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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.00 | -3.28% | 29.50 | 26.00 | 33.00 | 30.50 | 29.50 | 29.50 | 0.00 | 09:52:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Consulting Svcs,nec | 3.88M | 282k | 0.0275 | 10.73 | 3.13M |
From Mar 2020 to Mar 2025
TIDMFLK
RNS Number : 9171S
Fletcher King PLC
14 July 2015
FLETCHER KING PLC
Preliminary Results for the Year Ending 30(th) April 2015
Highlights
-- Revenue for the year of GBP3.380m (2014: GBP3.653m) -- Profit before tax of GBP461,000 (2014: GBP711,000) -- Profit after tax of GBP359,000 (2014: GBP542,000) -- Basic and diluted earnings per share of 3.90p (2014: 5.89p)
-- Final dividend of 0.75p per share. An interim dividend of 1.5p per share was paid and therefore the total ordinary dividend for the year will be 2.25p per share (2014: 3.0p)
Commenting on the results, David Fletcher, chairman of Fletcher King plc said:
"Whilst the year was perhaps a little disappointing, it was in line with expectation. We have started the new financial year well and we are hopeful of improving our results."
END
For further information, please call:
David Fletcher/ Peter Bailey, Fletcher King 020 7493 8400 James Caithie, Cairn Financial Advisers LLP 020 7148 7900
CHAIRMAN'S STATEMENT
Results
Revenue for the year was GBP3.38m (2014: GBP3.65m) with profit before tax of GBP461,000 (2014: GBP711,000).
The Board is proposing a final dividend of 0.75p per share (2014: 2.25p). The final dividend is subject to shareholder approval at the AGM and will be paid on 25 September 2015 to those shareholders on the register at close of business on 28 August 2015. With the interim dividend of 1.50p per share (2014: 0.75p) already paid, the total ordinary dividend for the year will amount to 2.25p per share (2014: 3.0p).
The Commercial Property Market
Surprisingly the market was little affected by the political uncertainty in the run up to the General Election but the return of a majority Conservative Government has added further impetus to an already strong demand.
This demand, from both tenants and investors, is most visible in Central London but it continues to ripple out to the major UK cities. In our view the stability given to the market by a pro-business majority Government is likely to subsist for the next few years.
The uncertainty in Scotland continues but even so we have seen a pick-up in demand from office tenants even though rents are still significantly below their previous peaks.
Business Overview
As a result of the strong demand for investment property multiple rounds of bidding on properties for sale was the norm which made buying difficult. This affected our revenue and profit before tax which are lower than last year, as I had previously indicated they might be, in the announcement of our interim results on 16 December 2014. Also in the previous year we had a significant one-off performance fee which did not repeat this year.
Our "SHIPS" funds have been active during the year with the focus remaining in Central London. The property in Leadenhall Street (SHIPS 14) (which was acquired for circa GBP9 million in December 2013) has been letting up at rents in excess of forecast and the last phase of the current refurbishment program is nearing completion. A new property just off Clerkenwell Green was acquired after the year end for a new "SHIPS 15" fund. The total investment including refurbishment will be circa GBP8m and it was oversubscribed. Fund management continues to perform well and a number of asset management situations have arisen on the portfolios.
Rating has enjoyed a much better year than last and the Chancellor's message to the Valuation Office to settle 95% of outstanding appeals by July of this year has been implemented. During the last six months we have cleared much of the backlog which I had previously mentioned, notably a portfolio of 38 Bowling Alleys where we achieved a saving of over GBP2 million and a Soho office building where approximately GBP1 million was saved.
The volume of valuations has shown a healthy increase as have the individual fees. The banks have returned to the lending market with a vengeance and there is no sign of this abating.
Outlook
Whilst the year was perhaps a little disappointing it was in line with expectation. We have started the new financial year well and we are hopeful of improving our results.
Again I must thank our loyal clients and the new ones who have entrusted their work to us. Also our Directors and staff for their hard work and professionalism.
David Fletcher
Chairman
14 July 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 April 2015
Hot Features
Premium
Note 2015 2014
GBP000 GBP000
Revenue 3,380 3,653
Employee benefits expense (1,843) (2,017)
Depreciation expense (36) (44)
Other operating expenses (1,057) (1,083)
-------- --------
Operating profit 444 509
Profit on disposal of available
for sale investments - 174
Income from investments 4 13
Finance income 13 15
-------- --------
Profit before taxation 461 711
Taxation (102) (169)
-------- --------
Profit and total comprehensive
income for the year attributable
to equity shareholders 359 542
Basic and diluted earnings per
share 3 3.90p 5.89p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 April 2015
2015 2014
GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 84 112
Available-for-sale investments 875 750
Deferred tax assets 18 18
------- -------
977 880
------- -------
Current assets
Trade and other receivables 1,149 1,247
Cash and cash equivalents 2,852 3,314
------- -------
4,001 4,561
------- -------
Total assets 4,978 5,441
------- -------
Liabilities
Current liabilities
Trade and other payables 516 702
Current taxation liabilities 78 123
Other creditors 641 887
------- -------
1,235 1,712
------- -------
Total liabilities 1,235 1,712
------- -------
Shareholders' equity
Share capital 921 921
Share premium 140 140
Profit and Loss reserve 2,682 2,668
------- -------
Total shareholders' equity 3,743 3,729
------- -------
Total equity and liabilities 4,978 5,441
------- -------
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 April 2015
2015 2014
GBP000 GBP000
Cash flows from operating activities
Profit before taxation from continuing
operations 461 711
Adjustments for:
Depreciation expense 36 44
Profit on disposal of available
for sale investments - (174)
Income from investments (4) (13)
Finance income (13) (15)
------- -------
Cash flows from operating activities
before
movement in working capital 480 553
Decrease in trade and other receivables 98 215
(Decrease)/increase in trade and
other payables (432) 230
------- -------
Cash generated from operations 146 998
Taxation paid (147) (54)
------- -------
Net cash flows from operating activities (1) 944
------- -------
Cash flows from investing activities
Purchase of fixed assets (8) (15)
Purchase of investments (125) (750)
Sale of investments - 674
Finance income 13 15
Income from investments 4 13
------- -------
Net cash flows from investing activities (116) (63)
------- -------
Cash flows from financing activities
Dividends paid to shareholders (345) (138)
------- -------
Net cash flows from financing activities (345) (138)
------- -------
Net (decrease)/increase in cash
and cash equivalents (462) 743
Cash and cash equivalents at start
of year 3,314 2,571
------- -------
Cash and cash equivalents at end
of year 2,852 3,314
------- -------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 April 2015
Profit
Note Share Share and TOTAL
capital premium loss EQUITY
reserve
GBP000 GBP000 GBP000 GBP000
Balance at 1 May 2013 921 140 2,264 3,325
Total comprehensive income
for the year - - 542 542
Equity dividends paid 2 - - (138) (138)
Balance at 30 April 2014 921 140 2,668 3,729
Total comprehensive income
for the year - - 359 359
Equity dividends paid 2 - - (345) (345)
Balance at 30 April 2015 921 140 2,682 3,743
---------- ---------- --------- ---------
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 2015. 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 2014 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 2015 have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them.
2. Dividends
Year ended 30 April 2015 2014
GBP000 GBP000
Equity dividends on ordinary shares:
Declared and paid during year
Ordinary final dividend for the year ended
30 April 2014: 2.25p per share (2013: 0.75p) 207 69
Interim dividend for the year ended 30
April 2015: 1.50p per share (2014: 0.75p) 138 69
------- -------
345 138
------- -------
Proposed ordinary final dividend for the
year ended
30 April 2015: 0.75p per share 69
-------
3. Earnings per share
2015 2014
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 359 542
Basic and diluted earnings per share 3.90p 5.89p
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR RJMATMBIBBMA
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