Interim Results

Fletcher King PLC
18 January 2002

18 January 2002



                                 Fletcher King Plc

                                  INTERIM RESULTS

Fletcher King Plc, the property and construction services group, today
announce their interim results for the six months to 31 October 2001.

Highlights

  * PROFIT BEFORE TAX £141,000 (2000: £285,000)

  * TURNOVER £2.4 million  (2000: £3.22 million)

  * EARNINGS PER SHARE 0.94p (2000: 2.1p)

  * INTERIM DIVIDEND 0.25p (2000: 1.5p)

Commenting on the results, David Fletcher, Chairman, said:

'Fletcher King's results reflect the slowdown in the UK economy. However, we
have some excellent prospective business in the pipeline and continue to win
new instructions.'

For further information, please contact:-


David Fletcher, Chairman                 Fletcher King Plc      020 7493 8400
Claire Rowberry/Francetta Carr           GCI Financial          020 7072 4215

FLETCHER KING PLC - CHAIRMAN'S STATEMENT

The interim results for the 6 months to 31 October 2001 are in line with
directors' expectations.  Profit before tax was £141,000 (2000 £285,000)
producing earnings per share of 0.94p (2000 2.1p).

Because of conflicting economic indicators and uncertain market conditions,
your Board considers it prudent to limit the interim dividend payment and we
have therefore declared an interim dividend of 0.25p (2000 1.5p) per share
which will be paid on 22 February 2002 to shareholders on the register at the
close of business on 8 February 2002.   Assuming that, at the year end,
economic indicators are favourable it is the Board's intention to pay a
dividend fully covered by profit and to make a transfer to reserves.

Fletcher King's results reflect the slowdown in the UK economy, which was
already evident towards the end of our last financial year, and the high level
of uncertainty amongst both corporate occupiers and investors.  This
uncertainty has resulted in delayed decisions to move to new accommodation or
to invest funds in income producing properties.   We believe that this
uncertainty is likely to continue.  The traditional occupiers in the western
corridor, who are largely American owned corporations, are cutting back on
their space requirements as indeed are many of the investment banking, broking
and fund management houses in the City of London.  We agree with industry
commentators that the slowdown is a correction to a market that has run ahead
of itself and is in no way comparable to the major recessions of the late
1980's early 1990's and prior to that in the early 1970's.

The Group's businesses in London and Manchester have delivered strong
performances that reflect the strength of the economy in those regions.
Birmingham experienced a disappointing first half and returned a small loss.
Our construction services company, Howard Associates, which was re-branded
Fletcher King Howards on 1 January 2002, continued to experience some trading
difficulties.   However, they have found the level of enquiries is increasing
and, although a loss was produced in the first half, they are budgeting for
this to be eliminated by the year end.

The development of our associated business in Birmingham has not been
progressing in accordance with our national strategy and we have decided,
therefore, as from 1 January 2002, to transfer our 25% shareholding to our
local partners Messrs Cosnett and Price.   This action will be financially
neutral to the performance of the Group.

The uncertainties in the investment markets generally, and investors
reluctance to make decisions, have affected the progress of setting up our
Limited Partnership for investment in income producing commercial properties.
We have significant interest from potential investors, but many are delaying
final decisions until they form an opinion as to the likely economic prospects
for 2002.

Outlook

Although the immediate future is uncertain, the initial New Year indicators
are positive and we are receiving more enquiries from tenants and investors
than between September 11 and Christmas and we have some excellent prospective
business in the pipeline.  We continue to win new instructions, have very
strong and skilled teams to execute them and we are therefore hopeful that our
results for the second half of our financial year will be similar to those for
the first half.   Your company is in robust shape to deal with the ups and
downs of the coming year.

David Fletcher
Chairman
18 January 2002

Consolidated Profit and Loss Account
(unaudited) for the six months to 31 October 2001

                                    6 months to       6 months to       Year to
                                     31 October        31 October      30 April
                                           2001              2000          2001

                                           £000              £000          £000

Turnover                                  2,436             3,224         6,255

Operating Profit                             99               237           369

Share of results of associated
undertakings                                 10                 0             0

Interest Receivable (net)                    32                48            92

Profit on ordinary
activities before taxation                  141               285           461

Taxation                                     58               101           177

Profit on ordinary
activities after taxation                    83               184           284

Dividends                                    22               132           352

Dividend per Share                        0.25p              1.5p          4.0p

Retained Profit                              61                52          (68)

Earnings per share - basic                0.94p              2.1p          3.2p



Consolidated Balance Sheet
(unaudited) for the six months to 31 October 2001

                                              As at          As at        As at
                                         31 October     31 October     30 April
                                               2001           2000         2001

                                               £000           £000         £000

Fixed assets
Tangible assets                                 373            493          390
Investment in associated undertakings            56             59           49
Other Investments                               903              0          903
                                               1332            552         1342

Current assets
Debtors                                        2009           1953         2092
Cash at bank and in hand                       1289           1687         1066
                                               3298           3640         3158
Creditors
(Amounts falling due within one year)       (2,062)        (1,560)      (1,993)
Net current assets                             1236           2080         1165

Total assets less current liabilities          2568           2632         2507

Provisions for liabilities and
charges                                        (12)           (17)         (12)

Net assets                                     2556           2615         2495

Capital and reserves
Called up share capital                         881            881          881
Share premium account                            76             76           76
Profit and loss account                        1599           1658         1538

                                               2556           2615         2495


Consolidated Cash Flow Statement
(unaudited) for the six months to 31 October 2001

                                              6 months to 6 months to   Year to
                                               31 October  31 October  30 April
                                                     2001        2000      2001

                                                     £000        £000      £000

Net cash inflow from operating activities             533        (64)       506

Returns on investment and servicing finance            32          48        92
Taxation                                            (107)           0     (202)
Capital expenditure and financial investment          (8)          12     (880)
Equity dividends paid                               (220)       (220)     (352)
Cash flow before financing                            230       (224)     (836)
Financing                                             (7)         (7)      (16)
Increase / (Decrease) in cash in the half             223       (231)     (852)
year


NOTES

1.      The interim figures for the six months to 31 October 2001, which are
unaudited, have been prepared on the basis of the accounting policies set out
in the Annual Report and Accounts for the year ended 30 April 2001. The
financial information contained in this Interim Report does not amount to
statutory accounts within the meaning of section 240 of the Companies Act
1985.

The results for the year ended 30 April 2001 have been extracted from the
published accounts for that period on which the auditors gave an unqualified
report and which have been delivered to the Registrar of Companies.

2.      Earnings per share are calculated on 8,807,279 ordinary shares in
issue during the six months (October 2000 - 8,807,279, April 2001 -
8,807,279).

3.     This statement is being sent to shareholders. In addition copies are
available from the Company Secretary at the Registered Office.