Business
Preliminary Results for year
Preliminary Results for year.
About this update from Fletcher King Plc
[{"type":"text","content":"\n RNS Number : 7400Y Fletcher King PLC 10 July 2008 \n \n \n\nFLETCHER KING PLC\nPRELIMINARY RESULTS\nFull year impacted by the UK property market recession\n\nFletcher King PLC ('Fletcher King'), the London based property fund managers, asset managers and chartered surveyors, announces today its preliminary results for the year ended 30 April 2008. \n\nFinancial highlights:\n\n\nProfit before tax: £759,000 (2007: £1,027,000)\n\n\nTurnover: £6,410,000 (2007: £7,438,000)\n\n\nBasic earnings per share: 5.97p (2007: 7.34p)\n\n\nTotal dividend for the year 3.0p per share (2007: 4.75p per share) \n\n\n\nOperational highlights:\n\n\nConditions in the UK property market very tough in the 2nd half with capital values continuing to fall.\n\n\nFund management and investment performed well in the first 6 months, transacting over £100 million of sales, but the department was unable to escape the effects of the recession in the 2nd half.\n\n\nThe Asset Management department performed in line with expectation.\n\n\nValuation and ratings had a busy year but the current year will be impacted by a slow down in new lending valuations.\n\n\nFletcher King Howard ended the year with a relatively healthy order book.\n\n\n\nCommenting David Fletcher, Chairman of Fletcher King said: \n'As the results show, despite a strong first six months, the company was not immune from the impact of the UK property sector recession, which started towards the end of 2007. We believe that the UK property market should start to bottom out towards the end of 2008 and buyers with cash will be able to benefit from the opportunities that will then exist. Although the current year will be tough, Fletcher King benefits from tight management, a reduced fixed overhead, business diversity and a strong balance sheet.'\n\nEND\n\nFor further information:\nDavid Fletcher, Fletcher King &nb...