
Note Share Share Retained TOTAL capital premium Earnings EQUITY GBP000 GBP000 GBP000 GBP000 Balance at 1 May 2015 921 140 2,682 3,743 Total comprehensive income for the year - - 1,060 1,060 Equity dividends paid 2 - - (898) (898) Balance at 30 April 2016 921 140 2,844 3,905 Total comprehensive income for the year - - 579 579 Equity dividends paid 2 - - (184) (184) Balance at 30 April 2017 921 140 3,239 4,300 ---------- ---------- ----------- ---------
NOTES
1. Basis of preparation
The financial information set out above, which has been prepared on the basis of the accounting policies as set out in the prior year's accounts, does not comprise the company's statutory financial statements for the year ended 30 April 2017. While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs) as adopted by the European Union, this announcement does not itself contain sufficient information to comply with IFRSs. Statutory financial statements for the previous financial year ended 30 April 2016 have been delivered to the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain any statement under section 498(2) or (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis. The statutory accounts for the year ended 30 April 2017 have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them.
2. Dividends
Year ended 30 April 2017 2016 GBP000 GBP000 Equity dividends on ordinary shares: Declared and paid during year Ordinary final dividend for the year ended 30 April 2016: 1.00p per share (2015: 0.75p) 92 69 Special dividend for the year ended 30 April 2017: GBPnil (2016: 8.00p per share Interim dividend for the year - 737 ended 30 April 2017: 1.00p per share (2016: 1.00p) 92 92 ------- ------- 184 898 ------- ------- Proposed ordinary final dividend for the year ended 30 April 2017: 3.00p per share 276 -------
3. Earnings per share
2017 2016 No No Weighted average number of shares for basic and diluted earnings per share 9,209,779 9,209,779 ---------- GBP000 GBP000 Earnings for basic and diluted earnings per share 579 1,060 Basic and diluted earnings per share 6.29p 11.51p
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
July 13, 2017 02:00 ET (06:00 GMT)
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