Pre-Close Trading Update

RNS Number : 2364L

Fletcher King PLC

04 May 2010

 



FLETCHER KING PLC

PRE-CLOSE TRADING UPDATE

Fletcher King plc (the "Company") today provides the following pre-close trading update as it enters its close period for the 12 months ending 30 April 2010.

In spite of what has been reported in the national press, conditions in the UK commercial property market have remained difficult.  However, the Company's overhead and cost base is aligned with the current economic climate.  As anticipated, in spite of the challenging market, the underlying business has traded profitably in the year in question.  We set out below a brief update:

In the fund management and investment division, transaction flow has continued to be significantly lower than before the economic downturn.  However, for the coming year, we have a good number of transaction instructions which are currently being progressed.

The asset management division has succeeded in winning a number of new mandates and generally maintaining income flow from existing portfolios.  The valuation business remains challenging, with volumes of instructions heavily down from peak levels, demonstrating banks' continued reluctance to lend.  The rating division continues to perform well and has won a significant number of new clients and instructions for the new Rating List.

The Company's balance sheet and cash position remain strong, and, overall, the directors believe the Company continues to be well positioned to weather the current market conditions.

Enquiries:

Fletcher King plc

David Fletcher

Tel: [phone]

Cairn Financial Advisers Limited

James Caithie

Tel: [phone]

 

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