Interim Results

FLETCHER KING PLC
INTERIM RESULTS

Fletcher King, the London based chartered surveyors and property asset
managers, announces interim results for the six months ended 31st
October 2002. The results show an improvement over the final six months
of the year to April 2002 but remain lower than for the corresponding
period last year. This reflects the continued slowdown and uncertainty
in the UK economy and the significantly reduced level of activity in the
London letting market.

Key points financial:

- Turnover £2,277,000 (2001: £2,436,000)
- Profit before tax: £71,000 (2001: £141,000)
- Earnings per share (basic): 0.62p (2001: 0.94p)
- Dividend: maintained at 0.25p (2001: 0.25p)

Key points operational:

- Stratton House Investment Property Syndicate launched successfully
  with 25 equity investors and £20 million available to invest and has now
  made its first investment
- Demand from occupiers outside London remains firm despite a
  slowdown in the capital
- Interest rate levels continue to strengthen the investment market
- All divisions remain active with the exception of agency, which
  continues to follow the downturn in the lettings market
- The property asset management team has been appointed to manage a
  535,000 sq ft portfolio on behalf of Treasury Holdings Properties 
  Limited

Commenting David Fletcher, chairman of Fletcher King said:
"Whilst the economic outlook remains uncertain, our diverse client base
continues to produce a reliable revenue stream which, together with our
healthy pipeline of potential new business and strong cash balance,
provides us with a degree of comfort and we expect the full year to be
in-line with last year's performance."

For further information:
David Fletcher, Fletcher King:                          020 7493 8400
Christopher Joll / Richard Sunderland                   020 7491 7776

CHAIRMAN'S STATEMENT

RESULTS

The interim results for the six months to 31st October 2002 show an
improvement over the previous six months, although they are lower than
the corresponding period last year. Profit before tax was £71,000 (2001:
£141,000) predominantly due to the significantly reduced level of
activity in the London letting market, with earnings per share of 0.62p
(2001 0.94p). Your Directors have declared a maintained interim dividend
of 0.25p (2001 0.25p) per share which will be paid on the 21st February
2003 to shareholders on the register at the close of business on the 7th
February 2003.

THE COMMERCIAL PROPERTY MARKET

Trading in the first six months has been mixed and continues to reflect
the slowdown and uncertainty in the UK economy.

London
Demand from occupiers has slowed considerably in London and the South
East, with office markets in mid-town, the City, Docklands and the
western approaches being almost at a standstill. The West End office
market has not been easy and rentals have fallen, but the diversity of
occupiers has resulted in a reasonable level of interest and activity.

Outside London
Elsewhere in the country demand is stronger and rental growth,
particularly in the industrial market, is still being achieved. As a
result of low interest rates, owner-occupiers are a growing force in the
market and a significant number of industrial transactions carried out
by our Manchester office are to that sector.

Investment
The investment market remains buoyant for transactions that are
financable in the debt market and, whilst interest rates remain at or
around current levels, this market is likely to remain strong.

DIVISIONAL TRADING

Property Asset Management
Our property asset management division has performed well. Its
activities have expanded with the acquisition of a number of new
clients, the most significant of which is Treasury Holdings. They have
appointed us to manage a portfolio with a rent roll of approximately
£6.5 million per annum and a floor area in excess of 500,000 sq.ft.
Total assets under management now stand at approximately £1 billion.

Investment and Fund Management
The investment and fund management department has continued to be active
over the six months reported. Included in sales were two retail
portfolios, each in excess of £15 million, and a shopping centre for £12
million.

Valuation and Rating
The valuation and rating department was also very active and valuation
instructions are up by 10% on last year. Rating appeals have increased
and we have been negotiating reductions of up to 35% on a number of
significant buildings.

Agency
In line with most of the London market the level of letting activity is
much reduced. We have seen a significant downturn in the level of such
transactions and there is little sign of significant improvement for at
least twelve months.

Manchester
Manchester continues to progress satisfactorily and significant new
business was added in the first half, including instructions from
Clerical Medical and Standard Life.

Fletcher King Howard
The recovery at Fletcher King Howard, our construction services
division, continues with a return to profit in the first half of the
year; the business is expected to continue to trade profitably for the
remainder of the year.

Stratton House Investment Property Syndicate
Shareholders will recall we have been working for some time to establish
a private investment vehicle. At the beginning of October, we announced
the successful launch of the Stratton House Investment Property
Syndicate with 25 equity investors, including ourselves. Together with
debt financing, the Syndicate has approximately £20 million available to
purchase suitable investment properties. The first purchase for £3.25
million was completed just before Christmas and once this Syndicate is
fully invested we aim to establish further ones.

OUTLOOK

Although times are uncertain, we have the advantage of being a
reasonably diverse group, with a strong client base that provides a
continuous revenue stream. We have a very healthy level of potential new
business and are winning new instructions. In addition, we have
significant cash reserves and a strong balance sheet.

Our continued investment in IT means that we have some of the most
sophisticated systems in the industry. These enable us to add
significantly to the size of property portfolios under management and
our property fund management business.

Reduced activity in our letting activities in London has caused us to
cut significantly our income expectations from that department in the
second half of the year. All other departments and divisions of the
Group are expected to break even or make a reasonable contribution to
profit.

Our overall expectation is that trading will be more difficult in the
second half and we believe the year end outturn will be much in line
with last year. Nonetheless, because of the overall strength of the
Group, it is our intention to pay a final dividend of at least last
year's level.

D J R Fletcher Chairman
23rd January 2003
Registered Office, Stratton House
Stratton Street, London W1J 8LA

                                                                       
Consolidated Profit and Loss
Account
(unaudited) for the six months to 31                                   
October 2002
                                6 months   6 months to    Year to 30   
                               to 31 Oct   31 Oct 2001         April
                                    2002          £000          £000
                                    £000
                                                                       
Turnover                           2,277         2,436         5,000   
                                                                       
Operating Profit                      61            99          (38)   
                                                                       
Share of results of                                                    
associated
undertakings                           0            10            21   
                                                                       
Interest Receivable (net)             10            32            42   
                                                                       
Profit on ordinary                                                     
activities before taxation            71           141            25   
                                                                       
Taxation                            (16)          (58)          (24)   
                                                                       
Profit on ordinary                                                     
activities after taxation             55            83             1   
                                                                       
Dividends                           (22)          (22)          (88)   
                                                                       
Dividend per Share                  .25p          .25p         1.00p   
                                                                       
Retained Profit                       33            61          (87)   
                                                                       
Earnings per share - basic         0.62p         0.94p         0.01p   
                                                                       
NOTES                                                                  
1. The interim figures for the six months to 31 October 2002, 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 2002. 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 2002 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 2001 - 8,807,279, April 2002                                 
   - 8,807,279).
                                                                      
3. This statement is being sent to shareholders. In addition copies
   are available from the Company
   Secretary at the Registered                                           
   Office.


CONSOLIDATED BALANCE SHEET                                            
(unaudited) for the six months  As at 31      As at 31        As at 30
to 31 October 2002               October       October           April
                                    2002          2001            2002
                                    £000          £000            £000
                                                                      
Fixed assets                                                          
Tangible assets                      266           373             294
Investment in associated              39            56              39
undertakings
Other Investments                    253           903               3
                                     558          1332             336
                                                                      
Current assets                                                        
Debtors                             2143          2009            1946
Cash at bank and in hand             623          1289            1305
                                    2766          3298            3251
Creditors                                                             
(Amounts falling due within        (885)       (2,062)         (1,178)
one year)
Net current assets                  1881          1236            2073
                                                                      
Total assets less current           2439          2568            2409
liabilities
                                                                      
Provisions for liabilities and         0          (12)             (1)
charges
                                                                      
Net assets                          2439          2556            2408
                                                                      
                                                                      
                                                                      
Capital and reserves                                                  
Called up share capital              881           881             881
Share premium account                 76            76              76
Profit and loss account             1482          1599            1451
                                                                      
                                    2439          2556            2408
                                                                      
                                                                      


CONSOLIDATED CASH FLOW                                                
STATEMENT
(unaudited) for the six
months to 31 October 2002
                                6 months      6 months         Year to
                                   to 31         to 31        30 April
                                 October       October            2002
                                    2002          2001            £000
                                    £000          £000
                                                                      
Net cash (outflow)/ inflow         (352)           533           (297)
from operating activities
Dividends received from                                             21
associated undertakings
Returns on investment and             10            32              43
servicing of finance
Taxation                               0         (107)           (163)
Capital expenditure and            (258)           (8)             893
financial investment
Equity dividends paid               (66)         (220)           (242)
Cash flow before financing         (666)           230             255
Financing                           (15)           (7)            (16)
(Decrease)/Increase in cash        (681)           223             239
in the half year