Final Results

Fletcher King PLC
12 July 2005


PRESS RELEASE
Not for release before 0700, 12 July 2005

                               FLETCHER KING PLC
                              PRELIMINARY RESULTS

            Profit increase of 64% for the year ended 30 April 2005

Fletcher King, the London based property fund managers, asset managers and
chartered surveyors, announces today its preliminary results for the year ended
30 April 2005. As outlined in the trading statement released on 8 June 2005, the
results are better than anticipated due to an overall growth in profitability
across the company.

Financial highlights:
• Profit before tax up 64% to £546,000 (2004: £332,000)
• Turnover for the year up 9% at £6.1m (2004: £5.6m)
• Basic earnings per share grew 79% to 4.46p (2004: 2.49p)
• Total dividend for the year 3.5p per share (2004: 2.3p per share)

Operational highlights:
• Commercial property investment produced strong performance throughout
  the year attracting increasing allocations from institutions, overseas and
  private investors
• First Stratton House Investment Property Syndicate fully invested and
  fundraising for the second fund complete
• New Facilities Management structure introduced increasing the level of
  service to tenants within portfolios
• Rating and Valuation department turnover increased and over 200 Rating
  Appeals targeted for negotiation in the next 6 months
• Landlord and Tenant department completed its second full year and
  increased turnover by 55%
• Asset Management department's application to the FSA for clearance
  approved
• Fletcher King Howard increased profitability in line with expectations

Commenting David Fletcher, Chairman of Fletcher King said:
'We have seen a strong year and good performance throughout all departments
which is reflected in these excellent results and the proposed full year
dividend of 3.5p per share. I remain optimistic about both the letting and
investment markets in the coming year and look forward to the continued growth
of the company.'

For further information:
David Fletcher, Fletcher King                                     020 7493 8400
Tim McCall, MJ2 Business Communications                           020 7491 7776



CHAIRMAN'S STATEMENT

Results

Trading in the second half of the year, and more particularly in the last
quarter, was better than anticipated and as a result we issued a trading
statement on 8 June 2005 confirming that activity was ahead of expectations.
This increase arose from an overall growth in profitability across the company
rather than from any specific transaction or departmental activity.

Turnover for the year was £6.1m (2004: £5.6m) with profits before tax of
£546,000 (2004: £332,000). The Board is proposing an Ordinary Final Dividend of
2p per share (2004: 1p per share) together with a Special Final Dividend of 1p
per share (2004: 1p per share) to reflect the one-off profit of £105,000 on the
sale of our minority interest in Fletcher King Manchester, which we reported in
the first half of the year. These dividends are subject to shareholder approval
at the Annual General Meeting and will be paid on 27 September 2005 to
Shareholders on the register at the close of business on 2 September 2005.

With the Interim Dividend of 0.5p per share (2004: 0.3p per share) already paid,
the total dividend for the year will amount to 3.5p per share (2004: 2.3p per
share).

Commercial Property Market

During 2004/5, the commercial property market has continued the trend we
reported last year. The letting market has generally been positive throughout
the country with offices in Mayfair and the West End seeing the greatest level
of activity, and with mid-town and docklands showing some positive movement.

Offices in the Thames Valley and western approaches have also seen more
interest, although the volume of vacant space overhanging the market shows no
significant decrease. The industrial market in the regions remains active and,
continuing the trend of last year, interest is mainly from owner occupiers who
continue to outnumber those seeking to lease space.

Out of town retail is very buoyant and despite reports of reduced levels of
trading, the prime high street locations continue to attract tenants.

The investment market remains extremely strong, with ever increasing volumes of
capital competing for a limited supply of stock. This has resulted in a further
contraction in yields giving rise to exceptional performance in the sector.
Rental growth is coming through and this has further added to performance.

Property continues to be a sector to which a majority of funds wish to commit
further capital and, with a fall in the medium term interest rates, debt driven
purchasers are also active. The potential advent of REITS, details of which are
promised by HM Treasury in 2006, will give added stimulus to the investment
market.

As reported at the interim stage, the first Stratton House Investment Property
Syndicate is fully invested and our second Syndicate closed in January 2005
after raising £10 million of equity. The second fund has, to date, acquired
properties to the value of £15 million and, with gearing, has a further £20
million available to invest.

The Outlook for 2005/2006

I remain optimistic about both the letting and the property investment markets
for the coming year. Whilst the letting market will remain difficult, well
presented and correctly priced space will generally find tenants. As previously
mentioned, some areas have a difficulty with oversupply and owner/occupiers are
likely to be dominant in the industrial market.

Given the potential for further substantial amounts of capital entering the
investment market, we do not agree with many commentators who feel prices have
peaked. Although the rate of capital growth has cooled, and will continue to do
so, we predict a further contraction in yields over the coming year making
property a strong performer yet again.

Our results are a reflection of the effort put in by everyone within the
organisation and they are to be congratulated.

DAVID FLETCHER
CHAIRMAN

12 July 2005



DIVISIONAL REVIEW

FLETCHER KING LONDON

Investment and Fund Management

Commercial property investment produced outstanding performance during the year
and attracted ever increasing allocations from institutions, overseas and
private investors. In previous years, the UK institutions have taken a back seat
but, during the year, they moved forward strongly and are now a significant
force in the market. Debt driven purchasers remained active, particularly as
swap rates have drifted lower in the last few months.

Yields across the board moved lower and many observers are now calling the top
of the market. As the Chairman has stated in his review, this is not a view with
which we concur and we anticipate further contraction of yields during the
coming year.

All of our clients were active during the year and significant purchases
included a £7.75m freehold office building in the West End, an £8m 92,000 sq.ft.
industrial and trade park in Warrington and a £6m office park in Bristol. The
department also completed the investment programme for the first Stratton House
Investment Property Syndicate and embarked on the second fund's £35m investment
programme. Sales were particularly active and office buildings in Richmond,
Chertsey, Cardiff, the Isle of Man and Preston amongst others were transacted.

The coming year will be active and we are currently marketing £30m of property.
We expect acquisitions this year to be busy with over £100m to spend for
in-house clients. The availability of stock is limited, the competition very
strong and the timing of transactions in such a market is difficult to predict.

Our Fund Management activities continue to provide a steady flow of income to
the department and it is anticipated this will increase during the coming year.

Asset Management

The department enjoyed another successful year winning many new instructions
including a £35m mixed use portfolio and a 30,000 sq.ft. office building. Most
of the department's existing clients expanded their portfolios which added to
turnover.

We commented last year on the FSA's Regulations of The Property Industry in
respect of insurance products. Our application to the FSA for clearance was
approved and we now operate that part of our business on a regulated basis.

During the year we raised our level of service to tenants within the portfolios
we manage by introducing a new Facilities Management Structure and providing a
dedicated telephone help desk.

The department is budgeting to increase its turnover in the coming year.

Rating and Valuation

Despite 2004/05 being the last year of the 2000 Rating List, the department
enjoyed a satisfactory year. Many significant reductions were obtained for
clients, the most notable of which were a 30% reduction for Chancery Gate Asset
Management on their headquarters in Hemel Hempstead, a 25% reduction for Orchard
House Foods on their factory in Corby and a 15% reduction for Scania on their
new service centre at Purfleet.

Turnover on valuations increased during the year and notable jobs included a
£240m portfolio valuation of 65 properties throughout the UK for Royal Bank of
Scotland and a £125m portfolio of 33 properties throughout the UK for Barclays.
Our instructions from NatWest Bank increased by 40% and new banks instructing us
during the year including Allied Irish (UK), Morgan Stanley, Adam & Co and
Hypothenken Bank.

The future looks bright with over 200 Rating Appeals targeted for negotiation in
the next 6 months, which should clear the majority of the 2000 Rating List
backlog.

We are encouraged by the level of valuation instructions received so far this
year which is currently running ahead of last year's level.

Agency

The department had a mixed year and generally underperformed its target. Agency
has been a peripheral part of our business for some years and we have now taken
the decision to exit this sector of the market altogether. We will continue to
assist clients in their acquisition of new space, but this will now be carried
out within the departments by the client surveyor. We will also work with
sub-contracted specialists as the need arises.

Landlord & Tenant

The department has now completed its second full year as a separate entity
within the company and increased its turnover by 55%, handling reviews and lease
renewals of properties nationwide with a capital value of approximately £100m.
The forward order book for the coming year is excellent.

FLETCHER KING HOWARD

Our wholly owned construction services subsidiary performed well during the
year, increasing its profitability in line with expectation.

The business continued to work on a diverse range of projects and, during the
year, completed a £5.5m distribution hub for NYK Logistics and are retained on a
second phase which will start this year. One 50,000 sq.ft. and two 15,000 sq.ft.
freeze chambers were completed during the year for Baugur together with two
buildings totalling 350,000 sq.ft. in Manchester for L'Oreal. A £4.5m grandstand
at Towcester Racecourse is nearing completion.

Activity continues on a £10.5m medium secure unit at Northampton's St Andrews
Hospital and the company has been appointed for a further £10m development at
the hospital to start later this year.

Work in the education sector is strong and projects starting this year will
include a £9.4m extension to Northampton School for Boys and a £3.5m design
centre for Berkhamsted Collegiate School.

Work has started on a 60 acre development for Gefco's new northern regional
distribution centre, an £11m building for Hayley Conferences at Windsor and a
£4m warehouse in Cheshire for Seafield Logistics.

Agco's new £10m headquarters at Stoneleigh and Northampton Saints Rugby Club new
£3m stand will also be completed during the year.

The strength of our forward order book should ensure that we grow the business
in the coming year.

FLETCHER KING MANCHESTER

As mentioned earlier we sold our minority interest in the company during the
year and will work with locally based organisations when we require specialist
input.



FLETCHER KING PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 30 April 2005

                                                         2005             2004
                                                         £000             £000
                                                       --------          -------

TURNOVER                                                6,093            5,623

Staff costs                                            (3,864)          (3,593)
Depreciation                                              (74)             (76)
Other operating charges                                (1,808)          (1,675)
                                                       --------          -------

OPERATING PROFIT                                          347              279

Share of results of associated undertaking                  -                9
Profit on disposal of interest in associated
undertaking                                               105                -
Interest receivable and similar income                     96               47
Interest payable and similar charges                       (2)              (3)
                                                       --------          -------

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION             546              332

Tax on profit on ordinary activities                     (153)            (113)
                                                       --------          -------

PROFIT FOR THE FINANCIAL YEAR                             393              219

Dividends                                                (308)            (203)
                                                       --------          -------

RETAINED PROFIT FOR THE YEAR                               85               16
                                                       --------          -------

Earnings per share - basic                               4.46p            2.49p
                   - diluted                             4.41p            2.45p

Basic earnings per share is based on the profit for the financial year ended 30
April 2005 of £393,000 (2004: £219.000) and on 8,807,279 (2004: 8,807,279)
ordinary shares in issue throughout the year. Diluted earnings per share is
based on the profit for the financial year ended 30 April 2005 of £393,000
(2004: £219,000) and on 8,907,913 (2004: 8,926,433) ordinary shares in issue
during the year adjusted for the weighted average number of options outstanding
at the end of each period.



FLETCHER KING PLC
UNAUDITED CONSOLIDATED BALANCE SHEET as at 30 April 2005

                                        2005        2005        2004      2004
                                        £000        £000        £000      £000
                                       -------    --------     -------   -------

FIXED ASSETS
Tangible assets                                      162                   178
Investment in associated undertakings                  -                    27
Other investments                                    503                   253
                                                  --------               -------
                                                     665                   458

CURRENT ASSETS
Debtors                                1,859                   1,640
Cash at bank and in hand               1,917                   1,836
                                       -------                 -------
                                       3,776                   3,476

CREDITORS
Amounts falling due within one year   (1,959)                 (1,537)
                                       -------                 -------

NET CURRENT ASSETS                                 1,817                 1,939
                                                  --------               -------

NET ASSETS                                         2,482                 2,397
                                                  --------               -------

CAPITAL AND RESERVES
Called up share capital                              881                   881
Share premium account                                 76                    76
Profit and loss account                            1,525                 1,440
                                                  --------               -------

EQUITY SHAREHOLDERS' FUNDS                         2,482                 2,397
                                                  --------               -------




FLETCHER KING PLC
UNAUDITED CASHFLOW STATEMENT for the year ended 30 April 2005

                                                           2005           2004
                                                           £000           £000
                                                         --------        -------

Net cash inflow from operating activities                   514            643

Dividends received from associated undertakings               9              -
Returns on investments and servicing of finance              85             44
Taxation                                                   (114)           (21)
Capital expenditure and financial investment               (308)           (35)
Proceeds from disposal of interest in associated
undertaking                                                 132              -
Equity dividends paid                                      (220)           (92)
                                                         --------        -------

Cash inflow before financing                                 98            539
Financing                                                   (17)           (21)
                                                         --------        -------

Increase in cash in the year                                 81            518
                                                         --------        -------

The financial information set out above does not comprise the company's
statutory financial statements. Statutory financial statements for the previous
financial year ended 30 April 2004 have been delivered to the Registrar of
Companies. The auditors' report on those financial statements was unqualified
and did not contain any statement under section 237(2) or (3) of the Companies
Act 1985. The auditors have not yet reported on financial statements for the
year ended 30 April 2005, nor have any such financial statements been delivered
to the Registrar of Companies.




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