Interim Results

PRESS RELEASE
Not for release before 0700, 22nd January 2004

                            FLETCHER KING PLC
                             INTERIM RESULTS

Fletcher  King, the London based chartered surveyors and property  asset
managers,  announces interim results for the 6 months  to  31st  October
2003.  The  results  have improved on the same 6 month  period  in  2002
despite operating in persistently difficult market conditions.

Financial highlights:
·    Profit before tax increased by 33% to £95,000 (2002: £71,000)
·    Turnover up 4.1% on the same period as last year to £2.370 million
(2002 £2.277 million)
·    Basic earnings per share grew to 0.70p (2002: 0.62p)
·    Interim dividend declared at 0.3p (2002: 0.25p)

Operational highlights:
·     First  transactions  completed under the discretionary  investment
mandate won from the British Home Stores pension fund in 2003.
·    The £20 million Stratton House Investment Property Syndicate now
two thirds invested or committed - appetite remains amongst investors
for second syndicate.
·    Fletcher King Howard has seen a re-emergence of construction
management and is now on site with three major new assignments.
·    Despite an exceptionally difficult lettings market the agency
department has successfully completed a number of deals.
·
Commenting David Fletcher, chairman of Fletcher King said:
"We  are  pleased to be able to report that we have improved our results
relative  to the same period last year. We anticipate similar levels  of
activity  as  in  the first half of the year with the investment  market
remaining  strong  and  the  current lack of stock  continuing  to  make
competition to buy fierce. We also believe the occupational markets  are
unlikely to be materially different in the second half of the year.  The
final dividend should be at least in line with last year."

For further information:
David Fletcher, Fletcher King:                          020 7493 8400
Christopher Joll / Tim McCall, mj2 ltd:                 020 7491 7776

CHAIRMAN'S STATEMENT
RESULTS
The Interim Results for the 6 months to 31st October 2003 have shown  an
improvement  over  the  same period last year.  Profit  before  tax  was
£95,000  (2002  £71,000) on a turnover of £2.370  million  (2002  £2.277
million)  with earnings per share of 0.70p (2002 0.62p). Your  Directors
have  declared an interim dividend of 0.3 p (2002 0.25p) which  will  be
paid  on the 20th February 2004 to shareholders on the register  at  the
close of business on the 6th February 2004.

THE COMMERCIAL PROPERTY MARKET
London
Occupational demand in London and the South East continues to be subdued
and  many in the industry are currently calling this the bottom  of  the
market.  Although  we  have  seen a small  increase  in  the  number  of
enquiries  in the West End, we see no concrete evidence to  support  the
view  that the bottom of the market has been reached. Although  we  feel
there  is  unlikely to be a further significant fall in  rental  levels,
once the low point is reached the market is likely to take a year or two
before recovering and positive signs of rental growth return.

Outside London
With  the  exception of the office letting markets in  major  provincial
cities,  we  are  seeing that demand is generally  stronger  outside  of
London. Owner occupiers, particularly for industrial property, remain  a
strong  sector of the market despite the increase in medium  term  fixed
interest rates.

Investment
Demand  for bond type investments, and those where value can  be  added,
remains extremely buoyant despite the rise in medium term interest rates
over the last three months. In addition to debt financed purchasers,  we
saw  institutions  continue as buyers as they adjusted  fund  weightings
towards the property sector. In our view the investment market is likely
to remain strong for the foreseeable future.

DIVISIONAL TRADING
Property Asset Management
The  department has performed well during this half year and is actively
pursuing  new  business.  Existing clients  continue  to  add  to  their
portfolios.

Investment and Fund Management
The  department  has been active, but the lack of availability  of  good
investment property has meant that turnover has remained at last  year's
level.  A number of transactions are in the pipeline and the final  out-
turn for the year could be satisfactory.

Valuation and Rating
Both  valuation and rating work has increased in the first half  and  we
anticipate that progress will continue for the remainder of this year.

Agency
Although  the letting markets remain difficult we have been  active  and
have  concluded a number of deals including: lettings in mid-town and  a
freehold office vacant possession sale in the City. The market generally
is unlikely to improve in the near future.

Manchester
The  year  started  rather  slowly  but  the  second  quarter  showed  a
significant   increase  in  turnover.  A  number   of   major   property
acquisitions  are in the pipeline for the second half and we  anticipate
the office will show an increase in profit over last year.

Fletcher King Howard
Our  construction services division continues its recovery with  project
management commissions increasing. It has also seen the re-emergence  of
construction  management and has started on site with  three  major  new
assignments.

Stratton House Investment Property Syndicate
Approximately two thirds of the fund is now invested or committed,  with
a  view  to  being fully invested by April 2004. There  is  an  appetite
amongst  some of our existing investors, and others, to start  the  next
syndicate. We will hopefully do this during the coming year.

OUTLOOK

We anticipate similar levels of activity as in the first half and the
final dividend should be at least in line with last year.
The investment market will remain strong but the current lack of stock
is likely to continue with fierce competition to buy.
The occupational markets are unlikely to be materially different in the
second half.

D J R FLETCHER
CHAIRMAN
22 January 2004
Registered Office
Stratton House,
Stratton Street
London W1J 8LA


Consolidated Profit and
Loss Account
(unaudited) for the six months to 31
October 2003


                                6 months   6 months to
                                to         to               Year to
                                       31          31
                                  October      October     30 April

                                     2003         2002         2003
                                     £000         £000         £000

Turnover                            2,370        2,277        4,614

Operating Profit                       80           61           50

Share of results of
associated
undertakings                          (3)            0            7

Interest Receivable (net)              18           10           26

Profit on ordinary
activities before
taxation                               95           71           83

Taxation                             (33)         (16)         (22)

Profit on ordinary
activities after taxation              62           55           61

Dividends                            (26)         (22)         (88)

Dividend per Share                    .3p         .25p        1.00p

Retained Profit                        36           33         (27)

Earnings per share - basic          0.70p        0.62p        0.69p



NOTES
1. The interim figures for the six months to 31 October 2003, 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 2003. 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 2003 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 2002 - 8,807,279, April 2003 -
8,807,279).

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



CONSOLIDATED BALANCE SHEET         As at         As at          As at
(unaudited) for the six months        31            31       30 April
to 31 October 2003               October       October
                                    2003          2002           2003

                                    £000          £000           £000

Fixed assets
Tangible assets                      209           266            221
Investment in associated
undertakings                          16            39             19
Other Investments                    253           253            253
                               _________     _________      _________
                                     478           558            493

Current assets
Debtors                             1681          2143           1496
Cash at bank and in hand             930           623           1318
                               _________     _________      _________

                                    2611          2766           2814
Creditors
Amounts falling due within one
year                               (672)         (858)          (907)
                               _________     _________      _________
Net current assets                  1939          1908           1907

Total assets less current
liabilities                         2417          2466           2400

Creditors
Amounts falling due after one
year                                   0          (27)           (17)

Provisions for liabilities and
charges                                0             0            (2)
                               _________     _________      _________
Net assets                          2417          2439           2381
                               _________     _________      _________



Capital and reserves
Called up share capital              881           881            881
Share premium account                 76            76             76
Profit and loss account             1460          1482           1424
                               _________     _________      _________

                                    2417          2439           2381
                               =========     =========      =========




CONSOLIDATED CASH FLOW STATEMENT   6 months     6 months       Year to
                                         to           to
(unaudited) for the six months           31           31      30 April
to 31 October 2003                  October      October
                                       2003         2002          2003

                                       £000         £000          £000

Net cash (outflow)/ inflow from
operating activities                  (313)        (352)           375
Dividends received from
associated undertakings                   0            0            26
Returns on investment and
servicing of finance                     18           10            26
Taxation                                 11            0          (41)
Capital expenditure and
financial investment                   (27)        (258)         (262)
Equity dividends paid                  (66)         (66)          (88)
                                  _________    _________     _________
Cash flow before financing            (377)        (666)            36
Financing                              (11)         (15)          (23)
                                  _________    _________     _________
(Decrease)/Increase in cash in
the half year                         (388)        (681)            13
                                  _________    _________     _________