Fletcher King PLC Trading Update (0823P)

TIDMFLK

RNS Number : 0823P

Fletcher King PLC

23 May 2018

Fletcher King plc

Trading Update

Fletcher King plc (the "Company") provides the following update following its year end on 30 April 2018.

Our second half performance to 30 April 2018 was disappointing and did not meet management expectations. Profit before tax is expected to be significantly below the level reported for the prior year.

Brexit uncertainty continues to impact the Central London office letting market and we believe this was partly to blame for the fact that neither of our SHIPS buildings achieved the full occupancy we might have otherwise expected. As a result, earnings from sales of these buildings did not materialise.

The somewhat disappointing volumes of concluded rating appeals, reported in our Interim Results, continued into the second half with the Valuation Office delaying settlement of appeals.

Investment property sales held up well although one reasonably significant transaction failed to complete by the year end and will therefore roll over to the new financial year.

The current year has started slowly albeit we hope to let out, and subsequently sell, the SHIPS properties, and have various other sales mandates in hand. As with prior years, we expect to announce our final results for the year ended 30 April 2018 in the second week of July.

Enquiries

Fletcher King plc

David Fletcher / Peter Bailey

Tel: [phone]

Cairn Financial Advisers LLP

James Caithie / Tony Rawlinson

Tel: [phone]

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