Trading Statement

PRESS RELEASE
20th April 2004


                                FLETCHER KING PLC
                                TRADING STATEMENT


Fletcher King ("the Company"), the London based Chartered Surveyors and Property
Asset Managers, today announces a trading update for the year ending 30th April
2004.

When the Company reported its Interim Results on 22nd January 2004, it
anticipated that the levels of activity in the second half of the year would be
similar to those reported for the first half and that the final divided should
be at least in line with that paid in the previous year.

Fletcher King is now pleased to report that activity in the second half of the
year has been ahead of expectations. This is mainly due to a large, one off,
transaction which the Company has been working for some considerable time and
which has come to fruition earlier than expected. Fletcher King now expects pre-
tax profits for the year ending 30th April 2004 to be significantly ahead of
market expectation. The Board therefore expects to reflect this better than
anticipated financial performance in the final dividend payment.

Trading continues to be satisfactory, although, as reported in the interim
statement, the continuing lack of stock in the investment market and fierce
competition for that stock is driving values up, making the timing of the
completion of transactions difficult to predict.

The preliminary results for the year ending 30th April 2004 will be announced in
early August 2004.


David Fletcher
Fletcher King
[020 7493 8400]