Fletcher King PLC on Monday said profit was up in the first half of its current financial year, despite a ‘challenging’ property market.
The London-based chartered surveyors firm said pretax profit for the six months that ended October 31 grew 52% to £85,000 from £50,000 the year before.
Revenue increased 21% to £1.6 million from £1.3 million.
‘Capital markets remained sluggish during the period, with poor volumes, which impacted our transactional fee income’, the group explained.
Employee benefits expenses increased 23% to £967,000 from £764,000. Other operating expenses were 8.9% higher at £514,000, compared to £470,000 last year.
Chair David Fletcher said: ‘It is encouraging that we have been able to maintain profitability in these difficult and challenging times and we are pleased to report overall financial performance that is ahead of the comparative period last year.
‘We have been successful in expanding our non-transactional activities, but it remains much too early to predict when the transactional market will improve. Our strong balance sheet continues to provide comfort as well as the potential for investment activity if we find the right opportunity.’
Shares in Fletcher King were untraded at 36.50 pence each in London late on Monday morning. They last sold for 33.75p on Friday.
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