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(Alliance News) - Fletcher King PLC on Monday reported a sharp drop in annual profit and said that it is "impossible" to accurately forecast future trading performance in current uncertain market conditions
The company, which provides asset management and valuation services, reported a 14% drop in revenue for the year to April 30 to GBP2.6 million from GBP3.1 million, whilst pretax profit dropped 73% to GBP76,000.
Adjusted pretax profit - the company's preferred profit measure - fell to GBP243,000 from GBP282,000 a year ago. Adjusted results include the profit on disposal of the SHIPS 15 syndicate interest for GBP99,000 and exclude a share based payment expense of GBP68,000
Chair David Fletcher said: "In a financial year dominated by Brexit and political uncertainties, it is pleasing to report performance that is only slightly reduced from last financial year, and also to propose a final dividend to shareholders.
"We have now moved into even more uncertain times and it is impossible to accurately assess our future trading performance in current market conditions. However, our strong balance sheet and significant cash reserves provide good support to help us withstand the current economic crisis".
Fletcher King has declared a final dividend of 0.5 pence per share. With the interim dividend of 1.00p, the dividend for financial 2020 will amount to 1.50p per share, down from 1.75p paid a year ago.
The company ended financial 2020 with cash reserves of GBP3.6 million as at April 30. It has not drawn on any of the support measures offered by the government in response to Covid-19.
Shares in Fletcher King were untraded at 31.50 pence each in London on Monday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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