Interim Results

Fletcher King PLC
17 December 2007


PRESS RELEASE

Not for release before 0700hrs, 17 December 2007



                               FLETCHER KING PLC

                                INTERIM RESULTS


Fletcher King announces strong performance for the first half of the year but
remains cautious for the full year results.

Fletcher King PLC, the London based property fund managers and asset managers
announces today its interim results for the 6 months to 31 October 2007.


Financial highlights:

   • Profit before tax up 53% to £470,000 (2006: £308,000).
   • Turnover up 6% at £3.598m (2006: £3.40m).
   • Increased in interim dividend of 25% to 1.25p (2006: 1p) which
     will be paid on 18 January 2008.

Operational highlights:
 
   • The Investment and Fund Management department has performed well during the 
     period.
   • The funds from the latest Stratton House Investment Property Syndicate 
     ('SHIPS')are in place ready to capitalise on the attractive buying 
     opportunities that should present themselves in 2008.
   • The Valuation and Rating department continues to perform strongly and the 
     volume of valuation instructions continues at undiminished levels.


Commenting David Fletcher, Chairman of Fletcher King said:

'I am delighted to announce another 6 months of strong trading during which we 
have increased profit, turnover and dividend. However, going forward the company 
will not be immune from the impact of the recent reduction in activity in the 
commercial property market and I believe that the results for the full year will 
fall materially short of those achieved during 2006.

That said, there will be a number of excellent buying opportunities during 2008 
and we are well placed to take advantage of such opportunities with the funds 
from the latest SHIPS fund.'

For further information:

David Fletcher, Fletcher King     020 7493 8400

Tim McCall, MJ2                   020 7484 5353



FLETCHER KING PLC INTERIM REPORT 2007

CHAIRMAN'S STATEMENT

The Group performed well compared with the same period last year with profits 
before tax of £470,000 (2006 £308,000) on a turnover of £3.598m (2006 £3.4m). 
Earnings per share are 3.46p (2006 2.2p). Your Directors have declared an 
increased interim dividend of 1.25p (2006 1.0p) to be paid on 18 January 2008 to 
shareholders on the register at close of business on 4 January 2008.

The Commercial Property Market

The commercial property investment market continued to perform strongly for the 
first three months of the period at the end of which it moved sharply downwards 
in reaction to the American sub prime mortgage crisis and the subsequent
banking liquidity problems. At the time of writing there is virtually no 
institutional commercial property investment market.

The Central London office markets have been, and remain, relatively resilient 
although we are of the opinion that the market peaked in early Summer and the 
knock-on effect of the turmoil in financial markets is beginning to impact 
rental growth.

Elsewhere in both the industrial and retail markets we are still seeing rental 
growth. The jury is out on whether contagion from financial markets will impact 
on the economy generally and thus rental values.

There is little institutional investment in the market and the debt financed 
buyers have also substantially withdrawn as a result of their inability to gear. 
With falling five year SWAP rates returns on equity for those that can borrow
are beginning to look attractive.


Divisional Trading

Investment Fund Management

A significant volume of business was transacted during the period although 
volumes have fallen sharply since August.

Our latest SHIPS Fund, to which I referred in my last annual report, is holding 
the equity it raised on deposit awaiting attractive buying opportunities which 
we believe will present themselves during the second half of 2008 calendar year.


Asset Management

Two new management contracts were won during the period and the department met 
its budgets for the half year. We continue to implement further operational 
efficiencies.


Valuation and Rating

The department enjoyed a good first half and the volume of valuation 
instructions continues at undiminished levels despite general market conditions.

We completed a number of large rating assignments during the period which 
resulted in significant savings for our clients.

We still have a large number of unresolved appeals and can see a further 
eighteen months of work before the 2005 Rating List is cleared and the new List 
is published.


Rent Reviews

The department concluded a number of significant reviews and lease renewals 
during the period and is currently on target for the remainder of the year.


Fletcher King Howard

The division had a busy first half but the outlook for the remainder of the year 
is less clear as orders begin to slow, or projects are put on hold, as a result 
of the 'credit crunch'.


OUTLOOK

The future is uncertain and much depends, for us, on the investment market and 
the timing of when purchasers consider values have stabilised and the moment has 
come to re-enter the market.

At this stage in the cycle there are substantial differences between this 
downturn and previous ones. The most significant being that interest rates 
remain low, as does inflation, and the economy is currently relatively strong.
Also there is not the chronic over supply of space that existed in downturns of 
the 1970's and late 1980's.

There is currently a disconnect between property valuations and market 
conditions. Until the valuers reflect more closely the market and substantially 
down value portfolios, levels of activity will not be re-established.

We would expect to re-enter the market for our in-house funds during the second 
half of 2008.

In view of the continuing uncertainties in the market, the Board has reviewed 
the Company's prospects for the second half and consider that the results for 
the full year will fall materially short of those achieved last year and this is 
likely to be reflected in the final dividend.


DAVID FLETCHER
CHAIRMAN
18 December 2007

Registered Office:
61 Conduit Street
London W1S 2GB


Fletcher King Plc

Consolidated Interim Income Statement
(unaudited) for the 6 months ended 31 October 2007


                               6 months ended    6 months ended      Year ended 
                                   31 October        31 October        30 April 
                                         2007              2006            2007 
                                         £000              £000            £000


Revenue                                 3,598             3,449           7,438 
Employee benefits expense              (2,255)           (2,096)         (4,602)
Depreciation expense                      (37)              (38)           (114) 
Other operating expenses                ( 903)           (1,051)         (1,951)
Operating profit                          403               264             771

Profit on disposal of non-current 
assets held for sale                        -                 -               -
Income from investments                    13                 7              18 
Finance income                             54                37             106        
Finance expense                             -                 -               -

Profit before taxation                    470               308           1,027  
Taxation                                 (151)             (105)           (351) 
Profit for the period after taxation
attributable to equity shareholders       319               203             676

Basic earnings per share (note 2)       3.46p             2.20p           7.34p 
Diluted earnings per share (note 2)     3.46p             2.20p           7.33p

Equity dividends on ordinary shares:
Declared and paid during period
Ordinary final dividend for the
year ended 30 April 2007:
3.75p per share (2006: 2.5p)              345               230             230 
Interim dividend for the six months
ended 31 October 2006 (see below)           -                 -              92 
                                          345               230             322

Proposed but not yet paid
Interim dividend for the six months
ended 31 October 2007:
1.25p per share (2006: 1.0p)              115                92               -
Ordinary final dividend
for 2007 (see above)                        -                 -             345 
                                          115                92             345



Fletcher King Plc
Consolidated Interim Balance Sheet
(unaudited) as at 31 October 2007

                                    31 October       31 October        30 April
                                          2007             2006            2007
                                          £000             £000            £000

Assets
Non-current assets
Property, plant and equipment              379              138             125
Available for sale investments             846              553             897

                                         1,225              691           1,022
Current assets
Trade and other receivables              1,434            1,668           1,600
Amounts recoverable on contracts           209              190             222
Cash and cash equivalents                2,255            1,844           2,990

                                         3,898            3,702           4,812
Non-current assets classified as
held for sale                                -              393               -

Total assets                             5,123            4,786           5,834


Liabilities
Current liabilities
Trade and other payables                   773              489             395
Current taxation liabilities               134              102             187
Other creditors and provisions             637              869           1,605

                                         1,544            1,460           2,187
Non-current liabilities
Deferred taxation liabilities                -              121              94

Total liabilities                        1,544            1,581           2,281


Shareholders' equity
Share capital                              921              921             921
Share premium                              140              140             140
Reserves                                 2,518            2,144           2,492

Total shareholders' equity               3,579            3,205           3,553

Total equity and liabilities             5,123            4,786           5,834



Fletcher King Plc
Consolidated Interim Statement of Changes in Equity
(unaudited) for the 6 months ended 31 October 2007
                                     
                                            Profit     Fair
                              Share    Share   and    value     Total     TOTAL
                            capital  premium  loss  reserve  reserves    EQUITY
                              £000    £000    £000    £000      £000      £000 


Balance at 1 May 2007          921     140   2,216     276     2,492     3,553
Net profit for the period        -       -     319       -       319       319
Fair value loss on investments   -       -       -      75        75        75
Deferred taxation adjustment     -       -       -     (23)      (23)      (23)
Total income and expense 
for the period                   -       -     319      52       371       371
Equity dividends paid            -       -    (345)      -      (345)     (345)

Balance at 31 October 2007     921     140   2,190     328     2,518     3,579


Balance at 1 May 2006          921     140   1,862     340     2,202     3,263
Net profit for the period        -       -     203       -       203       203
Fair value gain on investments   -       -       -     (44)      (44)      (44)
Deferred taxation adjustment     -       -       -      13        13        13
Total income and expense for 
the period                       0       0     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 2006          921     140   1,862     340     2,202     3,263
Net profit for the period        -       -     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 period                       0       0     676     (64)      612       612
Equity dividends paid            -       -    (322)      -      (322)     (322)

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




Fletcher King Plc
Consolidated Interim Cash Flow Statement
(unaudited) for the 6 months ended 31 October 2007


                               6 months ended    6 months ended      Year ended
                                   31 October        31 October        30 April
                                         2007              2006            2007
                                         £000              £000            £000

Cash flows from operating activities
Profit before taxation                    470               308           1,027
Adjustments for:
Depreciation expense                       37                38             114
Income from fixed asset investments       (13)               (7)            (18)
Finance income                            (54)              (37)           (106)
Finance expense                             -                 -               -

Cash flows from operating activities
before movement in working capital        440               302             885
(Increase) / decrease in trade
and other receivables                     166              (183)           (115)
Increase / (Decrease) in trade and 
other payables                           (590)              (86)            556
Decrease / (increase) in work in 
progress                                   13                11             (20)

Cash (absorbed by) / generated
from operations                            29                44           1,306
Taxation paid                            (200)             (125)           (299)

Net cash flows from operating activities (171)              (81)          1,007

Cash flows from investing activities
Purchases of equipment                   (302)              (32)            (95)
Proceeds from sale of equipment            16                 -               -
Purchases of investments                    -                 -            (250)
Sales of investments                        -                 -             383
Finance income                             54                37             106
Income from investments                    13                 7              18

Net cash flows from investing activities (219)               12             162

Cash flows from financing activities
Dividends paid to shareholders           (345)             (230)           (322)

Net cash flows from financing activities (345)             (230)           (322)

Net (decrease) / increase in cash
and cash equivalents                     (735)             (299)            847
Cash and cash equivalents
at start of period                      2,990             2,143           2,143
Cash and cash equivalents
at end of period                        2,255             1,844           2,990



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
2007 and 31 October 2006, together with the audited results for the twelve
months ended 30 April 2007, 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 2007 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 £319,000 (2006: £203,000) and the weighted average of
9,209,779 shares (2006: 9,209,779) in issue during the period.

Diluted earnings per share is calculated by reference to the result attributable
to equity shareholders of £319,000 (2006: £203,000) and the adjusted weighted
average of 9,221,475 shares (2006: 9,220,196) in issue during the period.


3. Results for 2007

The results for the year ended 30 April 2007 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 2007 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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