14th Jul 2015 07:41
LONDON (Alliance News) - Commercial property manager Fletcher King PLC saw its shares fall 17% on Tuesday morning after it posted lower pretax profit and revenue for the year to the end of April, saying that while its results came in line with its expectations, there were "a little disappointing".
Fletcher King said its pretax profit for the year was GBP461,000, down from GBP711,000 a year earlier, as revenue declined to GBP3.4 million from GBP3.7 million. The fall in revenue resulted from weakness in its Scottish property portfolio, where rents remain significantly below their peak levels, though the company said the commercial property market was not affected particularly by the UK General Election.
The weaker results prompted the company to cut its final dividend payout to 0.75 pence per share, from 2.25p a year earlier, meaning its total dividend payout is 2.25p per share, down from 3.0p per share.
"Whilst the year was perhaps a little disappointing, it was in line with expectation. We have started the new financial year well, and we are hopeful of improving our results," said Chairman David Fletcher.
Shares in the company were down 17% to 48.00 pence early Tuesday, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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