Fletcher King PLC on Tuesday reported a boost in profit and revenue, despite the ‘difficult market’ conditions in its financial year.

Revenue in the financial year ended April 30 was up 3.3% at £3.1 million, from £3.0 million.

Pretax profit increased 43% to £192,000, from £134,000, ‘despite the difficult market’ conditions.

‘We are pleased to report improved results compared with last year and to be able to recommend an increased dividend payment. We have started the new financial year with some encouraging instructions and are optimistic for the forthcoming period,’ said Chair David Fletcher.

Fletcher King had ‘significant’ cash reserves of £2.8 million as of April 30, down 18% from £3.4 million.

Total assets fell 11% to £5.5 million, from £6.2 million in the prior year.

Fletcher King declared a final dividend of 0.75 pence per share, up 50% from 0.50p per share the year before.

The company said it was ‘reasonably optimistic’ for the current financial year, and that its cash reserves were strong.

‘It continues to be impossible to accurately predict the future of the property markets and thus our performance whilst current uncertainties prevail. Nevertheless, we are reasonably optimistic for the coming year as we are in discussion with a number of potential new property management instructions,’ said Chair Fletcher.

‘The general state of the market has not been conducive to generating activity with our new large shareholder but we will continue to look for opportunities to collaborate in the forthcoming period.’

Shares in Fletcher King were flat at 34.50 pence in London on Tuesday morning.

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