Final Results

Fletcher King PLC
10 July 2007

PRESS RELEASE

Not for release before 0700, 10th July 2007



                               FLETCHER KING PLC
    ANNOUNCES STRONG SET OF RESULTS - INCREASED PRE TAX PROFITS AND DIVIDEND

Fletcher King, the London based property fund manager and asset manager,
announces today its preliminary results for the year ended 30 April 2007.

Financial highlights:

•  Profit before tax up 71% to £1,027,000 (2006: £600,000)
•  Final ordinary dividend up 50% to 3.75 pence per share (2006: 2.5 pence per 
   share)
•  Earnings per share (EPS) up 44% to 7.34 pence (2006: 5.09 pence)

Operational highlights:

•  Record contribution made by Fund Management department.
•  Second Stratton House Investment Property Syndicate now fully invested and 
   the third fund has completed a successful equity raising.
•  Asset management department has met targets and the added value initiative 
   continues to produce both rental and capital growth.
•  The Valuation department's turnover significantly up on last year, new 
   contracts include AIB and The Ulster Bank.
•  Landlord and Tenant department enjoyed its most successful year since its 
   establishment with turnover increasing by 20%.



Commenting, David Fletcher, Chairman of Fletcher King, said:

'I am delighted to announce such a strong set of results, with profits before
tax up by 71% and the recommended final dividend up by 50%. We also have a
strong pipeline of business and I believe the year ahead will be an exciting
time for the group.'



For further information:

David Fletcher, Fletcher King                                      020 7493 8400
Tim McCall, MJ2 Business Communications                            020 7491 7776





CHAIRMAN'S STATEMENT

Results

Turnover for the year was £7.438m (2006: £6.117m) with profit before tax of
£1,027,000 (2006: £600,000). The Board is proposing a final dividend of 3.75p
per share (2006: 2.5p). The final dividend is subject to shareholders' approval
at the Annual General Meeting and will be paid on 28 September 2007 to
shareholders on the register at the close of business on 31 August 2007.  With
the interim dividend of 1.0p per share (2006: 0.63p) already paid, the total
ordinary dividend for the year will amount to 4.75p per share (2006: 3.13p).

The Commercial Property Market

The commercial property market continued the trend of the past few years and
produced record prices for commercial property investments and record rents in
the West End of London.

Occupier demand for all types of space was generally positive which led to
rental growth across all sectors.

The only sign of weakness was perhaps in some High Streets where rental growth
stalled and there was some drift in investment yields.

REITs finally arrived. After strong initial interest and rising share prices
some disillusionment crept in and they have been receiving a poor press.  We
believe REITs are a useful addition to the property investment market and their
tax transparency and the liquidity enjoyed by the larger ones is of positive
benefit to many investors.

Property returns for the year to the end of March were 15.6% as measured by IPD
and are likely to be around 9% for the coming year.  At this level property will
continue to produce a return that most balanced portfolio investors will find
very acceptable.

Our second SHIPS fund is now fully invested. We recently concluded a successful
equity raising for our third Fund and have already agreed to purchase its first
property.

Outlook for 2007/2008

Although prices are weakening in the secondary investment market, prime property
and deals with added value potential continue to be in strong demand and we do
not see that situation changing in the coming months.

The rise in interest rates has made it more difficult to debt finance buying but
there is enough equity in the market to sustain interest at current levels.  We
have a strong pipeline of business for the coming year and look forward to
continuing growth.

DAVID FLETCHER
CHAIRMAN
10 JULY 2007


DIVISIONAL REVIEW

Fletcher King Fund Management and Investment

As might be expected in such a buoyant investment market the department had an
extremely active year.  Turnover was fairly evenly divided between sales and
purchases compared to last year when most of the activity was buying.

We carried out our first transaction in Continental Europe buying a prime office
in Paris for €17.26m.  Other significant acquisitions during the year were a
Sainsbury's supermarket in Guernsey for £19.25m together with office buildings
in the City and Nottingham.

Sales included a Business Park in Ascot for £10.5m and a mixed use portfolio of
properties throughout the country for £25m.

Our Fund Management fees continue to be a significant contributor to the
department's turnover and we successfully closed the equity raising operation
for our latest SHIPS fund where we again co-invested.

Another first for the department this year was investment into the indirect
market. We purchased units in WELLput and Hercules for one of our discretionary
fund management clients.  These transactions were executed by our FSA regulated
subsidiary Fletcher King Investment Management Plc.

The coming year is likely to show a repeat of the department's excellent
performance and there is already a very strong pipeline of instructions.

Asset Management

The department has met its targets and the added value initiative that I
mentioned in my interim statement continues to produce both rental and capital
growth.

A number of new instructions were won throughout the year including a large
mixed use block of property opposite Gloucester Road station in South
Kensington.

David Hall, a director of the operating company, was promoted to Head of the
department and under his leadership the department is driving forward
successfully.

Valuation and Rating

The department's turnover is significantly up on last year and since my interim
statement we have been appointed to the Valuation Panels of AIB and The Ulster
Bank.

Despite three interest rate rises, lending to the property sector has not
diminished nor has the demand for valuation advice.

At this time last year we predicted a very heavy workload for the forthcoming
year on rating and this has been the case.  Highlights for the year include a
£1.25m rate payment saving for Gate Gourmet on their short haul kitchen at
Heathrow Airport, a 22% reduction in rate liability for The Merchant Group in
Milton Keynes and a total rate saving of £216,000 for WSP Plc on their
headquarters in Holborn.

Whilst Central Government pressure on the Valuation Office to deal with
outstanding deals as rapidly as possible has now relaxed we have a significant
volume of appeals still be to negotiated and anticipate a busy year to come.

Landlord and Tenant

The Landlord and Tenant department enjoyed its most successful year since its
establishment in 2003 and turnover this year increased by 20%.

Highlights included a rent review on a 170,000 sq.ft. distribution unit in
Bristol and a 65,000 sq.ft. Call Centre in the North-East. We achieved a 36%
increase in rent for a landlord on a Bond Street shop and saved £250,000 per
annum from the quoting rent for a tenant on the North Circular Road.

The department has a strong pipeline of work for the coming year.

Fletcher King Howard

At the end of the year George Howard, the company's long serving Chairman,
retired and we wish him all the very best for the future and thank him for his
contribution to the company over very many years. Our non-executive Director,
Harry Richardson, has been appointed Chairman for an interim period and Jonathan
Howard has been appointed Managing Director.

Fletcher King Howard had a busy work load in 2006 which saw the completion of
the Travelodge Hotel in Hatfield, as part of Frontier Estates' town centre
redevelopment scheme; the completion of AGCO's £12 million HQ Offices at Stonely
Park, Coventry; and the occupation of the £12 million Malcolm Arnold House, a
medium secure mental healthcare facility for St Andrew's Healthcare in
Northampton.

Also completed during the year was the largest Agri-processing plant in Europe
with the construction of Moy Park's poultry processing plant at Sleaford,
Lincolnshire.  Two medium secure units for St Andrew's Hospital, the £12 million
Smyth House facility in Northampton, and the £6 million Clare House facility at
Basildon, Essex were completed.

New orders for 2007 include two more Travelodge Hotels, in Blackpool and
Uxbridge; a roll-out programme for Swanton Care & Community on their complex
needs units nationwide; and a similar commission for Barchester Healthcare on
several old persons care homes.

Work continues on the VOSA (Vehicle and Operating Services Agency) programme
comprising the refurbishment of their vehicle testing centres throughout the UK,
and for Carlsberg on their UK distribution network.  Work also continues on
Education projects for Berkhamsted, Spratton Hall and St Albans private schools,
and on state schools through the Government's PFI initiative.



CONSOLIDATED INCOME STATEMENT
for the year ended 30 April 2007



       Notes                                                                      2007          2006
                                                                                  £000          £000

             Revenue                                                             7,438         6,117
             Employee benefits expense                                         (4,602)       (4,019)
             Depreciation expense                                                (114)          (86)
             Other operating expenses                                          (1,951)       (1,747)

             Operating profit                                                      771           265

             Other income                                                           --           237
             Profit on disposal of non-current assets held for sale                132            --
             Income from investments                                                18            34
             Finance income                                                        106            66
             Finance expense                                                        --           (2)

             Profit before taxation                                              1,027           600
             Taxation                                                            (351)         (136)

             Profit for the year after taxation
             attributable to equity shareholders                                   676           464

             Basic earnings per share                                            7.34p         5.09p
             Diluted earnings per share                                          7.33p         5.06p


CONSOLIDATED BALANCE SHEET
as at 30 April 2007
       Notes                                                                      2007          2006
                                                                                  £000          £000

             Assets
             Non-current assets
             Property, plant and equipment                                         125           144
             Available-for-sale investments                                        897           597
                                                                                 1,022           741

             Current assets
             Trade and other receivables                                         1,600         1,485
             Amounts recoverable on contracts                                      222           202
             Cash and cash equivalents                                           2,990         2,143
                                                                                 4,812         3,830

             Non-current assets classified as held for sale                         --           393

             Total assets                                                        5,834         4,964

             Liabilities
             Current liabilities
             Trade and other payables                                              395           359
             Current taxation liabilities                                          187           135
             Other creditors and provisions                                      1,605         1,085
                                                                                 2,187         1,579

             Non-current liabilities
             Deferred taxation liabilities                                          94           122

             Total liabilities                                                   2,281         1,701

             Shareholders' equity
             Share capital                                                         921           921
             Share premium                                                         140           140
             Reserves                                                            2,492         2,202
             Total shareholders' equity                                          3,553         3,263

             Total equity and liabilities                                        5,834         4,964



CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 April 2007

                                                                      2007          2006
                                                                      £000          £000

Cash flows from operating activities
Profit before taxation                                               1,027           600
Adjustments for:
Depreciation expense                                                   114            86
Profit on disposal of non-current assets held for sale               (132)            --
Income from investments                                               (18)          (34)
Finance income                                                       (106)          (66)
Finance expense                                                         --             2

Cash flows from operating activities before

movement in working capital                                            885           588
(Increase) / decrease in trade and other receivables                 (115)           145
Increase / (decrease) in trade and other payables                      556         (148)
Increase in work in progress                                          (20)           (3)

Cash generated from operations                                       1,306           582
Finance expense                                                         --           (2)
Taxation paid                                                        (299)         (156)

Net cash flows from operating activities                             1,007           424

Cash flows from investing activities
Purchases of equipment                                                (95)          (68)
Purchase of investments                                              (250)            --
Sale of investments                                                    383            --
Finance income                                                         106            66
Income from investments                                                 18            34
Net cash flows from investing activities                               162            32

Cash flows from financing activities
Proceeds from the issue of equity shares                                --           104
Dividends paid to shareholders                                       (322)         (334)
Net cash flows from financing activities                             (322)         (230)

Net increase in cash and cash equivalents                              847           226
Cash and cash equivalents at start of year                           2,143         1,917
Cash and cash equivalents at end of year                             2,990         2,143



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

                                                                   Profit       Fair
                                              Share       Share       and      value       Total       TOTAL
                                            capital     premium      loss    reserve    Reserves      EQUITY
                                               £000        £000      £000       £000        £000        £000

Balance at 1 May 2005                           881          76     1,732        207       1,939       2,896
Net profit for the year                          --          --       464         --         464         464
Fair value gain on investments                   --          --        --        193         193         193
Deferred taxation adjustment                     --          --        --       (60)        (60)        (60)
Total income and expense for the year            --          --       464        133         597         597
Issue of ordinary shares                         40          64        --         --          --         104
Equity dividends paid                            --          --     (334)         --       (334)       (334)

Balance at 1 May 2006                           921         140     1,862        340       2,202       3,263

Net profit for the year                          --          --       676         --         676         676
Transfer of realised gains on disposal           --          --        --      (142)       (142)       (142)
Deferred taxation adjustment                     --          --        --         43          43          43
Fair value gain on investments                   --          --        --         50          50          50
Deferred taxation adjustment                     --          --        --       (15)        (15)        (15)
Total income and expense for the year            --          --       676       (64)         612         612
Equity dividends paid                            --          --     (322)         --       (322)       (322)

Balance at 30 April 2007                        921         140     2,216        276       2,492       3,553



NOTES

1. Basis of preparation

The financial information set out above, which has been prepared in accordance
with International Financial Reporting Standards, does not comprise the
company's statutory financial statements.  Statutory financial statements for
the previous financial year ended 30 April 2006 have been delivered to the
Registrar of Companies. The auditors' report on those financial statements was
unqualified and did not contain any statement under section 237(2) or (3) of the
Companies Act 1985.  The auditors have not yet reported on financial statements
for the year ended 30 April 2007, nor have any such financial statements been
delivered to the Registrar of Companies.

2. Dividends

Year ended 30 April                                                   2007          2006
                                                                      £000          £000

Equity dividends on ordinary shares:
Declared and paid during year
Ordinary final dividend for the year ended 30 April
2006: 2.5p per share (2005: 2.0p)                                      230           184
Special final dividend for the year ended 30 April 2005:
1.0p per share                                                          --            92
Interim dividend for the six months ended 31 October
2006: 1.0p per share (2005: 0.63p)                                      92            58

                                                                       322           334

Proposed ordinary final dividend for the year ended
30 April 2007: 3.75p per share                                         345



3. Earnings per share

Basic earnings per share is calculated by reference to the result attributable
to equity shareholders of £676,000 (2006: £464,000) and the weighted average of
9,209,779 shares (2006: 9,123,745) in issue during the year.

Diluted earnings per share is calculated by reference to the result attributable
to equity shareholders of £676,000 (2006: £464,000) and the weighted average of
9,221,475 shares (2006: 9,175,141) in issue during the year, being the weighted
average number of shares adjusted for the weighted average number of share
options outstanding at the end of each year.



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