Fletcher King PLC Trading Update (0823P)
May 23 2018 - 11:09AM
UK Regulatory
TIDMFLK
RNS Number : 0823P
Fletcher King PLC
23 May 2018
Fletcher King plc
Trading Update
Fletcher King plc (the "Company") provides the following update
following its year end on 30 April 2018.
Our second half performance to 30 April 2018 was disappointing
and did not meet management expectations. Profit before tax is
expected to be significantly below the level reported for the prior
year.
Brexit uncertainty continues to impact the Central London office
letting market and we believe this was partly to blame for the fact
that neither of our SHIPS buildings achieved the full occupancy we
might have otherwise expected. As a result, earnings from sales of
these buildings did not materialise.
The somewhat disappointing volumes of concluded rating appeals,
reported in our Interim Results, continued into the second half
with the Valuation Office delaying settlement of appeals.
Investment property sales held up well although one reasonably
significant transaction failed to complete by the year end and will
therefore roll over to the new financial year.
The current year has started slowly albeit we hope to let out,
and subsequently sell, the SHIPS properties, and have various other
sales mandates in hand. As with prior years, we expect to announce
our final results for the year ended 30 April 2018 in the second
week of July.
Enquiries
Fletcher King plc
David Fletcher / Peter Bailey
Tel: 0207 493 8400
Cairn Financial Advisers LLP
James Caithie / Tony Rawlinson
Tel: 020 7213 0880
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END
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