16th Dec 2015 09:16
LONDON (Alliance News) - Commercial property manager Fletcher King PLC on Wednesday said its pretax profit and revenue both surged in the first half, though it expects this will level out over the course of the year.
The company's pretax profit for the six months to the end of October rose to GBP1.2 million, four-times the GBP293,000 it made a year earlier, as revenue rose to GBP3.0 million from GBP1.8 million.
Fletcher King said the exceptionally good results were driven by the sale of its 145 Leadenhall Street property in London, which prompted it to pay an 8.0 pence special dividend to shareholders. Its ordinary, interim dividend, however, was cut to 1.00p from 1.50p to reflect the likelihood its results will not repeat the trick in the second half.
"We are very pleased with the results. Our prospects going forward look satisfactory although performance will be more in line with previous periods than the exceptional performance of this first half year," said Chairman David Fletcher.
Fletcher King shares were up 14% to 55.00p, having jumped to 60.00p earlier.
By Sam Unsted; [email protected]; @SamUAtAlliance
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