Fletcher King PLC - London-based chartered surveyors - Swung to a GBP11,000 profit in the six months to October 31, from GBP447,000 in loss a year before. Revenue amounted to GBP1.4 million, up 54% from GBP909,000 a year ago. Attributes this to greater activity in the Investment department, more stable market conditions, and an increase in bank valuation instructions. Warns of uncertainty around future trading performance due to the new Covid-19 strain. Still affirms it has good investment sales instructions in the pipeline. Adds that there are positive signs of increasing numbers of bank valuations.
"After a very difficult trading period last year, it is pleasing to report a return to profitability for the first half of this year, albeit a modest one," Chair David Fletcher says.
"In normal circumstances, we would be hopeful for the trend to continue, but with the emergence of a new covid strain, and potential adverse impact on society and the wider economy, it remains to be seen how our markets will be affected."
Current stock price: 41.00 pence, down 6.8% on Thursday
Year-to-date change: up 9%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Fletcher King (FLK)