Fletcher King's half-time numbers slip on Brexit uncertainty

14th Dec 2018 10:17

(Sharecast News) - Fletcher King dropped on Friday after interim profits and revenues declined and the company warned that Brexit uncertainty may continue to weigh on profit and fee income.For the six-month period ended 31 October the property fund management company's profit before tax came in at £0.1m, down 11% compared to the same period last year, while revenue dropped by 2% to £1.5m.David Fletcher, chairman of Fletcher King said: "We had a reasonable first half which closely mirrored the same period last year. Brexit uncertainty will continue to impact the market and we expect sentiment to remain cautious. This will be likely to impact our transactional fee income and our ability to maintain profits."A statement from the AIM traded company said that the dip in results reflected the subdued UK property market associated with Brexit and resulting political uncertainties.Falling rents have also hit the retail property sector due to the increasing prominence of online sales, with Fletcher King noting that it was "difficult" to predict when the decline in this sector might end.Fletcher King also cited lower than normal ratings appeals as putting pressure on results, which company blamed on the slow processing of appeals by the Valuation Office Agency.Cash and cash equivalents at 31 October stood at £2.3m, up from £2.2m at the same point last year, and the company kept its interim dividend steady at 1.00p per share.Fletcher King's shares were down 4.21% at 45.50p at 1113 GMT.