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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 : 7808Z
Fletcher King PLC
16 December 2014
FLETCHER KING PLC
Interim Results for the 6 months ended 31 October 2014
Financial Highlights
Hot Features
Premium
Turnover : GBP1.828m (2013: GBP1.342m)
PBT : GBP293,000 (2013: GBP147,000)
EPS : 2.51p per share (2013: 1.21p per share)
Dividend : 1.50p per share (2013: 0.75p per share)
Operational Highlights
-- The Market - The central London market remains strong with demand now rippling out from the centre.
-- Fund Management and Investment - Some significant investment broking transactions have enhanced the company's performance in the period.
-- Valuation and Rating - The volume of rates appeals settled has increased and bank valuation instructions have remained steady.
Commenting on the results David Fletcher, Chairman of Fletcher King said:
"We are pleased with the results. Our prospects going forward look satisfactory although as I pointed out in my Chairman's statement last year those results would be a difficult act to follow but we will use all our efforts to do so".
ENQUIRIES:
Fletcher King Plc
David Fletcher
Tel: 020 7493 8400
Cairn Financial Advisers LLP (Nomad)
James Caithie
Tel: 020 7148 7900
The interim results are available on the Company's website: www.fletcherking.co.uk
CHAIRMAN'S STATEMENT
Results
Turnover for the period was GBP1.83m (2013: GBP1.34m) with a profit before tax of GBP293,000 (2013: GBP147,000). Your Directors have declared an interim dividend of 1.50p per share (2013: 0.75p) to be paid on 20 February 2015 to Shareholders on the register at the close of business on 23 January 2015.
The Commercial Property Market
The central London market continues its high level of activity and remains very strong. Tenant demand for space across all sectors is good with significant rental growth in some areas. Demand from investors, both domestic and foreign, shows no sign of abating. Yields are generally back at their pre crash levels or better.
Demand is now rippling out from the centre and the other major UK cities are seeing significant yield contractions as investors seek higher returns and this is likely to continue for the foreseeable future.
The political uncertainty surrounding next year's general election has had no effect on the market so far. The same cannot be said for the market north of the border where the uncertainty continues to impact the capital markets although there are more encouraging signs in the letting market.
Business Overview
Our strong performance last financial year has continued into the first half.
All departments were very active. At long last the Valuation Office Agency is processing rates appeals and we settled some long standing cases. The volume of bank valuations remains steady.
During the period we added some more central London office buildings to our management portfolio. We were also active in acquiring and disposing of assets for our fund management clients as well as completing some significant investment broking transactions.
Outlook
Our prospects going forward look satisfactory although as I pointed out in my Chairman's statement last year those results would be a difficult act to follow but we will use all our efforts to do so.
David Fletcher
Chairman
15 December 2014
Fletcher King Plc
Consolidated Interim Statement of Comprehensive Income
for the 6 months ended 31 October 2014
6 months 6 months
ended ended Year ended
31 October 31 October 30 April
2014 2013
(Unaudited) (Unaudited) 2014 (Audited)
GBP000 GBP000 GBP000
---------------------------------- ------------- ------------- ---------------
Revenue 1,828 1,342 3,653
Employee benefits expense (968) (736) (2,017)
Depreciation expense (19) (17) (44)
Other operating expenses (559) (490) (1,083)
------------- ------------- ---------------
Operating profit 282 99 509
Profit on sale of available
for sale investments - 39 174
Income from investments 4 3 13
Finance income 7 6 15
------------- ------------- ---------------
Profit before taxation 293 147 711
Taxation (62) (36) (169)
------------- ------------- ---------------
Profit for the period 231 111 542
------------- ------------- ---------------
Total comprehensive income for
the period 231 111 542
------------- ------------- ---------------
Basic and diluted earnings per
share (note 4)
Continuing operations 2.51p 1.21p 5.89p
Dividends per share
Interim dividend proposed 1.50p 0.75p -
Dividends paid 2.25p 0.75p 1.50p
Fletcher King Plc
Consolidated Interim Statement of Financial Position
as at 31 October 2014
31 October 31 October 30 April
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
-------------------------------- ------------- ------------- -----------
Assets
Non-current assets
Property, plant and equipment 93 124 112
Available for sale investments 875 250 750
Deferred tax assets 18 63 18
------------------------------------- ------------- ------------- -----------
986 437 880
Current Assets
Trade and other receivables 1,394 925 1,247
Cash and cash equivalents 2,338 2,798 3,314
3,732 3,723 4,561
Total assets 4,718 4,160 5,441
------------------------------------- ------------- ------------- -----------
Liabilities
Current liabilities
Trade and other payables 410 448 702
Current taxation liabilities 185 96 123
Other creditors 370 249 887
Total liabilities 965 793 1,712
Shareholders' equity
Share capital 921 921 921
Share premium 140 140 140
Reserves 2,692 2,306 2,668
------------------------------------- ------------- ------------- -----------
Total shareholders' equity 3,753 3,367 3,729
Total equity and liabilities 4,718 4,160 5,441
Fletcher King Plc
Consolidated Interim Statement of Changes in Equity
for the 6 months ended 31 October 2014
Profit
Share Share and TOTAL
capital premium loss EQUITY
GBP000 GBP000 GBP000 GBP000
---------------------------- ------------- ------------- ------- -------
Balance at 1 May 2014 921 140 2,668 3,729
Total comprehensive income
for the period - - 231 231
Equity dividends paid - - (207) (207)
----------------------------- ------------- ------------- ------- -------
Balance at 31 October 2014
(Unaudited) 921 140 2,692 3,753
============================= ============= ============= ======= =======
Balance at 1 May 2013 921 140 2,264 3,325
Total comprehensive income
for the period - - 111 111
Equity dividends paid - - (69) (69)
----------------------------- ------------- ------------- ------- -------
Balance at 31 October 2013
(Unaudited) 921 140 2,306 3,367
============================= ============= ============= ======= =======
Balance at 1 May 2013 921 140 2,264 3,325
------------- ------------- ------- -------
Total comprehensive income
for the period - - 542 542
Equity dividends paid - - (138) (138)
----------------------------- ------------- ------------- ------- -------
Balance at 30 April 2014
(Audited) 921 140 2,668 3,729
============================= ============= ============= ======= =======
Fletcher King Plc
Consolidated Interim Statement of Cash Flows
for the 6 months ended 31 October 2014
6 months 6 months
ended ended Year ended
31 October 31 October 30 April
2014
2014 (Unaudited) 2013 (Unaudited) (Audited)
GBP000 GBP000 GBP000
-------------------------------- ----------------- ----------------- -----------
Cash flows from operating
activities
Profit before taxation from
continuing operations 293 147 711
Adjustments for:
Depreciation expense 19 17 44
Profit on sale of investments - (39) (174)
Income from investments (4) (3) (13)
Finance income (7) (6) (15)
----------------- ----------------- -----------
Cash flows from operating
activities
before movement in working
capital 301 116 553
Decrease/(increase) in trade
and other receivables (147) 537 215
(Decrease)/increase in trade
and other payables (809) (662) 230
----------------- ----------------- -----------
Cash (absorbed)/generated
from operations (655) (9) 998
Taxation received/(paid) - 7 (54)
----------------- ----------------- -----------
Net cash flows from operating
activities (655) (2) 944
------------------------------------- ----------------- ----------------- -----------
Cash flows from investing
activities
Purchase of fixed assets - - (15)
Purchase of investments (125) - (750)
Sale of investments - 289 674
Finance income 7 6 15
Income from investments 4 3 13
----------------- ----------------- -----------
Net cash flows from investing
activities (114) 298 (63)
------------------------------------- ----------------- ----------------- -----------
Cash flows from financing
activities
Dividends paid to shareholders (207) (69) (138)
------------------------------------- ----------------- ----------------- -----------
Net cash flows from financing
activities (207) (69) (138)
----------------- ----------------- -----------
Net increase/(decrease) in
cash and cash equivalents (976) 227 743
Cash and cash equivalents at
start of period 3,314 2,571 2,571
----------------- ----------------- -----------
Cash and cash equivalents
at end of period 2,338 2,798 3,314
------------------------------------- ----------------- ----------------- -----------
Fletcher King Plc
Explanatory Notes
1. General information
The Company is a public limited company incorporated and domiciled in England and Wales. The address of its registered office is 61 Conduit Street, London W1S 2GB.
These interim financial statements were approved by the Board of Directors on 15 December 2014.
2. Basis of preparation
The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable as at 30 April 2015.
The accounting policies applied are consistent with those of the annual financial statements for the year ended 30 April 2014.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
3 Non Statutory Accounts
The financial information for the period ended 30 April 2014 set out in this interim report does not constitute the Group's statutory accounts for that period. The statutory accounts for the year ended 30 April 2014 have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, 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 6 months ended 31 October 2014 and 31 October 2013 is unaudited.
4 Earnings per share
6 months 6 months Year ended
to 31(st) to 31(st) 30(th)
October October April 2014
2014 2013 Number
Number Number
Weighted average number of shares
for basic
and diluted earnings per share. 9,209,779 9,209,779 9,209,779
----------- ----------- ------------
GBP'000 GBP'000 GBP'000
----------- ----------- ------------
Earnings for basic and diluted earnings
per share:
Continuing Operations 231 111 542
=========== =========== ============
Basic and diluted earnings per share 2.51p 1.21p 5.89p
====== ====== ======
This information is provided by RNS
The company news service from the London Stock Exchange
END
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