Final Results
RNS Number : 8839XFletcher King PLC07 October 2026
FLETCHER KING PLC
Audited results for the Year Ending 30 April 2026
Highlights
- Revenue for the year of £3,468,000 (2025: £3,841,000)
- Statutory profit before tax of £2,000 (2025: £274,000)
- Adjusted profit before tax of £22,000 (2025: £373,000) *
- Adjusted basic earnings per share of 0.20p (2025: 2.45p) (see note 4) **
- Final proposed dividend: nil per share (2025: 2.25p per share)
*Adjusted profit before tax is before share-based payment expenses (see note 2). The Board considers the adjusted results to be an important measure of performance due to the nature of the Company, and with share options being awarded to directors and key staff only.
**Adjusted basic earnings per share is calculated using adjusted profits (see note 4).
The Annual Report and Accounts will shortly be posted on the Company’s website and a further announcement will be made when the document is sent to shareholders.
Commenting on the results, David Fletcher, chairman of Fletcher King Plc said:
“It has been a challenging period and this is reflected in the results for the year which show roughly breakeven performance. As announced previously, I will shortly retire from the Board along with a number of my fellow directors and the Company will enter a new chapter under the direction of a newly composed Board.
As part of this transition, a special dividend of 20p per share has already been paid to shareholders, and we announce today a Proposed Transaction that is intended to facilitate an orderly separation between the Company’s established people-led property services business and the future strategic direction of the Company. The Proposed Transaction is subject to shareholder approval and a Circular with full details is being sent to shareholders.
The Circular also contains details of proposed new Board members and their intention to develop the listed Company’s strategy by exploring investments and acquisitions in complementary property-related services, including businesses using technology, data and artificial intelligence to improve service delivery and operating efficiency. The Board will carefully consider and evaluate investment opportunities to ensure the most appropriate strategic options are chosen in the best interests of the Company and its Shareholders.
I give the new Board my best wishes for the future.”
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
For further information, please contact:
Fletcher King Plc
Paul Andrews / Peter Bailey
Tel: 020 7493 8400
Cairn Financial Advisers LLP (Nomad)
Liam Murray / Jo Turner / Ed Downes
Tel: 020 7213 0880
Yellow Jersey PR Limited (Investor Relations)
Charles Goodwin / Dominic Barretto
Tel: 07747 766 221
CHAIRMAN’S STATEMENT
Introduction
As announced on 19 June 2026, I will be retiring from the Board shortly and this is therefore my last Chairman’s Statement.
My fellow non-executive directors, Richard Goode and David Stewart, will also be retiring at the same time and it has been a pleasure to work with them and the Executive team for many years.
This chairman’s statement contains details of a proposed transaction and the future strategic direction of the Company. Before this, it is necessary to report on the performance of the business over the last reporting period.
Results
Revenue for the year was £3,468,000 (2025: £3,841,000). Adjusted profit before tax (see note 2) was £22,000 (2025: £373,000). Statutory profit before tax was £2,000 (2025: £274,000).
The Board considers the adjusted results to be an important measure of performance and to be more representative of performance for the year than the statutory results (which have been prepared in accordance with UK-adopted International Financial Reporting Standards).
The results for the year demonstrate that it remains challenging to produce profitable performance in current property market conditions.
The market for property investment transactions has been subdued and it has also been a lean period for concluding rating appeals. The lack of any meaningful fees from these service lines during the year has significantly impacted performance.
The Company continues to focus on growing non-transactional (non-contingent) revenue to compensate for the risks associated with delivering certain services on a contingent fee basis. In late August 2025, the Company brought facilities management services in house which the Company believes will yield additional annualised revenues of approximately £270,000 per annum, to be partially offset by an increase in associated personnel costs.
During the year, the Company has also significantly strengthened the valuation team with recruitment at all levels. Valuation services provide a predictable and steady revenue stream from contracts with major high street banks, and the Company continues to look for opportunities to grow this area of the business.
The investment in new personnel (both within facilities management and the valuation team), with associated recruitment costs and induction time totalling approximately £100,000, has impacted earnings for the year.
Dividend
A dividend of 20p per share (amounting to £2.05m) was paid to shareholders on 17 July 2026 from what the Board believes to be a prudent distribution of surplus funds comprising profits accumulated in prior years. After paying this special dividend, the Company retains a satisfactory level of cash for ongoing operations and no debt.
The Board is not proposing to pay a final dividend (2025: 2.25p per share). With no other interim dividend paid (2025: £nil per share) the dividend for this year (excluding the post year-end special interim dividend) will amount to £nil per share (2025: 2.25p per share).
Business Overview
As announced today, and included in a Circular to shareholders, the Board proposes to appoint three additional directors to complement the remaining Board members. The proposed appointments are Martin Samworth as Non-executive Chairman, James Cameron as Non-executive Director, and Elizabeth Shaw as Non-executive Director.
The Circular also contains details of a potential transaction (“Proposed Transaction”) comprising the conditional disposal of 50% of Fletcher King Services Limited to the management team together with an Option Agreement covering the potential disposal of the remaining 50% interest over a subsequent two-year period under put and call option arrangements. Completion of the Proposed Transaction is conditional on shareholder approval. The headline price for the Proposed Transaction is £1.2m for the entire business (being £550,000 for the initial 50% interest and £650,000 for the remaining 50% interest) plus an additional sum of £100,000 referenced as a Balance Payment. Full details are contained in the Circular.
The existing board has concluded that Fletcher King Services Limited should continue to focus on its established people-led professional property services activities under the leadership of its management team and approval is being sought from shareholders for the Proposed Transaction.
The proposed incoming Board intends, separately, to develop the listed Company’s strategy by exploring investments and acquisitions in complementary property-related services, including businesses using technology, data and artificial intelligence to improve service delivery and operating efficiency.
Outlook
Following completion of the Proposed Transaction, the Board will carefully consider and evaluate investment opportunities to ensure the most appropriate strategic options are chosen in the best interests of the Company and its Shareholders.
Existing cash reserves and consideration receivable from the Proposed Transaction will provide the Board with capital and reserves for assessing and potentially investing in suitable opportunities.
Any potential transaction will be subject to relevant due diligence, financing, definitive documentation, and any further shareholder approval at that time.
I give the new Board my best wishes for the future.
DAVID FLETCHER
CHAIRMAN
6 October 2026
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
for the year ended 30 April 2026
Note
2026
2025
£000
£000
Continuing operations
Revenue
3,468
3,841
Employee benefits expense
(2,218)
(2,313)
Depreciation and amortisation expense
(203)
(196)
Other operating expenses
(1,163)
(1,122)
Other operating income
46
44
Share based payment expense
(20)
(99)
(3,558)
(3,686)
Finance income
96
128
Finance expense
(4)
(9)
Profit before taxation
2
274
Taxation
(1)
(121)
Total comprehensive income for the year attributable to equity shareholders
1
153
Earnings per share
Basic
Diluted
4
4
0.01p
0.01p
1.48p
1.48p
Adjusted earnings per share
Basic
4
0.20p
2.45p
Diluted
4
0.20p
2.45p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 April 2026
Note
2026
2025
£000
£000
Assets
Non-current assets
Intangible assets
21
39
Property, plant and equipment
66
84
Right-of-use asset
33
148
120
271
Current assets
Trade and other receivables
5
1,725
1,652
Cash and cash equivalents
3,721
4,210
4,996
5,862
Total assets
5,116
6,133
Liabilities
Current liabilities
Trade and other payables
6
822
1,319
Corporation tax
2
123
Lease liabilities
42
211
866
1,653
Non-current liabilities
Lease liabilities
-
20
Total liabilities
866
1,673
Shareholders’ equity
Share capital
1,025
1,025
Share premium
522
522
Share based payment reserve
204
184
Retained earnings
2,499
2,729
Total shareholders’ equity
4,250
4,460
Total equity and liabilities
5,116
6,133
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 April 2026
2026
2025
£000
£000
Cash flows from operating activities
Profit before taxation from continuing operations
2
274
Adjustments for:
Depreciation and amortisation expense
203
196
Finance income
(96)
(128)
Finance expense
4
9
Share based payment expense
20
99
Cash flows from operating activities before
movement in working capital
133
450
(Increase)/decrease in trade and other receivables
(73)
316
(Decrease) in trade and other payables
(497)
(91)
Cash (absorbed by)/generated from operations
(437)
675
Taxation paid
(122)
(95)
Net cash flows from operating activities
(559)
580
Cash flows from investing activities
Purchase of fixed assets
(52)
(4)
Decrease in fixed term deposits
-
2,500
Finance income
96
128
Net cash flows from investing activities
44
2,624
Cash flows from financing activities
Lease payments
(193)
(90)
Dividends paid to shareholders
(231)
(231)
Net cash flows from financing activities
(424)
(321)
Net (decrease)/increase in cash and cash equivalents
(939)
2,883
Cash and cash equivalents at start of year
4,210
1,327
Cash and cash equivalents at end of year
3,271
4,210
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 April 2026
Note
Share
capital
Share
premium
Share based payment reserve
Retained
earnings
TOTAL
EQUITY
£000
£000
£000
£000
£000
Balance as at 1 May 2024
1,025
522
85
2,807
4,439
Profit for the year
-
-
-
153
153
Share based payment expense
-
-
99
-
99
Equity dividends paid
-
-
-
(231)
(231)
Balance at 30 April 2025
1,025
522
184
2,729
4,460
Profit for the year
-
-
-
1
1
Share based payment expense
-
-
20
-
20
Equity dividends paid
3
-
-
-
(231)
(231)
Balance at 30 April 2026
1,025
522
204
2,499
4,250
NOTES
1. General information
Whilst the financial information included in this preliminary announcement has been prepared in accordance with UK-adopted international accounting standards, this announcement does not itself contain sufficient information to comply with IFRSs.
The financial information is presented in pounds sterling rounded to the nearest thousand, and prepared in accordance with UK-adopted international accounting standards and under the historical cost convention. The financial information set out in this announcement does not comprise the Group’s statutory accounts for the years ended 30 April 2026 or 30 April 2025.
The financial information for the year ended 30 April 2025 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and 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 year ended 30 April 2026 is derived from the audited statutory accounts for the year ended 30 April 2026 on which the auditors have given an unqualified report, that did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006 and did not include references to any matters to which the auditors drew attention by way of emphasis. The statutory accounts will be delivered to the Registrar of Companies following the Company's annual general meeting.
2. Alternative performance measures – profit reconciliation
The reconciliation set out below provides additional information to enable the reader to reconcile to the numbers discussed in the Chairman’s Statement and Highlights section.
Year ended 30 April
2026
2025
£000
£000
Profit before taxation
2
274
Add back: Share based payment expense
20
99
Adjusted profit before share-based payment expense and taxation
22
373
Taxation
(1)
(121)
Adjusted profit after tax for the year
21
252
3. Dividends
Year ended 30 April
2026
2025
£000
£000
Equity dividends on ordinary shares:
Declared and paid during year
Ordinary final dividend for the year ended 30 April 2025: 2.25p per share (2024: 2.25p)
231
231
231
231
Proposed ordinary final dividend for the year ended
30 April 2026: nil per share
-
On 17 July 2026, the Company paid a special interim dividend to shareholders of 20p per share amounting to £2.05m.
4. Earnings per share
Number of shares
2026
No
2025
No
Weighted average number of shares for basic earnings per share
Share options (non-dilutive at prevailing average share price)
10,252,209
-
10,252,209
-
Weighted average number of shares for diluted earnings per share
10,252,209
10,252,209
Earnings
£000
£000
Profit after tax for the year
1
153
(used to calculate the basic and diluted earnings per share)
Add back: Share based payment expense
20
99
Adjusted profit after tax for the year
21
252
(used to calculate the adjusted basic and diluted earnings per share)
Earnings per share
Basic
Diluted
0.01p
0.01p
1.48p
1.48p
Adjusted earnings per share
Basic
Diluted
0.20p
0.20p
2.45p
2.45p
5. Trade and other receivables
2026
2025
£000
£000
Trade receivables
1,105
903
Other receivables
73
54
Prepayments
195
181
Accrued income
352
514
1,725
1,652
6. Trade and other payables
2026
2025
£000
£000
Trade payables
251
188
Other payables
13
77
Other taxation and social security
243
300
Accruals
94
558
Deferred income
221
196
822
1,319
Forward Looking Statements
Certain statements in this announcement are forward-looking statements relating to the Company's operations, performance and financial position based on current expectations of, and assumptions and forecasts made by, management. They are subject to a number of risks, uncertainties and other factors which could cause actual results, performance or achievements of the Company to differ materially from any outcomes or results expressed or implied by such forward-looking statements. Undue reliance should not be placed on such forward looking statements. They are made only as of the date of this announcement and no representation, assurance, guarantee or warranty is given in relation to them including as to their accuracy, completeness, or the basis on which they are made.
END
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