30th Aug 2022 10:40
(Alliance News) - Fletcher King PLC on Tuesday reported a double-digit rise in annual revenue and a swing to pretax profit, as it looks to the coming year with optimism.
Shares were up 3.6% at 45.60 pence each on Tuesday morning in London.
For the year that ended on April 30, the London-based chartered surveyors firm swung to a pretax profit of GBP134,000 from a loss of GBP834,000 the year before, as revenue rose 30% to GBP3.0 million from GBP2.3 million.
Other operating expenses fell 35% to GBP1.0 million from GBP1.6 million the year before.
"Property and Fund Management had a strong year. Despite the challenges of the pandemic, we continued to produce excellent rent collection statistics," the company explained.
It added that "both the letting and capital markets were considerably more buoyant than the previous year".
Fletcher King also said the industrial property market continued to perform "exceptionally well with rents growing and capital values powering ahead".
Chair David Fletcher said: "The results for the year are a significant improvement from last year and we are pleased to be able to commence dividend payments again."
Fletcher King proposed a final dividend of 0.5p per share, compared to none the year prior.
Looking ahead, the company said it is optimistic about its performance for the coming year. It expects its volume of valuations to increase and management portfolio to grow organically.
"Importantly we hope our new significant shareholder will in due course become the source of additional income streams and we await to see the progression of this during the year," Chair Fletcher added.
In October 2021, Elliott Bernerd, chair and founder of property development and investment group Chelsfield Group Ltd, bought an around 30% stake in Fletcher King by purchasing GBP547,276 worth of shares.
By Xindi Wei; [email protected]
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