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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 |
From Apr 2019 to Apr 2024
TIDMFLK
RNS Number : 6254U
Fletcher King PLC
13 July 2018
FLETCHER KING PLC
Preliminary Results for the Year Ending 30(th) April 2018
Highlights
-- Revenue for the year of GBP3,080,000 (2017: GBP4,094,000) -- Profit before tax of GBP274,000 (2017: GBP738,000) -- Profit after tax of GBP209,000 (2017: GBP579,000) -- Basic earnings per share of 2.27p (2017: 6.29p)
-- Final dividend of 0.75p per share. An interim dividend of 1.00p per share was paid and therefore the total ordinary dividend for the year will be 1.75p per share (2017: 4.00p)
Commenting on the results, David Fletcher, chairman of Fletcher King Plc said:
"The results for the year were undoubtedly disappointing and did not live up to management's expectations, but we start the new year with some good sales instructions and good recurring revenue. Our balance sheet remains strong."
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 GBP3,080,000 (2017: GBP4,094,000). Profit before tax was GBP274,000 (2017: GBP738,000).
The board is proposing a final dividend of 0.75p per share. The final dividend is subject to shareholder approval at the AGM and will be paid on 5 October 2018 to those shareholders on the register at the close of business on 7 September 2018. With the interim dividend of 1.00p per share (2017:1.00p) the dividend for the year will amount to 1.75p per share (2017: 4.00p per share).
The Commercial Property Market
As stated in the Trading Update issued on 23 May, Brexit uncertainty continues to impact the Central London office letting market but the capital markets remain strong.
Both overseas and domestic buyers remain active, particularly for industrials and city centre offices, and prices are generally stable.
Online retail sales are growing and they are adversely affecting the high street. This is likely to remain the case for some time to come.
Business Overview
Performance was disappointing and did not meet management expectations.
The uncertainties, mentioned above, impacted our ability to let the two SHIPS buildings in the City and Clerkenwell although both buildings do have some of the space occupied. As a result, earnings from the sale of these buildings did not materialise as anticipated. However our volume of investment property sales held up well.
It was a disappointing year for agreeing rating appeals, with the Valuation Office delaying settlements and our valuation work was also down on the previous years.
Property management continues to provide a steady income flow.
Outlook
Brexit uncertainties will continue to impact the markets but we start the year with a good volume of investment sales. We would hope to let and sell the two SHIPS properties during the coming year but not perhaps in the first half. Our capital markets team have some significant sales instructions of both industrials and London office buildings which we anticipate will be completed this coming year.
There is significant pressure on the Valuation Office to engage on Rating Appeals and we would hope to benefit from that. We have some substantial appeals in the pipeline which should come to fruition this coming year. During the year we have added new clients including advising on the Rating of The Scalpel, a recently completed 35 storey 380,000sq.ft. office tower in Lime Street EC3.
The banks continue to be active lenders to the commercial property market and that will benefit our valuation work. The new year has started well which is an encouraging sign.
Forecasting what might happen in the coming year remains as difficult as it was this time last year. However we manage the business conservatively and continue to have a strong balance sheet.
Our loyal client base and excellent and hardworking team give us confidence for the future.
DAVID FLETCHER
CHAIRMAN
13 July 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 April 2018
Hot Features
Premium
Note 2018 2017
GBP000 GBP000
Revenue 3,080 4,094
Employee benefits expense (1,609) (2,129)
Depreciation expense (18) (34)
Other operating expenses (1,181) (1,214)
-------- --------
Operating profit 272 717
Income from investments - 12
Finance income 2 9
-------- --------
Profit before taxation 274 738
Taxation (65) (159)
-------- --------
Profit and total comprehensive
income for the year attributable
to equity shareholders 209 579
Basic earnings per share 3 2.27p 6.29p
Diluted earnings per share 3 2.25p 6.29p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 April 2018
2018 2017
GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 12 16
Available-for-sale investments 1,588 1,588
Deferred tax assets 16 16
------- -------
1,616 1,620
------- -------
Current assets
Trade and other receivables 917 1,495
Cash and cash equivalents 2,628 2,733
------- -------
3,545 4,228
------- -------
Total assets 5,161 5,848
------- -------
Liabilities
Current liabilities
Trade and other payables 485 568
Current taxation liabilities 43 97
Other payables 492 883
------- -------
1,020 1,548
------- -------
Total liabilities 1,020 1,548
------- -------
Shareholders' equity
Share capital 921 921
Share premium 140 140
Retained Earnings 3,080 3,239
------- -------
Total shareholders' equity 4,141 4,300
------- -------
Total equity and liabilities 5,161 5,848
------- -------
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 April 2018
2018 2017
GBP000 GBP000
Cash flows from operating activities
Profit before taxation from continuing
operations 274 738
Adjustments for:
Depreciation expense 18 34
Income from investments - (12)
Finance income (2) (9)
------- -------
Cash flows from operating activities
before
movement in working capital 290 751
Decrease/(increase) in trade and
other receivables 578 (624)
(Decrease)/increase in trade and
other payables (474) 579
------- -------
Cash generated from operations 394 706
Taxation paid (119) (342)
------- -------
Net cash flows from operating activities 275 364
------- -------
Cash flows from investing activities
Purchase of investments - (314)
Purchase of fixed assets (14) -
Finance income 2 9
Income from investments - 12
------- -------
Net cash flows from investing activities (12) (293)
------- -------
Cash flows from financing activities
Dividends paid to shareholders (368) (184)
------- -------
Net cash flows from financing activities (368) (184)
------- -------
Net decrease in cash and cash equivalents (105) (113)
Cash and cash equivalents at start
of year 2,733 2,846
------- -------
Cash and cash equivalents at end
of year 2,628 2,733
------- -------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 April 2018
Note Share Share Retained TOTAL
capital premium Earnings EQUITY
GBP000 GBP000 GBP000 GBP000
Balance at 1 May 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
Total comprehensive income
for the year - - 209 209
Equity dividends paid 2 - - (368) (368)
Balance at 30 April 2018 921 140 3,080 4,141
---------- ---------- ----------- ---------
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 2018. 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 2017 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 2018 have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them.
2. Dividends
Year ended 30 April 2018 2017
GBP000 GBP000
Equity dividends on ordinary shares:
Declared and paid during year
Ordinary final dividend for the year ended
30 April 2017: 3.00p per share (2016: 1.00p) 276 92
Interim dividend for the year ended 30
April 2018: 1.00p per share (2017: 1.00p) 92 92
------- -------
368 184
------- -------
Proposed ordinary final dividend for the
year ended
30 April 2018: 0.75p per share 69
-------
3. Earnings per share
2018 2017
No No
Weighted average number of shares for basic
earnings per share 9,209,779 9,209,779
Share options 58,907 -
------------ ------------
Weighted average number of shares for diluted
earnings per share 9,268,686 9,209,779
============ ============
GBP000 GBP000
Earnings for basic and diluted earnings
per share 209 579
------------ ------------
Basic earnings per share 2.27p 6.29p
Diluted earnings per share 2.25p 6.29p
============ ============
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR RJMBTMBTBBRP
(END) Dow Jones Newswires
July 13, 2018 07:31 ET (11:31 GMT)
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