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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% | 36.50 | 33.00 | 40.00 | 36.50 | 36.50 | 36.50 | 0.00 | 08:00:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Consulting Svcs,nec | 3.88M | 282k | 0.0275 | 13.27 | 3.74M |
From Jan 2022 to Jan 2025
TIDMFLK
RNS Number : 5661X
Fletcher King PLC
30 August 2022
FLETCHER KING PLC
Audited results for the Year Ending 30 April 2022
Highlights
-- Revenue for the year of GBP2,967,000 (2021: GBP2,264,000) -- Statutory profit before tax of GBP134,000 (2021: loss of GBP834,000) -- Adjusted profit before tax of GBP144,000 (2021: loss of GBP935,000) * -- Adjusted basic earnings per share of 1.73p (2020: loss of 8.57p) * -- Final proposed dividend: 0.50p per share (2021: GBPnil) -- Significant cash reserves: GBP3.4m as at 30 April 2022 (2021: GBP2.9m)
*Adjusted results are before share based payment expenses and after other comprehensive income (see note 2).
The Annual Report and Accounts will shortly be posted on the Company's website and a further announcement will be made when the document is sent to shareholders.
Commenting on the results, David Fletcher, chairman of Fletcher King Plc said:
"The results for the year are a significant improvement from last year and we are pleased to be able to commence dividend payments again. We have started the new financial year with some encouraging instructions and are optimistic that we can continue our growth pattern".
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
For further information, please contact:
Fletcher King plc Tel: +44 (0) 20 7493 8400 David Fletcher, Non-Executive Chairman Peter Bailey, Finance Director Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880 (Nominated Adviser) James Caithie Liam Murray
HAIRMAN'S STATEMENT
Results
Revenue for the year was GBP2,967,000 (2021: GBP2,264,000). Adjusted profit before tax (see note 2) was GBP144,000 (2021: loss of GBP935,000). Statutory profit before tax was GBP134,000 (2021: loss of GBP834,000).
The Board considers the adjusted results to be an important measure of performance and to be more representative of performance for the year than the statutory results (which have been prepared in accordance with International Financial Reporting Standards).
Dividend
The Board is proposing a final dividend of 0.5p per share. The final dividend is subject to shareholder approval at the AGM and will be paid on 28 October 2022 to shareholders on the register at the close of business on 30 September 2022. The ex-dividend date for this payment is 29 September 2022. With no interim dividend paid (2021: GBPnil per share) the dividend for this year will amount to 0.5p per share (2021: GBPnil per share).
The Commercial Property Market
It was encouraging that both the letting and capital markets were considerably more buoyant than the previous year.
The impact of Covid on the market has now largely disappeared although numbers back to the office have not yet returned to pre pandemic levels. However no sooner has one world problem diminished than another takes its place in the form of the tragic war in Ukraine and its impact on all economies throughout the world.
Despite the continuing levels of uncertainty, the industrial property market continued to perform exceptionally well with rents growing and capital values powering ahead. Over the year, according to MSCI data, total returns in the sector produced an astonishing 42% which compared to retail at 6% and offices at 6.7%.
High Street retail continues to be difficult but interestingly the office sector, in both London and major cities throughout the country, is showing strong tenant demand for prime space with potential under supply in some locations.
Business Overview
As seen from the figures above, the market was significantly better than the previous year but it was not without its ups and downs and a significant level of uncertainty remains in predicting future outcomes.
Property and Fund Management had a strong year. Despite the challenges of the pandemic, we continued to produce excellent rent collection statistics. We remodelled parts of the portfolios and acquired new clients during the year. Our continued robust performance has fostered long client relationships some of which have been in existence for over fifty years.
Bank Valuations showed a marked improvement compared to the previous year and there has been a steady flow of instructions from lenders for whom we have not previously acted.
Income from rating appeals was negligible, reflecting a disappointingly low number of appeals settled with the Valuation Office. Hopefully the backlog of appeals will be addressed by the Valuation Office and we can benefit from the significant pipeline of appeals submitted on behalf of our clients.
As announced on 4 March 2022, and after a delay in receiving FCA approval, the transaction completed whereby C M Strategic 613 Limited (an investment company of Elliott Bernerd) acquired a 29.99% shareholding in the Company.
Our move to new offices in Soho went well and both staff and clients are happy with our new location. We are using our new space more efficiently and there has been a material reduction in our property overhead.
Outlook
The uncertainties mentioned above together with rising interest rates, inflationary pressures and forecast recession are likely to have a continuing impact on all markets in which the company operates and will affect our ability to accurately forecast the future. However, we are optimistic about our performance for the coming year and we have started it with some excellent sales instructions as well as client funds available to invest in suitable propositions. Our management portfolios are likely to grow both organically and from appointments to advise new clients.
We anticipate the volume of valuations will increase during the year and hopefully this will be the year when we return to activity in agreeing rating appeals.
Importantly we hope our new significant shareholder will in due course become the source of additional income streams and we await to see the progression of this during the year.
Our balance sheet and cash reserves remain strong and have been of immense importance during the difficult times we have experienced over the last two years.
Once again, on behalf of all at Fletcher King I would like to thank our loyal clients for their continued support. On behalf of the Board, I also congratulate our outstanding staff for their foresight, expertise, dedication and hard work which is ultimately why our clients appoint us.
DAVID FLETCHER
CHAIRMAN
30 August 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 April 2022
Hot Features
Premium
Note 2022 2021
GBP000 GBP000
Revenue 2,967 2,264
Employee benefits expense (1,630) (1,262)
Depreciation expense (346) (281)
Gain recognised on remeasurement 125 -
of lease liability
Other operating expenses (1,014) (1,566)
Share based payment expense (10) -
--------- ---------
(2,875) (3,109)
Other operating income 39 25
Investment income 18 -
Finance income - 2
Finance expense (15) (16)
--------- ---------
Profit/(loss) before taxation 134 (834)
Taxation 18 146
--------- ---------
Profit/(loss) for the year 152 (688)
Other comprehensive income
Fair value (loss)/gain on financial
assets through - (101)
Other comprehensive income
Total comprehensive income for
the year attributable to equity
shareholders 152 (789)
Earnings per share
Basic 4 1.62p (7.47p)
Diluted 4 1.50p (7.47p)
Adjusted earnings per share
Basic 4 1.73p (8.57p)
Diluted 4 1.60p (8.57p)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 April 2022
2022 2021
GBP000 GBP000
Assets
Non-current assets
Software 76 -
Property, plant and equipment 266 12
Right-of-use asset 494 272
Financial assets 529 529
Deferred tax assets 32 -
1,397 813
------- -------
Current assets
Trade and other receivables 1,375 1,148
Corporation tax debtor 97 111
Cash and cash equivalents 3,365 2,892
------- -------
4,791 4,151
------- -------
Total assets 6,188 4,964
------- -------
Liabilities
Current liabilities
Trade and other payables 1,124 908
Provisions 25 100
Lease liabilities 610 577
1,759 1,585
------- -------
Non current liabilities
------- -------
Lease liabilities 402 -
------- -------
Total liabilities 2,161 1,585
------- -------
Shareholders' equity
Share capital 1,025 921
Share premium 522 140
Investment revaluation reserve (101) (101)
Share option reserve 10 -
Retained Earnings 2,571 2,419
------- -------
Total shareholders' equity 4,027 3,379
------- -------
Total equity and liabilities 6,188 4,964
------- -------
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 April 2022
2022 2021
GBP000 GBP000
Cash flows from operating activities
Profit/(loss) before taxation from
continuing operations 134 (834)
Adjustments for:
Movement in provision (75) 100
Depreciation and amortisation expense 346 281
Remeasurement of lease liability (125) -
Investment income (18) -
Finance income - (2)
Finance expense 15 16
Share based payment expense 10 -
------- -------
Cash flows from operating activities
before
movement in working capital 287 (439)
Increase in trade and other receivables (181) (468)
Increase in trade and other payables 216 219
------- -------
Cash generated from / (absorbed
by) operations 322 (688)
Taxation paid - -
------- -------
Net cash flows from operating
activities 322 (688)
------- -------
Cash flows from investing activities
Purchase of fixed assets (352) -
Investment income 18 -
Finance income - 2
Net cash flows from investing
activities (334) 2
------- -------
Cash flows from financing activities
Lease payments (1) -
Proceeds of share placing 547 -
Placing costs (61) -
Dividends paid to shareholders - (46)
------- -------
Net cash flows from financing
activities 485 (46)
------- -------
Net increase/(decrease) in cash
and cash equivalents 473 (732)
Cash and cash equivalents at start
of year 2,892 3,624
------- -------
Cash and cash equivalents at end
of year 3,365 2,892
------- -------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 April 2022
Investment Share
Note Share Share Revaluation option Retained TOTAL
capital premium Reserve reserve Earnings EQUITY
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance as at 1
May 2020 921 140 - - 3,153 4,214
Loss for the year - - - - (688) (688)
Fair value loss
on financial assets
through other comprehensive
income - - (101) - - (101)
Equity dividends
paid 2 - - - - (46) (46)
Balance at 30 April
2021 921 140 (101) - 2,419 3,379
Total comprehensive
income for the year - - - - 152 152
Share issue 104 443 - - - 547
Cost of share issue - (61) - - - (61)
Share based payment
expense - - - 10 - 10
Balance at 30 April
2022 1,025 522 (101) 10 2,571 4,027
NOTES
1. General information
Whilst the financial information included in this preliminary announcement has been prepared in accordance with UK-adopted international accounting standards, this announcement does not itself contain sufficient information to comply with IFRSs.
The financial information is presented in pounds sterling rounded to the nearest thousand, and prepared in accordance with UK-adopted international accounting standards and under the historical cost convention, except for the revaluation of certain financial assets. The financial information set out in this announcement does not comprise the Group's statutory accounts for the years ended 30 April 2022 or 30 April 2021.
The financial information for the year ended 30 April 2021 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under either Section 498 (2) or Section 498 (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 financial information for the year ended 30 April 2022 is derived from the audited statutory accounts for the year ended 30 April 2022 on which the auditors have given an unqualified report, that did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006 and did not include references to any matters to which the auditors drew attention by way of emphasis. The statutory accounts will be delivered to the Registrar of Companies following the Company's annual general meeting.
2. Alternative performance measures - profit/(loss) reconciliation
The reconciliation set out below provides additional information to enable the reader to reconcile to the numbers discussed in the Chairman's Statement and Highlights section.
Year ended 30 April 2022 2021
GBP000 GBP000
Profit/(loss) before taxation 134 (834)
Add back: Share based payment expense
Include: Fair value (loss)/gain on financial 10 -
assets through OCI - (101)
Adjusted (loss)/profit before share-based
payment expense and taxation 144 (935)
Taxation 18 146
Adjusted profit/(loss) after tax for the
year 162 (789)
------- -------
The fair value loss on financial assets in the prior year represents the unrealised loss in the year on the revaluation of the Group's interest in the SHIPS 16 syndicate.
3. Dividends
Year ended 30 April 2022 2021
GBP000 GBP000
Equity dividends on ordinary shares:
Declared and paid during year
Ordinary final dividend for the year ended
30 April 2021: nil per share (2020: 0.50p) - 46
Interim dividend for the year ended 30 - -
April 2022: nil per share (2021: nil)
------- -------
- 46
------- -------
Proposed ordinary final dividend for the
year ended
30 April 2022: 0.50p per share 51
-------
4. Earnings per share
Number of shares 2022 2021
No No
Weighted average number of shares for basic
earnings per share 9,375,425 9,209,779
Share options 920,000 -
------------- ------------
Weighted average number of shares for diluted
earnings per share 10,129,779 9,209,779
============= ============
Earnings GBP000 GBP000
Profit/(loss) after tax for the year 152 (688)
(used to calculate the basic and diluted
earnings per share)
Add back: Share based payment expense 10 -
Include: Fair value (loss)/gain on financial
assets through OCI - (101)
Adjusted profit/(loss) after tax for the
year 162 (789)
------------- ------------
(used to calculate the adjusted basic and
diluted earnings per share)
Earnings per share
Basic 1.62p (7.47p)
Diluted 1.50p (7.47p)
Adjusted earnings per share
Basic 1.73p (8.57p)
Diluted 1.60p (8.57p)
Forward Looking Statements
Certain statements in this announcement are forward-looking statements relating to the Company's operations, performance and financial position based on current expectations of, and assumptions and forecasts made by, management. They are subject to a number of risks, uncertainties and other factors which could cause actual results, performance or achievements of the Company to differ materially from any outcomes or results expressed or implied by such forward-looking statements. Undue reliance should not be placed on such forward looking statements. They are made only as of the date of this announcement and no representation, assurance, guarantee or warranty is given in relation to them including as to their accuracy, completeness, or the basis on which they are made.
END
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END
FR PMMRTMTJJMAT
(END) Dow Jones Newswires
August 30, 2022 03:38 ET (07:38 GMT)
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