Fletcher King PLC on Friday reported strong full-year financial performance which it said will be a ‘challenging to maintain’ in the current financial year.

The London-based chartered surveyors firm said statutory pretax profit doubled to £452,000 in the year that ended April 30 from £192,000 the previous year.

Revenue increased 24% to £3.8 million from £3.1 million.

Fletcher King raised its final and only dividend to 2.25 pence from 0.75p last year.

Growth in revenue and profit was attributed to increased fees earned from completed transactions with the company benefitting from ‘higher than normal average deal size’ while the number of completed deals remained relatively low.

Chair David Fletcher said: ‘Against a backdrop of subdued property markets, we are pleased to report improved results compared with last year and to be able to recommend an increased dividend payment. Markets are likely to remain cautious for a while longer, and it will be a challenge to maintain the same financial performance.

‘However, we have started the new year with a solid base of contracted fee income and, with some good instructions in the pipeline, we are cautiously optimistic for the forthcoming period.’

Looking ahead, the company said it will continue to expand its valuation, rating, property management, and planning work while expecting non-transactional fee income to grow in the current financial year.

Fletcher King shares were up 8.4% to 51.50 pence each in London on Friday morning.

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