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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 : 8900R
Fletcher King PLC
15 December 2016
FLETCHER KING PLC
Interim Results for the 6 months ended 31 October 2016
Financial Highlights
Hot Features
Premium
Turnover : GBP1,680,000 (2015: GBP2,963,000)
PBT : GBP163,000 (2015: GBP1,187,000)
Basic EPS : 1.37p per share (2015: 10.26p per share)
Dividend : 1.00p per share (2015: 1.00p per share)
Operational Highlights
-- The Market - Some normality has returned to the market following initial turmoil in the immediate aftermath of the EU Referendum result. Pre-Brexit rent levels continue to be achieved and the investment market remains reasonably active although volumes are lower and prices have drifted down 5% - 10%.
-- Fund Management and Investment - A number of transactions agreed before the Referendum proceeded to completion and a number of other investment transactions are progressing well.
Commenting on the results David Fletcher, Chairman of Fletcher King said:
"In spite of the Brexit market turmoil we have been able to produce a reasonable performance in the first half year. Uncertainty is likely to be around for some considerable time, but investors and tenants are active and we expect to see steady progress for the remainder of the year".
ENQUIRIES:
Fletcher King Plc
David Fletcher
Tel: 020 7493 8400
Cairn Financial Advisers LLP (Nomad)
James Caithie
Tel: 020 7213 0880
The interim results are available on the Company's website: www.fletcherking.co.uk
CHAIRMAN'S STATEMENT
Results
Turnover for the period was GBP1,680,000 (2015: GBP2,963,000) with a profit before tax of GBP163,000 (2015: GBP1,187,000). Performance last year was influenced by the sale of a SHIPS property. Your Directors have declared an interim dividend of 1.0p per share (2015: 1.0p per share) to be paid on 17 February 2017 to shareholders on the register at the close of business on 20 January 2017.
The Commercial Property Market
The market has been dominated by the run up to the EU Referendum and the aftermath of the unexpected result to leave.
In the weeks immediately following the result the market was in turmoil with Open Ended Unitised Funds seeing a rush of redemptions and they all closed their doors. However, some normality quickly returned. Whilst a few significant lettings fell through, the market has generally held up well with pre-Brexit rent levels continuing to be achieved. Whilst the letting market is seeing some caution there remains a reasonable level of demand. Apple have announced their move to 500,000 sq ft in the Battersea Power Station development and Google have confirmed that their new 650,000 sq ft London HQ at Kings Cross will go ahead.
The investment market remains reasonably active although volumes are lower and prices have drifted down 5% -10%. The devalued pound has attracted foreign buyers who accounted for 80% of central London deals in the last quarter.
Business Overview
In spite of the market turmoil we have been able to produce a reasonable performance in the first half year. The investment department did particularly well and a number of transactions agreed before the Referendum proceeded to exchange and completion.
Uncertainty remains and is likely to be there for some considerable time until Brexit terms are agreed. However, investors and tenants are active and our business is doing reasonably well.
Outlook
We expect to see steady progress for the remainder of the year and have a number of investment transactions progressing well.
Properties owned by the two SHIPS Syndicates are currently being refurbished although they will not be contributors to this year's profit. Once the markets have settled down we shall be seeking further investments for the SHIPS Syndicates.
David Fletcher
Chairman
15 December 2016
Fletcher King Plc
Consolidated Interim Statement of Comprehensive Income
for the 6 months ended 31 October 2016
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2016 2015
2016
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
------------------------------ ------------- ------------- -----------
Revenue 1,680 2,963 4,633
Employee benefits expense (927) (1,754) (2,640)
Depreciation expense (17) (17) (34)
Other operating expenses (590) (610) (1,230)
------------- ------------- -----------
Operating profit 146 582 729
Profit on sale of available
for sale investments - 590 593
Income from investments 11 10 22
Finance income 6 5 11
------------- ------------- -----------
Profit before taxation 163 1,187 1,355
Taxation (37) (242) (295)
------------- ------------- -----------
Profit for the period 126 945 1,060
------------- ------------- -----------
Total comprehensive income
for the period 126 945 1,060
------------- ------------- -----------
Earnings per share (note
4)
- Basic 1.37p 10.26p 11.51p
- Diluted 1.28p 10.26p 11.51p
Dividends per share
Interim dividend proposed 1.00p 1.00p -
Dividends paid 1.00p 8.75p 9.75p
Fletcher King Plc
Consolidated Interim Statement of Financial Position
as at 31 October 2016
31 October 31 October 30 April
2016 2015 2016
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
------------------------------ ------------- ------------- -----------
Assets
Non-current assets
Property, plant and
equipment 32 67 50
Available for sale
investments 1,368 752 1,274
Deferred tax assets 18 18 18
1,418 837 1,342
Current Assets
Trade and other receivables 766 838 871
Cash and cash equivalents 2,641 4,070 2,846
3,407 4,908 3,717
Total assets 4,825 5,745 5,059
Liabilities
Current liabilities
Trade and other payables 200 1,096 346
Current taxation liabilities 320 337 282
Other creditors 366 430 526
Total liabilities 886 1,863 1,154
Shareholders' equity
Share capital 921 921 921
Share premium 140 140 140
Reserves 2,878 2,821 2,844
Total shareholders'
equity 3,939 3,882 3,905
Total equity and liabilities 4,825 5,745 5,059
Fletcher King Plc
Consolidated Interim Statement of Changes in Equity
for the 6 months ended 31 October 2016
Profit
Share Share and TOTAL
capital premium loss EQUITY
GBP000 GBP000 GBP000 GBP000
------------------------ ------------- ------------- ------- -------
Balance at 1 May
2016 921 140 2,844 3,905
Total comprehensive
income for the period - - 126 126
Equity dividends
paid - - (92) (92)
------------------------- ------------- ------------- ------- -------
Balance at 31 October
2016 (Unaudited) 921 140 2,878 3,939
========================= ============= ============= ======= =======
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
2015 921 140 2,682 3,743
------------- ------------- ------- -------
Total comprehensive
income for the period - - 1,060 1,060
Equity dividends
paid - - (898) (898)
------------------------- ------------- ------------- ------- -------
Balance at 30 April
2016 (Audited) 921 140 2,844 3,905
========================= ============= ============= ======= =======
Fletcher King Plc
Consolidated Interim Statement of Cash Flows
for the 6 months ended 31 October 2016
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2016
2016 (Unaudited) 2015 (Unaudited) (Audited)
GBP000 GBP000 GBP000
-------------------------------- ----------------- ----------------- -----------
Cash flows from operating
activities
Profit before taxation
from continuing operations 163 1,187 1,355
Adjustments for:
Depreciation expense 17 17 34
Profit on sale of investments - (590) (593)
Income from investments (11) (10) (22)
Finance income (6) (5) (11)
----------------- ----------------- -----------
Cash flows from operating
activities
before movement in
working capital 163 599 763
Decrease/(increase)
in trade and other receivables 105 311 284
(Decrease)/increase
in trade and other payables (306) 369 (291)
----------------- ----------------- -----------
Cash (absorbed)/generated
from operations (38) 1,279 756
Taxation received/(paid) 2 17 (91)
----------------- ----------------- -----------
Net cash flows from
operating activities (36) 1,296 665
------------------------------------- ----------------- ----------------- -----------
Cash flows from investing
activities
Purchase of investments (94) (752) (1,274)
Sale of investments - 1,465 1,468
Finance income 6 5 11
Income from investments 11 10 22
----------------- ----------------- -----------
Net cash flows from
investing activities (77) 728 227
------------------------------------- ----------------- ----------------- -----------
Cash flows from financing
activities
Dividends paid to shareholders (92) (806) (898)
------------------------------------- ----------------- ----------------- -----------
Net cash flows from
financing activities (92) (806) (898)
----------------- ----------------- -----------
Net increase/(decrease)
in cash and cash equivalents (205) 1,218 (6)
Cash and cash equivalents
at start of period 2,846 2,852 2,852
----------------- ----------------- -----------
Cash and cash equivalents
at end of period 2,641 4,070 2,846
------------------------------------- ----------------- ----------------- -----------
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 14 December 2016.
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 2017.
The accounting policies applied are consistent with those of the annual financial statements for the year ended 30 April 2016. There are no new standards interpretations and amendments, effective for the first time from 1 May 2016, that have had a material effect on the financial statements of the Group.
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 2016 set out in this interim report does not constitute the Group's statutory accounts for that period. Whilst the financial figures included in this interim report have been computed in accordance with IFRS, this interim report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS34. The statutory accounts for the year ended 30 April 2016 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 2016 and 31 October 2015 is unaudited.
4. Earnings per share
6 months 6 months Year
to 31 to 31 ended
October October 30 April
2016 2015 2016
Number Number Number
Weighted average number of
shares for basic earnings
per share 9,209,779 9,209,779 9,209,779
Share options 600,000 - -
------------ ------------ ------------
Total for diluted 9,809,779 9,209,779 9,209,779
GBP000 GBP000 GBP000
------------ ------------ ------------
Earnings for basic and diluted
earnings per share: 126 945 1,060
============ ============ ============
Basic earnings per share 1.37p 10.26p 11.51p
Diluted earnings per share 1.28p 10.26p 11.51p
============ ============ ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FFFFWLFMSEIE
(END) Dow Jones Newswires
December 15, 2016 02:00 ET (07:00 GMT)
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