REG - Fletcher King PLC - Half Yearly Report <Origin Href="QuoteRef">FCHK.L</Origin>

Fletcher KingAnnouncement

16/12/2014 07:11

RNS Number : 7808Z
Fletcher King PLC
16 December 2014
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

6 months ended

6 months ended

Year ended

31 October

31 October

30 April

2014
(Unaudited)

2013
(Unaudited)

2014 (Audited)

000

000

000






Revenue
1,828

1,342

3,653
Employee benefits expense
(968)

(736)

(2,017)
Depreciation expense
(19)

(17)

(44)
Other operating expenses
(559)

(490)

(1,083)






Operating profit
282

99

509






Profit on sale of available for sale investments
-

39

174
Income from investments
4

3

13
Finance income
7

6

15
Profit before taxation
293

147

711






Taxation
(62)

(36)

(169)






Profit for the period
231

111

542






Total comprehensive income for the period
231

111

542






Basic and diluted earnings per share (note 4)





Continuing operations
2.51p

1.21p

5.89p






Dividends per share





Interim dividend proposed
1.50p

0.75p

-
Dividends paid
2.25p

0.75p

1.50p


Fletcher King Plc
Consolidated Interim Statement of Financial Position 
as at 31 October 2014


31 October 

31 October 

30 April


2014
(Unaudited)

2013
(Unaudited)

2014
(Audited)


000

000

000







Assets






Non-current assets






Property, plant and equipment

93

124

112
Available for sale investments

875

250

750
Deferred tax assets

18

63

18









986

437

880














Current Assets






Trade and other receivables

1,394

925

1,247
Cash and cash equivalents

2,338

2,798

3,314
















3,732

3,723

4,561














Total assets

4,718

4,160

5,441














Liabilities






Current liabilities






Trade and other payables

410

448

702
Current taxation liabilities

185

96

123
Other creditors 

370

249

887














Total liabilities

965

793

1,712





















Shareholders' equity






Share capital

921

921

921
Share premium

140

140

140
Reserves

2,692

2,306

2,668







Total shareholders' equity

3,753

3,367

3,729














Total equity and liabilities

4,718

4,160

5,441









Fletcher King Plc
Consolidated Interim Statement of Changes in Equity 
for the 6 months ended 31 October 2014






Profit





Share

Share

and


TOTAL


capital

premium

loss


EQUITY


000

000

000


000










Balance at 1 May 2014

921

140

2,668


3,729




















Total comprehensive income for the period

 - 

 - 

231


231
Equity dividends paid

 - 

 - 

(207)


(207)










Balance at 31 October 2014 (Unaudited)

921

140

2,692


3,753




















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 2013

921

140

2,264


3,325










Total comprehensive income for the period

 - 

 - 

542


542
Equity dividends paid

 - 

 - 

(138)


(138)










Balance at 30 April 2014 (Audited)

921

140

2,668


3,729


Fletcher King Plc
Consolidated Interim Statement of Cash Flows
for the 6 months ended 31 October 2014


6 months ended

6 months ended

Year ended


31 October

31 October

30 April


2014 (Unaudited)

2013 (Unaudited)

2014 
(Audited)


000

000

000







Cash flows from operating activities






Profit before taxation from continuing operations
293

147

711
Adjustments for:






Depreciation expense

19

17

44
Profit on sale of investments

-

(39)

(174)
Income from investments

(4)

(3)

(13)
Finance income

(7)

(6)

(15)







Cash flows from operating activities






before movement in working capital

301

116

553






Decrease/(increase) in trade and other receivables
(147)

537

215
(Decrease)/increase in trade and other payables
(809)

(662)

230







Cash (absorbed)/generated from operations

(655)

(9)

998
Taxation received/(paid)

-

7

(54)







Net cash flows from operating activities

(655)

(2)

944







Cash flows from investing activities






Purchase of fixed assets

-

-

(15)
Purchase of investments

(125)

-

 (750)
Sale of investments

-

289

674
Finance income

7

6

15
Income from investments

4

3

13







Net cash flows from investing activities

(114)

298

(63)







Cash flows from financing activities






Dividends paid to shareholders

(207)

(69)

(138)







Net cash flows from financing activities

(207)

(69)

(138)
Net increase/(decrease) in cash and cash equivalents

(976)

227

743
Cash and cash equivalents at start of period
3,314

2,571

2,571
Cash and cash equivalents






at end of period

2,338

2,798

3,314


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 

6 months to 31st October 2014
Number
6 months to 31st October 2013
Number
Year ended 30th April 2014
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
231
111
542




Basic and diluted earnings per share
2.51p
1.21p
5.89p

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