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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 : 1781J
Fletcher King PLC
16 December 2015
FLETCHER KING PLC
Interim Results for the 6 months ended 31 October 2015
Financial Highlights
Hot Features
Premium
Turnover : GBP2,963,000 (2014: GBP1,828,000)
PBT : GBP1,187,000 (2014: GBP293,000)
EPS : 10.26p per share (2014: 2.51p per share)
Dividend : 1.00p per share (2014: 1.50p per share)
Operational Highlights
-- The Market - The central London market continues to be strong with demand now rippling out to the M3/M4 corridor and the major provincial centres.
-- Fund Management and Investment - The sale of the property in Leadenhall Street, in which the company co-invested and acted as advisor, has delivered exceptional returns for the business this half.
-- Valuation and Rating - The volume of rates appeals settled has slowed but this has been offset by a noticeable increase in bank valuation instructions.
Commenting on the results David Fletcher, Chairman of Fletcher King said:
"We are very pleased with the results. Our prospects going forward look satisfactory although performance will be more in line with previous periods than the exceptional performance of this first half year".
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 GBP2.96m (2014: GBP1.83m) with a profit before tax of GBP1,187,000 (2014: GBP293,000). Your directors paid a special dividend of 8p per share on 25 September 2015 (together with the previously declared final dividend of 0.75p per share) and have declared an interim dividend of 1.0p per share (2014: 1.5p) to be paid on 19 February 2016 to Shareholders on the register at the close of business on 22 January 2016.
The Commercial Property Market
Over the last twelve months total returns from the commercial property market have exceeded 15% and the market has enjoyed its 10(th) consecutive quarter of increased values.
Whilst Central London continues to be in very strong demand, focus is shifting to major centres in the regions and the M3/M4 corridor. However it is worth noting that the London office market is ten times larger than its nearest rival and twice as large as the combined total of the UK's big six regional cities.
Although headlines tend to focus on the amount of overseas money coming into the UK, it should be remembered that since the start of the recovery in 2009 UK institutions have been net purchasers in 21 out of 24 quarters.
Whilst the recent rate of rent and capital growth is unlikely to continue we believe the market will remain strong over the next 2-3 years.
Business Overview
Our exceptional performance this half year is primarily the result of fees and profits earned on the sale of 145 Leadenhall Street, a property owned by the SHIPS 14 Syndicate in which the company co-invested and acted as adviser. The sale of the property and the payment of a special dividend of 8p per share was announced on 1 September 2015.
The underlying business is doing well. The volume of instructions on valuation and investment sales has increased and we are about to take on more property management. In May, the company invested GBP752,500 in a new property investment syndicate (SHIPS 15) that acquired freehold office premises in Clerkenwell, London. There remains strong demand amongst SHIPS members to invest in further suitable property.
Outlook
The strong performance in the first half of the year will not be repeated in the second half. Underlying performance remains steady and whilst there are a number of investment transactions in the pipeline, a proportion may not complete before the end of the financial year.
DAVID FLETCHER
CHAIRMAN
15 December 2015
Fletcher King Plc
Consolidated Interim Statement of Comprehensive Income
for the 6 months ended 31 October 2015
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2015 2014
2015
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
------------------------------ ------------- ------------- -----------
Revenue 2,963 1,828 3,380
Employee benefits expense (1,754) (968) (1,843)
Depreciation expense (17) (19) (36)
Other operating expenses (610) (559) (1,057)
------------- ------------- -----------
Operating profit 582 282 444
Profit on sale of available
for sale investments 590 - -
Income from investments 10 4 4
Finance income 5 7 13
------------- ------------- -----------
Profit before taxation 1,187 293 461
Taxation (242) (62) (102)
------------- ------------- -----------
Profit for the period 945 231 359
------------- ------------- -----------
Total comprehensive income
for the period 945 231 359
------------- ------------- -----------
Basic and diluted earnings
per share (note 4)
Continuing operations 10.26p 2.51p 3.90p
Dividends per share
Interim dividend proposed 1.00p 1.50p -
Dividends paid 8.75p 2.25p 3.75p
Fletcher King Plc
Consolidated Interim Statement of Financial Position
as at 31 October 2015
31 October 31 October 30 April
2015 2014 2015
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
------------------------------ ------------- ------------- -----------
Assets
Non-current assets
Property, plant and
equipment 67 93 84
Available for sale
investments 752 875 875
Deferred tax assets 18 18 18
837 986 977
Current Assets
Trade and other receivables 838 1,394 1,149
Cash and cash equivalents 4,070 2,338 2,852
4,908 3,732 4,001
Total assets 5,745 4,718 4,978
Liabilities
Current liabilities
Trade and other payables 1,096 410 516
Current taxation liabilities 337 185 78
Other creditors 430 370 641
Total liabilities 1,863 965 1,235
Shareholders' equity
Share capital 921 921 921
Share premium 140 140 140
Reserves 2,821 2,692 2,682
Total shareholders'
equity 3,882 3,753 3,743
Total equity and liabilities 5,745 4,718 4,978
Fletcher King Plc
Consolidated Interim Statement of Changes in Equity
for the 6 months ended 31 October 2015
Profit
Share Share and TOTAL
capital premium loss EQUITY
GBP000 GBP000 GBP000 GBP000
------------------------ ------------- ------------- ------- -------
Balance at 1 May
2015 921 140 2,682 3,743
Total comprehensive
income for the period - - 945 945
Equity dividends
paid - - (806) (806)
------------------------- ------------- ------------- ------- -------
Balance at 31 October
2015 (Unaudited) 921 140 2,821 3,882
========================= ============= ============= ======= =======
Balance at 1 May
2014 921 140 2,668 3,729
Total comprehensive
income for the period - - 231 231
(MORE TO FOLLOW) Dow Jones Newswires
December 16, 2015 02:00 ET (07:00 GMT)
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