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Half Yearly Report

16 Dec 2013 07:00

RNS Number : 5490V
Fletcher King PLC
16 December 2013
 



FLETCHER KING PLC

 

Interim Results for the 6 months ended 31 October 2013

 

 

Financial Highlights

 

Turnover : £1.342m (2012: £1.427m)

PBT : £147,000 (2012: £143,000)

 

EPS : 1.21p per share (2012: 1.15p per share)

 

Dividend : 0.75p per share (2012: 0.75p per share)

 

 

Operational Highlights

 

· The Market - the investment market has steadily improved and some prices in Central London are back to their 2006/07 peak.

· Fund Management and Investment - A SHIPS investment, managed and in part owned by Fletcher King, was realised and yielded in excess of 11% p.a. to investors.

· Valuation and Rating - The volume of bank valuations remains steady.

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

"We are pleased with the results and have a satisfactory pipeline of work for the second half"

 

ENQUIRIES:

 

Fletcher King Plc

David Fletcher

Tel: 020 7493 8400

 

Cairn Financial Advisers LLP (Nomad)

James Caithie

Tel: 020 7148 7900

 

The interim results are available on the Company's website: www.fletcherking.co.uk

CHAIRMANS STATEMENT

 

Results

 

Turnover for the period was £1.34m (2012: £1.43m) with profit before tax of £147,000 (2012: £143,000). Your Directors have declared an interim dividend of 0.75p per share (2012: 0.75p) to be paid on the 21 February 2014 to shareholders on the register at the close of business on 24 January 2014.

 

Commercial Property Market

 

During the course of the calendar year we have seen a steady improvement in most parts of the market but occupiers and investors remain generally risk averse. London and the South East continue to be the geographical areas most in demand from investors, although well let property in the regions, particularly multi-let industrial, is seeing stronger demand and prices are rising.

 

Office and retail investments in Central London are achieving prices not seen since the top of the last cycle in 2006/07.

 

Business Overview

 

We experienced an active first half in all departments and the volume of valuation work continued to pick up. The Chancellor's Autumn Statement confirmed that 95% of rating appeals will be settled by July 2015. This will be helpful in clearing a significant backlog.

 

The SHIPS investment funds, which we manage and partly own, continue to perform well with the sale of a property in Basinghall Street, London producing a return in excess of 11% per annum for our investors.

 

Fund and Asset Management maintained progress and we continue to collect 95% of rents receivable within three days of the quarter day.

 

Outlook

 

We generally have a satisfactory volume of work in the pipeline for the remainder of the year. Current indications are that the market will remain active which will hopefully provide further opportunities for us to transact profitable business.

 

 

 

 

DAVID FLETCHER

16 December 2013

 

Fletcher King Plc

 

Consolidated Interim Statement of Comprehensive Income

 for the 6 months ended 31 October 2013

 

6 months ended

6 months ended

Year ended

31 October

31 October

30 April

2013

(Unaudited)

2012

(Unaudited)

2013 (Audited)

£000

£000

£000

Revenue

1,342

1,427

3,031

Employee benefits expense

(736)

(726)

(1,641)

Depreciation expense

(17)

(17)

(43)

Other operating expenses

(490)

(548)

(1,085)

Operating profit

99

136

262

Profit on sale of available for sale investments

39

-

-

Income from investments

3

3

11

Finance income

6

4

19

 

Profit before taxation

147

143

292

Taxation

 

(36)

 

(37)

 

(65)

 

Profit for the period

 

111

 

106

 

227

 

 

Total comprehensive income for the period

111

106

227

 

Basic and diluted earnings per share (note 4)

Continuing operations

1.21p

1.15p

2.46p

Dividends per share

Interim dividend proposed

0.75p

0.75p

-

Dividends paid

0.75p

0.75p

1.50p

Fletcher King Plc

 

Consolidated Interim Statement of Financial Position

as at 31 October 2013

 

31 October

31 October

30 April

2013

(Unaudited)

2012

(Unaudited)

2013

(Audited)

£000

£000

£000

Assets

Non-current assets

Property, plant and equipment

124

163

141

Available for sale investments

250

500

500

Deferred tax assets

63

63

63

437

726

704

Current Assets

Trade and other receivables

925

988

1,462

Cash and cash equivalents

2,798

2,321

2,571

3,723

3,309

4,033

Total assets

4,160

4,035

4,737

Liabilities

Current liabilities

Trade and other payables

448

402

810

Current taxation liabilities

96

103

53

Other creditors

249

257

549

Total liabilities

793

762

1,412

Shareholders' equity

Share capital

921

921

921

Share premium

140

140

140

Reserves

2,306

2,212

2,264

Total shareholders' equity

3,367

3,273

3,325

Total equity and liabilities

4,160

4,035

4,737

Fletcher King Plc

 

Consolidated Interim Statement of Changes in Equity

for the 6 months ended 31 October 2013

 

Profit

Share

Share

and

TOTAL

capital

premium

loss

EQUITY

£000

£000

£000

£000

Balance at 1 May 2013

921

140

2,264

3,325

Total comprehensive income for the period

-

-

111

111

Equity dividends paid

-

-

(69)

(69)

Balance at 31 October 2013 (Unaudited)

921

140

2,306

3,367

Balance at 1 May 2012

921

140

2,175

3,236

Total comprehensive income for the period

-

-

106

106

Equity dividends paid

 

-

 

-

 

(69)

 

(69)

 

Balance at 31 October 2012 (Unaudited)

921

 

140

 

2,212

 

3,273

 

Balance at 1 May 2012

921

140

2,175

3,236

Total comprehensive income for the period

-

-

227

227

Equity dividends paid

 

-

 

-

 

(138)

 

(138)

 

Balance at 30 April 2013 (Audited)

921

140

2,264

3,325

Fletcher King Plc

 

Consolidated Interim Statement of Cash Flows

for the 6 months ended 31 October 2013

 

6 months ended

6 months ended

Year ended

31 October

31 October

30 April

2013 (Unaudited)

2012 (Unaudited)

2013

(Audited)

£000

£000

£000

Cash flows from operating activities

Profit before taxation from continuing operations

147

143

292

Adjustments for:

Depreciation expense

17

17

43

Profit on sale of investments

(39)

-

-

Income from investments

(3)

(3)

(11)

Finance income

(6)

(4)

(19)

Cash flows from operating activities

before movement in working capital

116

153

305

Decrease/(increase) in trade and other receivables

537

(96)

(570)

(Decrease)/increase in trade and other payables

(662)

(493)

207

Cash (absorbed)/generated from operations

(9)

(436)

(58)

Taxation received/(paid)

7

7

(71)

Net cash flows from operating activities

(2)

(429)

(129)

Cash flows from investing activities

Purchase of fixed assets

-

-

(4)

Sale of investments

289

-

-

Finance income

6

3

19

Income from investments

 

3

 

4

 

11

 

Net cash flows from investing activities

 

298

 

7

 

26

 

Cash flows from financing activities

Dividends paid to shareholders

 

(69)

 

(69)

 

(138)

 

Net cash flows from financing activities

 

(69)

 

(69)

 

(138)

 

Net increase/(decrease) in cash and cash equivalents

227

(491)

(241)

Cash and cash equivalents at start of period

 

2,571

2,812

2,812

Cash and cash equivalents

at end of period

 

2,798

 

2,321

 

2,571

 

 

Fletcher King Plc

 

Explanatory Notes

 

1. General information

 

The Company is a public limited company incorporated and domiciled in England and Wales. The address of its registered office is 61 Conduit Street, London W1S 2GB.

 

These interim financial statements were approved by the Board of Directors on 13 December 2013.

 

2. Basis of preparation

 

The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the International Financial Reporting Standards Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the European Union and applicable as at 30 April 2014.

 

The accounting policies applied are consistent with those of the annual financial statements for the year ended 30 April 2013.

 

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

 

3 Non Statutory Accounts

 

The financial information for the period ended 30 April 2013 set out in this interim report does not constitute the Group's statutory accounts for that period. The statutory accounts for the year ended 30 April 2013 have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not contain a statement under either Section 498(2) or Section 498(3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis.

 

The financial information for the 6 months ended 31 October 2013 and 31 October 2012 is unaudited.

 

4 Earnings per share

 

Six Months to 31st October 2013

Number

Six months to 31st October 2012

Number

Year ended 30th April 2013

Number

 

Weighted average number of shares for basic

and diluted earnings per share.

9,209,779

 

9,209,779

 

9,209,779

 

£'000

 

£'000

 

£'000

 

Earnings for basic and diluted earnings per share:

Continuing Operations

111

 

106

 

227

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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