Share Name Share Symbol Market Type Share ISIN Share Description
Fletcher King 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
  +0.00p +0.00% 48.00p 45.00p 51.00p 48.00p 48.00p 48.00p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 3.1 0.3 2.3 21.1 4.42

Fletcher King PLC Final Results

13/07/2018 12:31pm

UK Regulatory (RNS & others)


Fletcher King (LSE:FLK)
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1 Month : From Jun 2018 to Jul 2018

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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

 
                                       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

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July 13, 2018 07:31 ET (11:31 GMT)

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