Last checked at 15 Sep 2008 13:57
RNS Number : 4538D
Fletcher King PLC
15 September 2008
FLETCHER KING PLC
INTERIM MANAGEMENT STATEMENT
Fletcher King Plc is today publishing its Interim Management Statement relating to the period 1st May 2008 to 31st July 2008.
The difficult market conditions reported in the Chairman’s statement for the year ending 30th April continue as predicted and trading conditions for Fletcher King remain difficult.
The value of investment property continues to decline and the mismatch between the price expectations of vendors and purchasers has resulted in a virtually stagnant investment market.
Our Rating and Property Management business remains unaffected by current market conditions. Volumes in our valuation business have been, surprisingly, largely unaffected by the liquidity crisis although fee levels have come under pressure and turnover in that sector of our business will be impacted.
Fletcher King Howard, our building services subsidiary, continues to experience difficulties as a result of their clients delaying capital expenditure programmes.
We continue to reduce our overhead costs to help mitigate the effects of these market conditions.
We are managing our debts aggressively and our balance sheet and cash position remains strong.
We see little chance of the market improving before mid-2009 at the earliest.
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