Fletcher King returns to profit
Listed property adviser Fletcher King returned to the black but remains cautious about the future in the face of the latest Covid variant.
The firm reported a small uplift in turnover from £909,000 to £1.4m for the six months ended 31 October and a pre-tax profit of £11,000, up from a loss of £447,000 in 2020.
Chairman David Fletcher said: “After a very difficult trading period last year, it is pleasing to report a return to profitability for the first half of this year, albeit a modest one. In normal circumstances we would be hopeful for the trend to continue, but with the emergence of a new Covid strain, and potential adverse impact on society and the wider economy, it remains to be seen how our markets will be affected.”
Listed property adviser Fletcher King returned to the black but remains cautious about the future in the face of the latest Covid variant.
The firm reported a small uplift in turnover from £909,000 to £1.4m for the six months ended 31 October and a pre-tax profit of £11,000, up from a loss of £447,000 in 2020.
Chairman David Fletcher said: “After a very difficult trading period last year, it is pleasing to report a return to profitability for the first half of this year, albeit a modest one. In normal circumstances we would be hopeful for the trend to continue, but with the emergence of a new Covid strain, and potential adverse impact on society and the wider economy, it remains to be seen how our markets will be affected.”
The group said that although a degree of uncertainty had continued throughout the period, both the letting and capital markets had been “considerably more buoyant” compared with the corresponding period last year and that this was reflected in its improved results.
It added that the capital markets also saw a significant increase in the volume of transactions, with investors having substantial funds to deploy seeking suitable property to purchase.
During the period under review, the group announced that industry veteran Elliott Bernerd was indirectly buying 29.99% of the shares in the company. Chairman David Fletcher said Bernerd’s involvement in the business would help it acquire new clients and projects and expand the business.
“Elliott and I have known each other since the early years of our careers,” said Fletcher. “His expertise, vast experience and contacts throughout the property world will be, I am sure, of great value to the company and its shareholders.”
The share acquisition is subject to FCA approval, which is expected in early 2022.
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
