Fletcher King Regulatory News (FLK)

FLETCHER KING PLC

Interim Results for the 6 months ended 31 October 2014

Financial Highlights

Turnover : £1.828m (2013: £1.342m)

PBT : £293,000 (2013: £147,000)

EPS : 2.51p per share (2013: 1.21p per share)

Dividend : 1.50p per share (2013: 0.75p per share)

Operational Highlights

· The Market - The central London market remains strong with demand now rippling out from the centre.

· Fund Management and Investment - Some significant investment broking transactions have enhanced the company's performance in the period.

· Valuation and Rating - The volume of rates appeals settled has increased and bank valuation instructions have remained steady.

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

"We are pleased with the results. Our prospects going forward look satisfactory although as I pointed out in my Chairman's statement last year those results would be a difficult act to follow but we will use all our efforts to do so".

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

CHAIRMAN'S STATEMENT

Results

Turnover for the period was £1.83m (2013: £1.34m) with a profit before tax of £293,000 (2013: £147,000). Your Directors have declared an interim dividend of 1.50p per share (2013: 0.75p) to be paid on 20 February 2015 to Shareholders on the register at the close of business on 23 January 2015.

The Commercial Property Market

The central London market continues its high level of activity and remains very strong. Tenant demand for space across all sectors is good with significant rental growth in some areas. Demand from investors, both domestic and foreign, shows no sign of abating. Yields are generally back at their pre crash levels or better.

Demand is now rippling out from the centre and the other major UK cities are seeing significant yield contractions as investors seek higher returns and this is likely to continue for the foreseeable future.

The political uncertainty surrounding next year's general election has had no effect on the market so far. The same cannot be said for the market north of the border where the uncertainty continues to impact the capital markets although there are more encouraging signs in the letting market.

Business Overview

Our strong performance last financial year has continued into the first half.

All departments were very active. At long last the Valuation Office Agency is processing rates appeals and we settled some long standing cases. The volume of bank valuations remains steady.

During the period we added some more central London office buildings to our management portfolio. We were also active in acquiring and disposing of assets for our fund management clients as well as completing some significant investment broking transactions.

Outlook

Our prospects going forward look satisfactory although as I pointed out in my Chairman's statement last year those results would be a difficult act to follow but we will use all our efforts to do so.

David Fletcher

Chairman

15 December 2014

Fletcher King Plc

Consolidated Interim Statement of Comprehensive Income

 for the 6 months ended 31 October 2014

Fletcher King Plc

Consolidated Interim Statement of Financial Position

as at 31 October 2014

Fletcher King Plc

Consolidated Interim Statement of Changes in Equity

for the 6 months ended 31 October 2014

Fletcher King Plc

Consolidated Interim Statement of Cash Flows

for the 6 months ended 31 October 2014

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 15 December 2014.

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 2015.

The accounting policies applied are consistent with those of the annual financial statements for the year ended 30 April 2014.

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 2014 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 2014 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 2014 and 31 October 2013 is unaudited.

4 Earnings per share