Half Yearly Report

RNS Number : 5490V

Fletcher King PLC

16 December 2013

 



FLETCHER KING PLC

Interim Results for the 6 months ended 31 October 2013

Financial Highlights

                  Turnover   :           £1.342m                   (2012: £1.427m)

                  PBT           :           £147,000                  (2012: £143,000)

                  EPS           :           1.21p per share       (2012: 1.15p per share)

                  Dividend   :           0.75p per share       (2012: 0.75p per share)

Operational Highlights

·    The Market - the investment market has steadily improved and some prices in Central London are back to their 2006/07 peak.

·    Fund Management and Investment - A SHIPS investment, managed and in part owned by Fletcher King, was realised and yielded in excess of 11% p.a. to investors.

·    Valuation and Rating - The volume of bank valuations remains steady.

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

"We are pleased with the results and have a satisfactory pipeline of work for the second half"

ENQUIRIES:

Fletcher King Plc

David Fletcher

Tel: [phone]

Cairn Financial Advisers LLP (Nomad)

James Caithie

Tel: [phone]

The interim results are available on the Company's website: www.fletcherking.co.uk

CHAIRMANS STATEMENT

Results

Turnover for the period was £1.34m (2012: £1.43m) with profit before tax of £147,000 (2012: £143,000).  Your Directors have declared an interim dividend of 0.75p per share (2012: 0.75p) to be paid on the 21 February 2014 to shareholders on the register at the close of business on 24 January 2014.

Commercial Property Market

During the course of the calendar year we have seen a steady improvement in most parts of the market but occupiers and investors remain generally risk averse.  London and the South East continue to be the geographical areas most in demand from investors, although well let property in the regions, particularly multi-let industrial, is seeing stronger demand and prices are rising.

Office and retail investments in Central London are achieving prices not seen since the top of the last cycle in 2006/07.

Business Overview

We experienced an active first half in all departments and the volume of valuation work continued to pick up.  The Chancellor's Autumn Statement confirmed that 95% of rating appeals will be settled by July 2015.  This will be helpful in clearing a significant backlog.

The SHIPS investment funds, which we manage and partly own, continue to perform well with the sale of a property in Basinghall Street, London producing a return in excess of 11% per annum for our investors.

Fund and Asset Management maintained progress and we continue to collect 95% of rents receivable within three days of the quarter day.

Outlook

We generally have a satisfactory volume of work in the pipeline for the remainder of the year.  Current indications are that the market will remain active which will hopefully provide further opportunities for us to transact profitable business.

DAVID FLETCHER

16 December 2013

Fletcher King Plc

Consolidated Interim Statement of Comprehensive Income

 for the 6 months ended 31 October 2013

	6 months ended		6 months ended		Year ended
	31 October		31 October		30 April
	2013 (Unaudited)		2012 (Unaudited)		2013 (Audited)
	£000		£000		£000
Revenue	1,342		1,427		3,031
Employee benefits expense	(736)		(726)		(1,641)
Depreciation expense	(17)		(17)		(43)
Other operating expenses	(490)		(548)		(1,085)
Operating profit	99		136		262
Profit on sale of available for sale investments	39		-		-
Income from investments	3		3		11
Finance income	6		4		19
Profit before taxation	147		143		292
Taxation	(36)		(37)		(65)
Profit for the period	111		106		227
Total comprehensive income for the period	111		106		227
Basic and diluted earnings per share (note 4)
Continuing operations	1.21p		1.15p		2.46p
Dividends per share
Interim dividend proposed	0.75p		0.75p		-
Dividends paid	0.75p		0.75p		1.50p

Fletcher King Plc

Consolidated Interim Statement of Financial Position

as at 31 October 2013

		31 October		31 October		30 April
		2013 (Unaudited)		2012 (Unaudited)		2013 (Audited)
		£000		£000		£000
Assets
Non-current assets
Property, plant and equipment		124		163		141
Available for sale investments		250		500		500
Deferred tax assets		63		63		63
		437		726		704
Current Assets
Trade and other receivables		925		988		1,462
Cash and cash equivalents		2,798		2,321		2,571
		3,723		3,309		4,033
Total assets		4,160		4,035		4,737
Liabilities
Current liabilities
Trade and other payables		448		402		810
Current taxation liabilities		96		103		53
Other creditors		249		257		549
Total liabilities		793		762		1,412
Shareholders' equity
Share capital		921		921		921
Share premium		140		140		140
Reserves		2,306		2,212		2,264
Total shareholders' equity		3,367		3,273		3,325
Total equity and liabilities		4,160		4,035		4,737

Fletcher King Plc

Consolidated Interim Statement of Changes in Equity

for the 6 months ended 31 October 2013

						Profit
		Share		Share		and			TOTAL
		capital		premium		loss			EQUITY
		£000		£000		£000			£000
Balance at 1 May 2013		921		140		2,264			3,325
Total comprehensive income for the period		-		-		111			111
Equity dividends paid		-		-		(69)			(69)
Balance at 31 October 2013 (Unaudited)		921		140		2,306			3,367
Balance at 1 May 2012		921		140		2,175			3,236
Total comprehensive income for the period		-		-		106			106
Equity dividends paid		-		-		(69)			(69)
Balance at 31 October 2012  (Unaudited)		921		140		2,212			3,273
Balance at 1 May 2012		921		140		2,175			3,236
Total comprehensive income for the period		-		-		227			227
Equity dividends paid		-		-		(138)			(138)
Balance at 30 April 2013 (Audited)		921		140		2,264			3,325

Fletcher King Plc

Consolidated Interim Statement of Cash Flows

for the 6 months ended 31 October 2013

		6 months ended		6 months ended		Year ended
		31 October		31 October		30 April
		2013 (Unaudited)		2012 (Unaudited)		2013 (Audited)
		£000		£000		£000
Cash flows from operating activities
Profit before taxation from continuing operations		147		143		292
Adjustments for:
Depreciation expense		17		17		43
Profit on sale of investments		(39)		-		-
Income from investments		(3)		(3)		(11)
Finance income		(6)		(4)		(19)
Cash flows from operating activities
before movement in working capital		116		153		305
Decrease/(increase) in trade and other receivables		537		(96)		(570)
(Decrease)/increase in trade and other payables		(662)		(493)		207
Cash (absorbed)/generated from operations		(9)		(436)		(58)
Taxation received/(paid)		7		7		(71)
Net cash flows from operating activities		(2)		(429)		(129)
Cash flows from investing activities
Purchase of fixed assets		-		-		(4)
Sale of investments		289		-		-
Finance income		6		3		19
Income from investments		3		4		11
Net cash flows from investing activities		298		7		26
Cash flows from financing activities
Dividends paid to shareholders		(69)		(69)		(138)
Net cash flows from financing activities		(69)		(69)		(138)
Net increase/(decrease) in cash and cash equivalents		227		(491)		(241)
Cash and cash equivalents at start of period		2,571		2,812		2,812
Cash and cash equivalents
at end of period		2,798		2,321		2,571

Fletcher King Plc

Explanatory Notes

1.     General information

The Company is a public limited company incorporated and domiciled in England and Wales. The address of its registered office is 61 Conduit Street, London W1S 2GB.

These interim financial statements were approved by the Board of Directors on 13 December 2013.

2.     Basis of preparation

The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union.  IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable as at 30 April 2014.

The accounting policies applied are consistent with those of the annual financial statements for the year ended 30 April 2013.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

3      Non Statutory Accounts

The financial information for the period ended 30 April 2013 set out in this interim report does not constitute the Group's statutory accounts for that period. The statutory accounts for the year ended 30 April 2013 have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not contain a statement under either Section 498(2) or Section 498(3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis.

The financial information for the 6 months ended 31 October 2013 and 31 October 2012 is unaudited.

4      Earnings per share

	Six Months to 31st  October 2013 Number	Six months to 31st October 2012 Number	Year ended 30th April 2013 Number
Weighted average number of shares for basic and diluted earnings per share.	9,209,779	9,209,779	9,209,779
	£'000	£'000	£'000
Earnings for basic and diluted earnings per share:
Continuing Operations	111	106	227

 

END

 

 

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