Final Results

Fletcher King PLC
20 June 2000


                   Fletcher King Plc ('Fletcher King')

              SOLID GROWTH IN FLETCHER KING'S CORE BUSINESS
                     REFLECTED BY STRONG PROFIT RISE

Fletcher  King Plc, the property and construction services  group,  today
announces its preliminary results for the year to 30 April 2000.

Highlights

-    OPERATING PROFIT up 37% to £532,000 (1999: £387,000)

-    PROFIT BEFORE TAX up 11% to £602,000 (1999: £542,000)

-    TURNOVER up 9% to £7.1 million (1999: £6.5 million)

-    EARNINGS PER SHARE up 12% to 4.6p (1999: 4.1p)

-    TOTAL DIVIDEND up 25% to 4p (1999: 3.2p)

-    MAJOR CLIENT WINS IN ALL DIVISIONS

-    MANAGED FUNDS OUTPERFORM INDEX BY 20%

-    WORK  UNDERTAKEN FOR BLUE CHIP CLIENTS including Bank of  Scotland,
     Barclays, British Telecommunications, BP Amoco, Carlsberg, Computacenter,
     DHL, Iceland, and National Express Group.


Commenting on the results, David Fletcher, Chairman, said:

'It has been a year of steady growth, and our core business has performed
particularly  well, winning valuable new clients. We have a talented  and
dedicated team who have enabled these results to be achieved and who  are
well  placed to deal with the many changes and opportunities that we  are
seeing in our industry.

'With the current market for real estate remaining strong, I am confident
that  we will continue to grow across all areas of our business, and look
forward to the coming year with optimism.'

                             
For further information, please contact:-

David Fletcher, Chairman      Fletcher King Plc   0207 493 8400
Ivan Royle/Francetta Carr     GCI Financial       0207 398 0800



CHAIRMAN'S STATEMENT
                                    

Results

I  am pleased to report a year of steady progress with profits before tax
to  30  April  2000  of  £602,000 up from £542,000  in  1999.    Turnover
increased to £7.1 million from £6.6 million last year.

The  Board  is proposing an increased final dividend of 2.5p (1999  2.2p)
which,  subject to Shareholders' approval at the Annual General  Meeting,
will  be  paid  on 1 August 2000 to Shareholders on the register  at  the
close  of  business on 7 July 2000.    With the interim dividend  already
paid,  the total dividend for the year will amount to 4p per share  (1999
3.2p).

Review of Operations

The  commercial  property market enjoyed a buoyant year with  supply  and
demand for all occupational property generally in equilibrium.

Despite  the  volatility  in Stock Markets around  the  World  they  have
remained  remarkably strong at levels that continue to offer low  running
yields.  By comparison the yield on direct property has looked attractive
and  many  investors, particularly mature Pension Funds, increased  their
weighting in property.

Well  let  investment  property has been in short supply  throughout  the
year.    This,  together with the increased flow of new  funds  into  the
market,   resulted   in  a  significant  downward  movement   in   yields
particularly on industrials and central London offices.

In  marked  contrast  to  the  strong direct  property  market,  property
companies  have seen their share values slip to significant discounts  to
NAV.    Part of the fall results from concern that future growth will  be
affected by the growing influence of e-commerce.  However we suspect that
investors are also disillusioned by the inability of some managements  to
work the assets and add value.

Although  new development starts increased during the year there  is  far
less  in  the supply chain than in the past, at this stage in the  cycle,
and there is little sign of over-supply to depress rental growth.

Fletcher King in London enjoyed a good year in all divisions.

Investment and Fund Management  -  In a market place where good stock was
limited  the Department performed well.   A number of in-house funds  are
expanding  and  most of their portfolios were enlarged during  the  year.
Our  fully discretionary fund, Industrial Training Boards' Pension  Fund,
have  doubled  their  allocation  to property  and  we  anticipate  fully
investing those funds in the current year.

All  funds  under our management exceeded their benchmark target  returns
for  the year and we generally out performed the relevant index by almost
20%.

Our investment brokers enjoyed an active year generating the majority  of
their business in off-market transactions.

Notable deals during the year included the sale of a major multiplex  and
restaurant  development  in North London and the  purchase  of  two  high
yielding mixed portfolios for property company clients;  the purchase  of
large office investments in Bracknell, Winchester, High Wycombe, Telford,
Bourne End and four buildings in Central London.

The  department also purchased a significant number of high street  shops
around  the  country and sales included industrial estates in Harrow  and
London Colney.

The flow of new stock coming to the market is likely to remain restricted
and  good  buying opportunities will not be easy to find.    However  the
Department  is currently involved in some exciting projects  including  a
large  office  development  funding and has  a  number  of  major  office
investments in the pipeline.

Asset  Management - During the year the Head of Department left  to  join
one  of  our  larger clients and his replacement, Ben  Ridgwell,  is  now
firmly  in  place and propelling the Department forward.   Ben's  arrival
also  coincided with the appointment of a new Head of Property Management
Accounting, Clare James, who comes to us with many years' experience  and
her  input is already being felt.   We further strengthened the team with
the  appointment of Gavin Hubrich, formerly with the Crown Estate,  as  a
Senior  Portfolio  Manager.   The Department is  in  excellent  shape  to
handle  the growing portfolios of our existing clients and the  new  work
for which we are pitching.

Our  new  Property  Management Software system  is  up  and  running  and
everyone  responded well to ensure a seamless transfer.   The new  system
will enable us to provide an even better service to our clients in a user
friendly format.

The  Department  continues  its excellent  reputation  for  being  market
leaders in the speed with which it collects and banks rents.   On average
90% is banked within 3 days and 98% within 13 days of the Quarter Day.

Rating & Valuation  - The majority of rating appeals on the 1995 list are
now completed and those outstanding will be finalised within the next few
months.    Much  work  has  been done on the 2000  assessment  and  these
appeals will be heard towards the end of 2000 and the early part of 2001.

A  number  of  new rating clients have been added to our  list  the  most
notable of which is Tiffany & Co in Bond Street.

Valuation  work  has been active throughout the year,  particularly  with
instructions  from Barclays Bank and Bank of Scotland.    The  Department
continues  to value for all the clearing banks and a number  of  building
societies  and foreign banks who have been active lenders throughout  the
year.

Agency & Development  -  The Department was busy throughout the year  and
notable  transactions included the sale of the 7.3 acre former  Gallagher
factory  in  Northolt for Tesco plc; the pre-letting of a 130,000  sq.ft.
warehouse  for  Land  Securities in Welwyn Garden City;  the  letting  of
50,000 sq.ft. of offices at Winnersh Triangle for Slough Estates plc  and
a  30,000  sq.ft.  warehouse in Camberley for British  Telecommunications
plc.

The Department also acquired a number of new headquarter office
facilities in the West End for clients including the io Group plc,
National Express Group plc, Merchants Group and T Hoare Canacord.

Current instructions include the disposal of 60,000 sq.ft. of offices  in
Uxbridge  and  65,000  sq.ft. in Guildford for BP Amoco  plc  and  85,000
sq.ft. of new offices at Maple Cross Hertfordshire for Welbeck Land.   We
continue  to consolidate our position in the West End letting market  and
in business space in the M3/M4 Thames Valley corridor.

Howard  Associates  -  Our wholly owned construction services  subsidiary
experienced  a difficult year and the anticipated increase in  its  order
book  has  been slower than expected but is now showing signs of  picking
up.

During the year a number of significant projects were completed including
a  £10  million leisure complex in Bristol for Aspects Leisure; a 500,000
sq.ft.  Sortation  Hub for DHL at East Midlands Airport;  100,000  sq.ft.
headquarters  for  Computacenter  at Hatfield;  350,000  sq.ft.  National
Distribution  Centre for Carlsberg Tetley at Northampton  and  the  award
winning  180,000  sq.ft.  Iceland  Frozen  Food  Distribution  Centre  in
Enfield.

New  commissions  include a £3.5 million cheese factory  for  Wensleydale
Cheese;  three  £1 million prototype garages for Peugeot; a  £20  million
National  Distribution Centre in the Republic of Ireland; a  £10  million
Rail  Freight Terminal in Grangemouth for TDG and a 80,000 sq.ft.  hangar
for Monarch Airways at Luton Airport.

Fletcher  King  Braithwaite in Manchester enjoyed a year of consolidation
when  they  continued to establish their position as  one  of  the  North
West's  most  active firms, particularly in the field of  industrial  and
warehouse property.

During  the  year notable transactions included instructions to  let  the
130,000 sq.ft. first phase of Gemini in Warrington with the second  phase
of  150,000  sq.ft.  starting later this year.   Preston  31,  a  180,000
sq.ft.  vacant distribution unit was acquired for Prudential and  is  now
under  offer  to  let as a whole.   Langford Trading  Estate,  a  250,000
sq.ft.  scheme  in  Old  Trafford, was acquired  for  clients  and  Green
Property plc instructed the firm to let over  million sq.ft. of units at
Trafford Park.

Significant instructions on which the office is currently working include
the  sale of a 34 acre industrial development site in Trafford Park,  the
acquisition and letting of a 15 acre development site in Bolton  for  the
Easter  Group  on  which  the first pre-sale is  agreed  and  significant
disposals in Central Manchester, Macclesfield and Leeds.

Fletcher  King  Cosnett Price in Birmingham had a year of mixed  fortunes
with a strong start fading in mid-year and picking up towards the end.

Notable  instructions completed during the year included the  sale  of  a
27,000  sq.ft. office investment in Colmore Row for Bansford  Trust,  the
acquisition of 12.5 acres of industrial development land in Smethwick for
HGB  Property and the acquisition of a 36,000 sq.ft. unit on Cole  Valley
Business Park for Hollywood Signs.

The current year started well and we anticipate steady progress.

Outlook   -   Since the current Government came to power I have commented
each year on their continuing policy to raise the level of Stamp Duty and
true  to  form  it went up again in the recent budget.   In  the  current
strong  market the Government seems to feel it can continue to raise  the
level  of  duty  with  impunity.   In the commercial  sector,  each  rise
reduces  the  value of property by a like amount.    As a result  of  the
exceptionally high comparative dealing costs, property may become a  less
competitive form of investment.

Real  property  is  a significant facilitator in the provision  of  jobs,
pensions and life insurance and anything that adds to its illiquidity  or
uncompetitiveness will have a detrimental effect on  the  economy.    The
Government show no signs of appreciating these facts and since Stamp Duty
is  such an easily collectable tax one can see the attraction to them  of
continuing  to increase the rate.    The industry must continue,  through
the BPF and RICS, to lobby for an end to increases.

Barring  any major setback in the financial markets, we feel the  outlook
for  property  investment  and the occupational markets  remains  steady.
The supply of new space is generally limited due to planning restrictions
and  the  difficulty of speculative funding.  This should  ensure  steady
rental  growth.  The core areas in which we operate continue  to  attract
and sustain a promising flow of business.

We live in an ever changing world, the pace of which is accelerating with
the  growth in e-commerce.   An organisation's ability to see change  and
take advantage of the new opportunities that arise will set it aside from
the  pack.   We are confident that the far sighted and energetic team  we
have  in place will rise to the challenge.   I therefore look forward  to
the coming year with some optimism for continued steady growth.

Once again I must pay tribute to our hard working and loyal directors and
staff who have enabled these results to be achieved.


David Fletcher, Chairman
20 June 2000
Registered Office
Stratton House, Stratton Street
London W1X 5FE


CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 30 April 2000


                                    2000       1999


                                    £000       £000



     Turnover                      7,103      6,564
     Staff costs                 (4,197)    (3,896)
     Depreciation                  (178)      (285)
     Other operating charges     (2,196)    (1,996)




     Operating profit                532        387
     Share of results of associated
     undertakings                      -         85
     Interest receivable and similar 
     income                           75         83
     Finance charges                  (5)       (13)


     Profit on ordinary activities 
     before taxation                 602       542

     Tax charge on profit on ordinary 
     activities                     (201)      (179)


     Profit for the financial year   401        363

     Dividends                     (352)      (281)


     Amounts transferred to reserves  49         82
                                    
                                 
     Earnings per share - basic        4.6p       4.1p
                        - diluted      4.4p       4.0p




There are no recognised gains or losses other than those included in the
above Profit and Loss Account

The results shown above represent the group's continuing activities.



CONSOLIDATED BALANCE SHEET
as at 30 April 2000



                                        2000                    1999

                                  £000          £000       £000       £000
     

     Fixed assets
     Tangible assets                            584                   680
     Investment in associated undertakings       49                    49


                                                633                   729
     Current assets
     Debtors                       1,734                  1,873
     Cash at bank and in hand      1,918                  1,540

     
                                   3,652                  3,413

     Creditors
     (amounts falling due within 
      one year)                   (1,705)                (1,619)
     

     Net current assets                       1,947                  1,794

     Total assets less current liabilities    2,580                  2,523

     Provisions for liabilities and charges     (17)                   (9)
     

     Net assets                               2,563                 2,514
     

     Capital and reserves
     Called up share capital                    881                   881
     Share premium account                       76                    76
     Profit and loss account                  1,606                 1,557


     Equity shareholders' funds               2,563                 2,514



Notes to the preliminary results
  
1)   The basic earnings per share is based on the profit for the
     financial year  ended 30 April 2000 of £401,000 (1999  £363,000) and on
     8,807,279 (1999: 8,807,279) ordinary shares in issue during the year.
  
2)   The financial information set out above does not comprise the
     company's statutory accounts. Statutory accounts for the previous
     financial year ended 30 April 1999 have been delivered to the
     Registrar of Companies. The auditors' report on those accounts was
     unqualified and did not contain any statement under section 237(2)
     or (3) of the Companies Act 1985. The auditors have given an
     unqualified opinion on the accounts for the year ended 30 April
     2000 which will be delivered to the Registrar of Companies
     following the Annual General Meeting.