Interim Results - Amendment

Fletcher King PLC
23 January 2007

This is an amendment to the Fletcher King's Interim Results, RNS release number 
9598P, released at 07.00 on 23 January 2007.  Please note amendments to the
comparitive years used in the financial highlights on page one in relation to 
turnover and interim dividend.  


PRESS RELEASE

Not for release before 0700, 23 January 2007



                               FLETCHER KING PLC

                                INTERIM RESULTS


  Fletcher King announces strong performance for the half year and anticipates
            full year results significantly in excess of last year.


Fletcher King, the London based property fund managers, asset managers and
chartered surveyors, announces today its interim results for the 6 months to 31
October 2006.


Financial highlights:


   • Profit before tax up 45% to £308,000 (2005: £213,000)
   • Turnover up 11% at £3.45m (2005: £3.10m)
   • Increased in interim dividend of 59% to 1.0p (2005: 0.63p) which will be
     paid on 16 February 2006


Operational highlights:


   • The Investment and Fund Management department has shown a substantial 
     increase in turnover and profit compared to the same period last year and
     maintains a strong pipeline of work for the second half of the year.
   • A new FSA-regulated subsidiary, Fletcher King Investment Management Plc,
     has been set up to advise on, promote and run collective investment 
     vehicles and to advise clients on indirect property investments.
   • The Stratton House Investment Property Syndicates ('SHIPS') continue to
     perform exceptionally well. The majority of the SHIPS 01 portfolio has been
     sold returning over 30% per annum on equity for investors. The second fund
     is now fully invested, returning in excess of 20% per annum on equity and
     capital is currently being raised for the third fund.
   • The Valuation and Rating department has again increased its turnover in
     both Bank Valuations and Rating Appeals - these are currently running at 
     20% above the same period last year.


Commenting David Fletcher, Chairman of Fletcher King said:

'I am delighted to announce another strong 6 months of trading. We have
increased profit, turnover and dividend on the same period last year and all
departments remain on track to achieve full year targets.

I look forward to the next six months with confidence and I am especially
excited about the opportunities within the Investment and Fund Management
department with the further progress of the SHIPS products and the potential for
FSA-regulated new business.'



For further information:

David Fletcher, Fletcher King 020 7493 8400

Tim McCall, MJ2 020 7491 7776


FLETCHER KING PLC


CHAIRMAN'S STATEMENT


INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2006


The group enjoyed strong performance compared with the same period last year.
Profit before tax was £308,000 (2005: £213,000) on a turnover of £3.4m (2005:
£3.1m) with earnings per share of 2.2p (2005: 1.57p). Your Directors have
declared an increased interim dividend of 1.0p (2005: 0.63p) to be paid on 16
February 2007 to shareholders on the register at the close of business on 2
February 2007.


The Commercial Property Market

The commercial property investment market has continued to perform strongly
during the year and the letting markets remain relatively positive throughout
the country. The Central London office markets of the West End, Mid Town, City
and Docklands are experiencing reasonably strong tenant demand particularly in
the West End where significant rental growth is apparent. The industrial market
is active and rental growth is occurring in many areas of the country, although
at lower levels than last year. Despite public statements of concern in the
retail market the stronger high streets, shopping centres and out of town retail
parks continue to attract tenants and rents are growing.

The investment market is still very strong. In previous years I have disagreed
with many pundits who were calling the top of the market. Yield contraction has
been a major feature of performance in the investment market for the last five
years and has produced the best part of property's performance. Yield
contraction in some sectors of the market, most notably secondary property, has
now ceased and there are signs of yields in that sector drifting out. Prime
yields are still strong and in my view could contract further, although probably
by only a further 25 basis points.

Debt driven purchasers continue to face a challenging market as 5 year SWAP
rates remain above 5% and prime yields contract. However, the ungeared
institutions and some foreign buyers are bidding aggressively. The introduction
of REITs in January 2007 will create greater liquidity in the market and attract
further funds. There is no sign, at the moment, that the volume of money
available for investment is slowing and each week new Funds come to the market.
Our in-house fund SHIPS 04 is now fully invested and we are currently marketing
SHIPS 06, which we expect will become our largest fund to date.


DIVISIONAL TRADING


Investment and Fund Management

The strong investment market has resulted in the department showing a
substantial increase in turnover and profit compared to the same period last
year. The pipeline of work for the second half of the year is strong, leading to
further growth .

Fletcher King Investment Management Plc is a new FSA-regulated subsidiary which
we have set up in order to advise on, promote and run collective investment
vehicles. Our latest SHIPS fund is a collective investment scheme as is the
feeder unit trust set up as an entry for pension fund investors into that
vehicle.

Via Fletcher King Investment Management we are in a position to advise clients
on indirect property investment and anticipate making a significant investment
for one client in a number of funds. Indirect investment will become an
increasingly important part of the property investment strategy of smaller
pension funds and this is likely to be an expanding part of our business.


Asset Management

A significant number of value-added initiatives have been implemented on client
portfolios which have increased both their rental income and capital value. The
Facilities Management arm of the department is working well and is streamlining
the supply chain for the service charge buildings.


Valuation and Rating

The department increased its turnover in both Bank Valuations and Rating Appeals
which are currently running at 20% above the same period last year. Significant
rate reductions have been achieved for a number of clients representing savings
of up to 30%. We anticipate the next 6 months will see a significant volume of
further appeals. The department has recently been appointed to carry out
valuations of commercial properties for both the Chelsea and the Derbyshire
Building Societies.


Rent Reviews

The department is currently exceeding its budgets and has increased profits over
the same period last year. Its most high profile rent review in the first half
of the year was achieving a 36% increase in rent for our landlord client on a
prime shop in New Bond Street.


Fletcher King Howard

Our Construction Services subsidiary continues to trade well with a wide
diversity of clients employing its expertise. In the beverage market it is
working for Carlsberg and Berry Bros & Rudd whilst in Healthcare it is involved
in four Complex Needs Units throughout the country and a Healthy Living Centre
in Milton Keynes.

For the Government it is currently involved in the construction and
refurbishment of 128 sites throughout the UK for the Vehicle and Operator
Services Agency (VOSA) and this contract will extend through to 2010.


STRATTON HOUSE INVESTMENT PROPERTY SYNDICATE

Our SHIPS syndicates are performing exceptionally well. The majority of the
SHIPS 01 portfolio has been sold resulting in a return of over 30% per annum on
equity for our investors. The second fund is now fully invested and is returning
in excess of 20% per annum on equity. Capital is currently being raised for our
third fund.


OUTLOOK

We have an encouraging pipeline of work for the remainder of this year which the
Board anticipates will deliver results significantly in excess of last year with
a commensurate increase in dividend.



DJR FLETCHER

CHAIRMAN

23 January 2007



Registered office

Stratton House

Stratton Street

London W1J 8LA



Fletcher King Plc


Consolidated Interim Income Statement
(unaudited) for the 6 months ended 31 October 2006




                                    6 months ended    6 months ended        Year ended 
                                        31 October        31 October          30 April 
                                              2006              2005              2006 
                                              £000              £000              £000


Revenue                                      3,449             3,104             6,117 
Employee benefits expense                   (2,096)           (1,960)           (4,019)
Depreciation expense                           (38)              (33)              (86) 
Other operating expenses                    (1,051)             (952)           (1,747)
                                        _______________________________________________ 
Operating profit                               264               159               265 
Other income                                     -                 -               237 
Income from investments                          7                22                34 
Finance income                                  37                32                66 
Finance expense                                  -                  -               (2)
                                        _______________________________________________
Profit before taxation                         308               213               600 
Taxation                                      (105)              (71)             (136) 
                                        _______________________________________________ 
Profit for the period after 
taxation attributable to 
equity shareholders                            203               142               464
                                        _______________________________________________ 
Basic earnings per share (note 2)             2.20p             1.57p             5.09p 
Diluted earnings per share (note 2)           2.20p             1.56p             5.06p

Equity dividends on ordinary shares:
Declared and paid during period
Ordinary final dividend for the
year ended 30 April 2006:               
2.5p per share (2005: 2.0p)                    230               184               184 
Special final dividend for the
year ended 30 April 2005: 
1.0p per share                                   -                92                92 
Interim dividend for the six months 
ended 31 October 2005 (see below)                -                 -                58 
                                        ______________________________________________
                                               230               276               334
                                        ______________________________________________

Proposed but not yet paid
Interim dividend for the six months
ended 31 October 2006:

1.0p per share (2005: 0.63p)                    92                58                 -
Ordinary final dividend
for 2006 (see above)                             -                 -               230 
                                        ______________________________________________
                                                92                58               230
                                        ______________________________________________



Fletcher King Plc
Consolidated Interim Balance Sheet
(unaudited) as at 31 October 2006


                                        31 October        31 October          30 April
                                              2006              2005              2006
                                              £000              £000              £000

Assets
Non-current assets
Property, plant and equipment                  138               151               144
Available for sale investments                 553               861               597
                                       _______________________________________________
                                               691             1,012               741
                                       _______________________________________________


Current assets
Trade and other receivables                  1,668             1,692             1,485
Amounts recoverable on contracts               190               177               202
Cash and cash equivalents                    1,844             1,337             2,143
                                       _______________________________________________ 
                                             3,702             3,206             3,830
                                       _______________________________________________
Non-current assets classified as
held for sale                                  393                 -               393
                                       _______________________________________________
Total assets                                 4,786             4,218             4,964
                                       _______________________________________________

Liabilities
Current liabilities
Trade and other payables                       489                40               359
Current taxation liabilities                   102               214               135
Other creditors and provisions                 869               961             1,085
                                       _______________________________________________
                                             1,460             1,215             1,579
                                       _______________________________________________
Non-current liabilities
Deferred taxation liabilities                  121                95               122
                                       _______________________________________________
Total liabilities                            1,581             1,310             1,701
                                       _______________________________________________


Shareholders' equity
Share capital                                  921               920               921
Share premium                                  140               138               140
Reserves                                     2,144             1,850             2,202
                                        _______________________________________________
Total shareholders' equity                   3,205             2,908             3,263
                                        _______________________________________________


Total equity and liabilities                 4,786             4,218             4,964
                                        _______________________________________________



Fletcher King Plc
Consolidated Interim Statement of Changes in Equity        
(unaudited) for the 6 months ended 31 October 2006


                                                             Profit     Fair    
                                            Share    Share      and    value    Total    TOTAL
                                          capital  premium     loss  reserve reserves   EQUITY
                                             £000     £000     £000     £000     £000     £000
Balance at 1 May 2006                         921      140    1,862      340    2,202    3,263
Net profit for the period                       -        -      203        -      203      203
Fair value loss on investments                  -        -        -      (44)     (44)     (44)
Deferred taxation adjustment                    -        -        -       13       13       13
                                            ___________________________________________________ 
Total income and expense for the period         -        -      203      (31)     172      172
Equity dividends paid                           -        -     (230)       -     (230)    (230)
                                            ___________________________________________________
Balance at 31 October 2006                    921      140    1,835      309    2,144    3,205
                                            ___________________________________________________


Balance at 1 May 2005                         881       76    1,732      207    1,939    2,896
Net profit for the period                       -        -      142        -      142      142
Fair value gain on investments                  -        -        -       64       64       64
Deferred taxation adjustment                    -        -        -      (19)     (19)     (19)
                                            ___________________________________________________
Total income and expense for the period         -        -      142       45      187      187                   
Issue of ordinary shares                       39       62        -        -        -      101
Equity dividends paid                           -        -     (276)       -     (276)    (276)
                                            ___________________________________________________
Balance at 31 October 2005                    920      138    1,598      252    1,850    2,908
                                            ___________________________________________________



Balance at 1 May 2005                         881       76    1,732      207    1,939    2,896
Net profit for the period                       -        -      464        -      464      464
Fair value gain on investments                  -        -        -      193      193      193
Deferred taxation adjustment                    -        -        -      (60)     (60)     (60)
                                            ___________________________________________________
Total income and expense for the period         -        -      464      133      597      597
Issue of ordinary shares                       40       64        -        -        -      104
Equity dividends paid                           -        -     (334)       -     (334)    (334)
                                            ___________________________________________________
Balance at 30 April 2006                      921      140    1,862      340    2,202    3,263
                                            ___________________________________________________



Fletcher King Plc
Consolidated Interim Cash Flow Statement
(unaudited) for the 6 months ended 31 October 2006


                                    6 months ended    6 months ended        Year ended        
                                        31 October        31 October          30 April
                                              2006              2005              2006
                                              £000              £000              £000

Cash flows from operating activities
Profit before taxation                         308               213               600
Adjustments for:
Depreciation expense                            38                33                86
Income from fixed asset investments             (7)              (22)              (34)
Finance income                                 (37)              (32)              (66)
Finance expense                                  -                 -                 2
                                         _______________________________________________     


Cash flows from operating activities
before movement in working capital             302               192               588
(Increase) / decrease in trade
and other receivables                         (183)              (62)              145
(Decrease) in trade and other payables         (86)             (589)             (148)
Decrease / (increase) in work in progress       11                22                (3)
                                        _______________________________________________ 

Cash (absorbed by) / generated
from operations                                 44              (437)              582
Interest paid                                    -                 -                (2)
Taxation paid                                 (125)                -              (156)
                                        _______________________________________________ 
Net cash flows from operating activities       (81)             (437)              424
                                        _______________________________________________ 


Cash flows from investing activities
Purchases of equipment                         (32)              (22)              (68)
Interest received                               37                32                66
Income from fixed asset investments              7                22                34
                                        _______________________________________________ 
Net cash flows from investing activities        12                32                32
                                        _______________________________________________ 

Cash flows from financing activities
Proceeds from the issue of equity shares         -               101               104
Dividends paid to shareholders                (230)             (276)             (334)
                                        _______________________________________________ 
Net cash flows from financing activities      (230)             (175)             (230)
                                        _______________________________________________ 


Net (decrease) / increase in cash
and cash equivalents                          (299)             (580)              226
Cash and cash equivalents
at start of period                           2,143             1,917             1,917
                                        _______________________________________________ 
Cash and cash equivalents
at end of period                             1,844             1,337             2,143
                                        _______________________________________________ 


Fletcher King Plc
Explanatory Notes


1. Basis of preparation

These consolidated interim financial statements, which are neither audited nor
reviewed, comprise the unaudited results for the six months ended 31 October
2006 and 31 October 2005, together with the audited results for the twelve
months ended 30 April 2006, and have been prepared under the historical cost
convention as modified by the revaluation of available for sale financial
assets.

The Group has prepared these consolidated interim financial statements using the
principal accounting policies set out in note 2 of the 2006 Annual Report and
Accounts.

The Group has chosen not to adopt IAS 34 in preparing these consolidated interim
financial statements.


2. Earnings per share

Basic earnings per share is calculated by reference to the result attributable
to equity shareholders of £203,000 (2005: £142,000) and the weighted average of
9,209,779 shares (2005: 9,041,763) in issue during the period.

Diluted earnings per share is calculated by reference to the result attributable
to equity shareholders of £203,000 (2005: £142,000) and the adjusted weighted
average of 9,220,196 shares (2005: 9,126,982) in issue during the period.


3. Results for 2006

The results for the year ended 30 April 2006 and the balance sheet at that date,
which have been included in these interim consolidated financial statements, are
not statutory accounts. The Group's statutory financial statements for the year
ended 30 April 2006 have been delivered to the Registrar of Companies. The
independent auditors' report on those financial statements is unqualified and
does not contain a statement under Section 237(2) or (3) of the Companies Act
1985.



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