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Fletcher King suggests trading loss for second half of financial year
StockMarketWire.com
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Fletcher King has said it is 'very likely' that the second half of the financial year will result in a trading loss, having reported a loss before tax of £447,000 for the 6 months period to 31 October 2020.
the company said it will be necessary to write down the value of its investment in the SHIPS 16 property syndicate, being an interest in a property in Botolph Lane, London.
Two floors in the property remain unlet and prospects for achieving lettings in the current challenging economic environment have been made even more difficult by the return of lockdown measures since December.
It added that, assuming material contingent transaction-based fees do not materialise before the year end, and taking account of the likely provision required on the SHIPS investment, losses for the second half of the financial year may potentially be similar to the first half.
Looking beyond the end of the financial year, the company is starting to tentatively see some encouraging signs from clients planning to make investment decisions, and the company has continued to invest in its people and systems in preparation for the return to more normal market conditions.
The company remains well supported by a strong balance sheet with no debt.
At 1:27pm: (LON:FLK) Fletcher King PLC share price was 0p at 37.5p
Story provided by StockMarketWire.com
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