Interim Results

Fletcher King PLC
30 January 2001


                              Fletcher King Plc                               
                                                                              
                               INTERIM RESULTS                                

Fletcher King Plc, the property and construction services group, today
announce their interim results for the six months to 31 October 2000.

Highlights

* PROFIT BEFORE TAX £285,000 (1999: £305,000)

* TURNOVER £3.22 million (1999: £3.63 million)

* EARNINGS PER SHARE 2.1p (1999: 2.3p)

* INTERIM DIVIDEND unchanged at 1.5p 

* STRONG BALANCE SHEET WITH SIGNIFICANT CASH BALANCES 

* INVESTMENT IN ONLINE PROPERTY TRANSACTION SERVICE


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

'The core business has continued to perform well increasing both turnover and
profit, however contract losses at Howard Associates have impacted on overall
results.

'Property has performed well in 2000 outperforming both equities and gilts.
However opportunities for new stock to rent, and investments to purchase are
diminishing as demand outstrips supply and this may impact on future
performance.'


For further information, please contact:-

David Fletcher, Chairman       Fletcher King Plc       020 7493 8400
Ivan Royle/Francetta Carr      GCI Financial           020 7398 0800


FLETCHER KING PLC 

Chairman's Statement


After five years of continued strong growth, which has seen profits before tax
rise by almost 200% and dividends by 170%, profit before tax has slipped to
£285,000 from £305,000 in the six months to 31 October 2000 compared to the
same period last year, due to particular trading difficulties experienced by
Howard Associates.    Earnings per share are 2.1p (1999: 2.3p).

The directors have declared a dividend of 1.5p (1999: 1.5p) per share which
will be paid on 23 February 2001 to shareholders on the register at the close
of business on 9 February 2001.

Howard Associates, our construction services subsidiary, experienced difficult
trading conditions during the period.   For the first time in the Company's
history it had two substantial construction management contracts cancelled.  
These jobs were terminated in one case, as a result of our client making a
corporate acquisition, which rendered the proposed Regional Distribution Depot
unnecessary, and, in the other, the client's funding institution insisted on
the method of procurement being design and build rather than construction
management.   Whilst in both cases the clients continue to retain our
services, it is for considerably smaller jobs, with substantially reduced
fees.   This resulted in Howard Associates reporting a loss for the period.   
Overhead adjustments have been made and I am pleased to report further new
contracts have been won.   The order book is looking healthy, but it is
unlikely any contribution to profit will be made this financial year.

Fletcher King in London, and in our regional offices, have experienced an
excellent first half and increased both turnover and profits.   The fund
management, asset management, agency and professional service markets were all
strong and the divisions performed well.

The industry is generally short of surveyors with two to five year post
qualification experience.   This results from the low intake during the
recession years, and the significantly higher rewards available for the
brighter students in the City and other professions, most notably law and
accountancy.   As a result we have experienced the inevitable pressure on
salaries, but continue our policy of results orientated remuneration packages
where our business producers are highly bonused.

New and exciting methods of marketing property, via the internet, are being
established. It is important for us to give our clients access to these
opportunities and, if possible, to prosper ourselves should they achieve
commercial success.    We have therefore acquired a 2.01% interest, for an
investment of £3,100, in First Property On-Line Plc which offers an Internet
based business to business transaction service aimed at streamlining the
traditional methods of buying and selling commercial property in the UK.   The
company is quoted on AIM, following its reversal into Hansom plc and we will
be helping the company expand and develop its products.   Fellow shareholders
in the company include FPD Savills, Donaldsons, CLS Holdings, Delancy Estates
and Moorfield Group.  At the mid market price on 26 January 2001 the shares
were valued at £209,180.

We have held a 5% shareholding in PRIDE, a commercial property database and
listing service, since its inception more than 10 years ago and the management
of that company is pursuing a policy of enlargement and expansion which will
not only enhance the services offered, but also increase revenue flows and
ultimately profits.

Your Board is focused on expanding the company organically and into profitable
areas of new business, over which we can exercise a degree of control.  We are
currently exploring, with a number of our high net worth private clients, the
establishment of a Limited Partnership and investing alongside them in
building a diversified investment portfolio.   We will use a prudent amount of
our cash reserves and generally take no more than a 5% interest in the equity
of any one transaction.    If we are successful in taking this proposal
forward it will be a profitable source of continuing fee income and add to our
Discretionary Fund Management activities.

OUTLOOK

It is unprecedented to have supply and demand in balance at this stage in the
property cycle.  This results from financial institutions' caution on funding
speculative development and it makes the market stronger and less volatile
than it might otherwise be.  We should benefit from this situation but one of
the downsides is the lack of both new stock to rent and investments to
purchase.   Many in the industry are predicting that 2001 will see fewer
investment properties being offered for sale, and if that proves to be the
case, we will inevitably see an impact on our profitability.    I therefore
look to our results for the full year with some caution.

Our balance sheet remains strong with significant cash balances which more
than justify the maintained dividend.

I would like to thank our dedicated directors and staff for all their very
hard work in delivering an excellent service to our many and varied clients.



David Fletcher, Chairman

Registered Office
Stratton House, Stratton Street
London W1J 8LA



Group Profit and Loss Account
(unaudited) for the six months to 31 October 2000

                                6 months to        6 months to        Year to
                                 31 October         31 October       30 April
                                       2000               1999           2000
                                       £000               £000           £000
                                                                               
Turnover                               3224               3629           7103

Operating Profit                        237                271            532

Interest Receivable (net)                48                 34             70

Profit on ordinary activities 
before taxation                         285                305            602

Taxation                                101                104            201

Profit on ordinary activities 
after taxation                          184                201            401

Dividends                               132                132            352

Dividends per Share                     1.5p               1.5p           4.0p
 
Retained Profit                        (132)                69             49

Earnings per share - basic              2.1p               2.3p           4.6p




Balance Sheet
                                            As at               As at 
                                       31 October            30 April 
                                             2000                2000
 
                                             £000    £000        £000    £000
                                                                            
Fixed Assets
Tangible assets                                       493                 584
Investment in associated undertakings                  59                  49
                                                      552                 633
Current assets                              
Debtors                                      1953                1734
Cash in bank and in hand                     1687                1918
                                             3640                3652

Creditors
(Amounts falling due within one year)       (1560)              (1705)

Net current assets                                   2080                1947

Total assets less current liabilities                2632                2580

Provision for liabilities and charges                 (17)                (17)

Net assets                                           2615                2563

Capital and reserves
Called up share capital                               881                 881
Share premium account                                  76                  76
Profit and loss account                              1658                1606
                                                     2615                2563


Cash Flow Statement
                                              6 months to             Year to 
                                               31 October            30 April
                                                     2000                2000

                                                     £000                £000


Net cash outflow from operating activities            (64)                866
Returns on investment and servicing finance            48                  86
Taxation                                                0                (112)
Capital expenditure and financial investment           12                 (80)
Equity dividends paid                                (220)               (327)
Cash flow before financing                           (224)                433
Financing                                              (7)                (55)
Decrease in cash in the half year                    (231)                378



NOTES

1. The interim figures for the six months to 31 October 2000, which are
unaudited, have been prepared on the basis of the accounting policies set out
in the Annual Report and Accounts for the year ended 30 April 2000.  The
financial information contained in this Interim Report does not amount to
statutory accounts within the meaning of section 240 of the Companies Act 1985.

The results for the year ended 30 April 2000 have been extracted from the
published accounts for that period on which the auditors gave an unqualified
report and which have been delivered to the Registrar of Companies.

2. Earnings per share are calculated on 8,807,279 ordinary shares in issue
during the six months (October 1999:  8,807,279, April 2000: 8,807,279).

3. This statement is being sent to shareholders.  In addition, copies are     
available from the Company Secretary at the Registered Office.