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(Sharecast News) - Surveyors and property investment services company Fletcher King reported a fall in turnover in its first half on Friday, to £1.33m from £1.47m.
The AIM-traded firm said its profit before tax for the six months ended 31 October was £0.11m, down from £0.13m, while its basic earnings per share totalled 0.9p, falling from 1.13p year-on-year.
Its board declared a dividend of 1p per share, in line with the interim distribution last year.
On the operational front, Fletcher King said its performance was lower than the comparative period last year, and continued to reflect the subdued property market associated with uncertainties over Brexit and the UK political situation.
It said it saw "steady and predictable" revenue from its asset management clients, providing ongoing support for the business, along with a regular supply of valuation instructions from lending banks.
A "reasonable volume" of sales instructions were completed in the period, but revenue from rating appeals remained lower than normal, which the board put down to the slow processing of appeals by the Valuation Office Agency.
"We had a reasonable first half and I am pleased that we are able to report a profit, albeit at a lower level than previous years, and to maintain our interim dividend at the same level as last year," said chairman David Fletcher.
"My year-end statement warned of the potential difficulty in maintaining profitability in a volatile market and that situation continues."
21 Dec 2023 16:21
IN BRIEF: Fletcher King interim profit up mildly as outlook optimistic
Fletcher King PLC - London-based chartered surveyors firm - Pretax profit rises to GBP50,000 in the six months to October 31, from GBP32,000 a year prior. Revenue is flat at GBP1.3 million. Finance income grows to GBP37,000 from GBP2,000. Looking ahead, Chair David Fletcher says: "Capital markets are likely to remain subdued for a while yet, but with some good instructions in the pipeline and a focus on improving non-transactional revenues, there are grounds for optimism that this will translate into business growth and development in due course." He adds: "Yet again it continues to be impossible to accurately predict the future of the property market and the timing of its recovery. With a focus on improving non-transactional fee income, our activities are healthy and growing and we look forward to a reinvigorated capital market."
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