Interim Results

PRESS RELEASE
Not for release before 0700, 21st January 2005


                                FLETCHER KING PLC
                                 INTERIM RESULTS

               Fletcher King sees strong results for the half 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  2004.  The results show an increased performance on the  same  6  month
period last year.

Financial highlights:
-    Profit before tax up 155% to £242,000 (2003: £95,000)
-    Turnover for the half year up 9% at £2.587m (2003: £2.370m)
-    Basic earnings per share grew  139% to 1.67p (2003:  0.7p)
-    Interim dividend up to 0.5p (2003: 0.3p) which will be paid on 18 February
     2005

Operational highlights:
-    A  profit of £100,000 was achieved on the sale of the minority interest in
     Fletcher King Manchester.
-    Stratton House Investment Property Syndicate is now fully invested and  is
     currently achieving returns in excess of target.  The second fund is progressing
     well and contracts are already exchanged for its first acquisition.
-    The property asset management department added approximately 500,000 sq ft
     to its existing portfolio.
-    Valuation and Rating has shown a significant increase in turnover and is on
     course for a successful year

Commenting David Fletcher, Chairman of Fletcher King said:

"I am pleased to be able to announce a strong first 6 months.   The results were
positively affected by the sale of our interest in Fletcher King Manchester, but
all departments have performed well and this is reflected with a profit increase
of  155%.   The  investment market has remained strong and  we  anticipate  that
activity  in  all  departments  over the next six  months  will  continue  at  a
satisfactory level.  I look forward to the next six months and hope to  be  able
to announce an increase in the final dividend.

For further information:
David Fletcher, Fletcher King:                         020 7493 8400
Tim McCall, MJ2 Business Communications                020 7491 7776

Fletcher King Plc Chairman's Statement

RESULTS

The Interim Results for the 6 months to 31st October 2004 have shown an
improvement over the same period last year.  Profit before tax was £242,000 (2003
£95,000) on a turnover of £2.587 million (2003 £2.370 million) with earnings per
share of 1.67p (2003 0.70p).  Your Directors have declared an interim dividend of
0.5p (2003 0.3p) which will be paid on the 18th February 2005 to shareholders on
the register at the close of business on the 4th February 2005.  The pre-tax
profit for the period included a one off profit of £100,000 resulting from the
sale of the Company's minority interest in Fletcher King Manchester.

THE COMMERCIAL PROPERTY MARKET

London
Occupational demand for offices in London and the South East continues to be
subdued although generally there are more enquiries for space than at this time
last year.  The only sector of the market which has shown substantial rental
growth and activity is the West End.  Oversupply continues in the City, Mid-Town,
Docklands and the Western Approaches suppressing rental growth.  Retail and
industrial rents are showing some limited growth.

Outside London
Occupational demand for all types of space is generally stronger outside London
and owner occupiers, particularly for industrial property, remain very active.

Investment
Demand for all sectors of the market throughout the country continues to be
strong.  Many institutions have increased their weighting to property over the
last twelve months, which is fuelling an already buoyant market, and prices
continue to climb as yields fall.

Medium term SWAP rates have fallen over the last few months increasing demand from
debt financed investors.

There has been increased demand in the City of London for well let buildings even
though the letting market is poor and at best rents remain stable.

Many are calling the top of the market.  We continue to believe that with some
rental growth coming through, and with the weight of money in the market, yields
will compress over the next twelve months with a resultant increase in capital
values.

DIVISIONAL TRADING

Investment and Fund Management
During the first half of the year the department has seen an increase in activity
compared with the same period last year.  Buying for in-house clients has been
active and the department has transacted a number of significant sales during the
period.  There is a strong pipeline of work for the remainder of the year and we
anticipate the good performance to continue throughout the year.

Property Asset Management
The department has added approximately 500,000 sq ft with an annual rent roll of
£6.5 million from four new clients to its existing portfolios.  We have received
approval by the Financial Services Authority to carry out general insurance
activities.

Valuation and Rating
The first half has shown a substantial increase in turnover from the corresponding
period last year and the department is on course for a successful year with a
continuing, excellent pipeline of work.

Rent Reviews
Although the smallest department within the Company, it has had an extremely busy
first half with an increase in both turnover and instructions over the
corresponding period last year.  It is unlikely to produce a contribution to
profit for the year but is performing in line with targets.

Agency
The department works almost exclusively within Central London and is operating in
an extremely difficult market.  Despite that, it has had an active first half and
has a reasonably good pipeline of work.

Manchester
We disposed of the Company's minority interest in the Manchester office and made a
very acceptable profit as detailed above.

Fletcher King Howard
Our construction services division grew its business over the corresponding period
last year and is on target to increase its profitability this year.

Stratton House Investment Property Syndicate
The first fund is now fully invested and is currently achieving returns in excess
of target.

A second syndicate has been formed and contracts are exchanged for its first
acquisition of a £7 million industrial portfolio.

Outlook
The investment market will remain strong even though occupational markets will be
subdued.

We  anticipate activity continuing at a satisfactory level for the remainder  of
the year and our prospects for the second half look good.


D J R FLETCHER Chairman
21st  January 2005
Registered Office
Stratton House, Stratton Street
London W1J 8LA

Consolidated Profit and Loss Account
(unaudited) for the six months to 31 October 2004


                                  6       6     Year to
                             months  months
                                 to      to
                                 31      31          30
                             Octobe  Octobe       April
                                  r       r
                               2004    2003        2004
                               £000    £000        £000

Turnover                       2587    2370        5623

Operating Profit                195      80         279

Share of results of
associated
undertakings                      0     (3)           9

Interest Receivable (net)        47      18          44

Profit on ordinary
activities before               242      95         332
taxation

Taxation                       (95)    (33)       (113)

Profit on ordinary
activities after taxation       147      62         219

Dividends                      (44)    (26)       (203)

Dividend per Share             0.5p    0.3p       2.30p

Retained Profit                 103      36          16

Earnings per share -          1.67p   0.70p       2.49p
basic




NOTES
 1. The interim figures for the six months to 31 October 2004, 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 2004. 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 2004 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 2003 - 8,807,279, April
 2004 - 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       As at       As at        As at
 (unaudited) for the six months      31          31           30
 to 31 October 2004              Octobe      Octobe        April
                                      r           r
                                   2004        2003         2004

                                   £000        £000         £000

 Fixed assets

 Tangible assets                    203         209          178
 Investment in associated             0          16           27
 undertakings
 Other Investments                  253         253          253
                                 _______________________________
                                    456         478          458

 Current assets

 Debtors                           1624        1681         1640
 Cash at bank and in hand          1236         930         1836

                                 _______________________________
                                   2886        2611         3476

 Creditors

 Amounts falling due within one   (816)       (672)        (1537)
 year                            _______________________________
 Net current assets                2044        1939         1939

                                 _______________________________
 Total assets less current         2500        2417         2397
 liabilities

 Creditors
 Amounts falling due after one        0           0            0
 year

 Provisions for liabilities and       0           0            0
 charges

                                 _______________________________
 Net assets                        2500        2417         2397



 Capital and reserves
 Called up share capital            881         881          881
 Share premium account               76          76           76
 Profit and loss account           1543        1460         1440
                                 _______________________________
                                   2500        2417         2397

                                 _______________________________







 CONSOLIDATED CASH FLOW STATEMENT        6            6           Year
                                    months       months             to
                                        to           to
 (unaudited) for the six months         31           31             30
 to 31 October 2004                 Octobe       Octobe          April
                                         r            r
                                      2004         2003           2004

                                      £000         £000           £000

 Net cash (outflow)/ inflow from     (396)        (313)            643
 operating activities
 Returns on investment and              47           18             44
 servicing of finance
 Taxation                                0           11           (21)
 Capital expenditure and              (62)         (27)           (35)
 financial investment
 Equity dividends paid               (176)         (66)           (92)
                                     __________________________________
 Cash flow before financing          (587)        (377)            539
 Financing                            (13)         (11)           (21)
                                     __________________________________
 (Decrease)/Increase in cash in      (600)        (388)            518
 the half year