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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 0.0% 47.50 45.00 50.00 49.40 47.50 47.50 4,020 08:00:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 2.6 0.1 0.4 121.8 4

Fletcher King PLC Trading Update

02/11/2020 1:42pm

UK Regulatory (RNS & others)


Fletcher King (LSE:FLK)
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From Jul 2020 to Jul 2021

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RNS Number : 9753D

Fletcher King PLC

02 November 2020

Fletcher King plc

Trading Update

Fletcher King plc (the "Company") provides the following business and trading update.

In the announcements of 20 August and 14 September 2020, the Company stated it was very likely to make a loss in the first half of the current financial year. Following the end of the half year on 31 October 2020, the Company confirms that a trading loss has been made, and, subject to adjustments, this is currently expected to be approximately GBP450,000 (before tax and any fair value adjustment to investments). Further details will be disclosed in the Company's interim results which will be published by no later than 31 January 2021.

The Company highlighted in its announcements of 20 August and 14 September 2020 the huge uncertainty and market dislocation caused by the COVID pandemic, which was likely to have a material adverse impact on transaction-based fees such as investment deals, bank valuations and agreement of rating appeals. Trading during the first half of the financial year has confirmed this, and transaction-based fees have been materially lower than would otherwise be expected prior to the COVID pandemic.

Whilst there remains an encouraging pipeline of potential investment business, there is still significant uncertainty around the timing or likelihood of completions. Performance in the second half will be highly dependent on investor sentiment and the economic environment in which the Company operates. Given the new lockdown measures which have just been announced by the UK government, and the potential for further lockdowns during the remainder of the financial year, it remains likely that transaction-based fees will continue to be affected by the COVID pandemic.

The Company remains well supported by a strong balance sheet with no debt.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries

Fletcher King plc

David Fletcher / Peter Bailey

Tel: 0207 493 8400

Cairn Financial Advisers LLP

James Caithie / Liam Murray

Tel: 020 7213 0880

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

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November 02, 2020 08:42 ET (13:42 GMT)

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