Fletcher King PLC - Trading Update
The Company highlighted in its announcement of
Trading during Q1 has confirmed this outlook and transaction-based fees have been materially lower than would otherwise be expected. In particular, investor clients and counterparties have adopted a wait-and-see approach resulting in delayed progress of potential transactions.
Non transaction-based fee income associated with fund and property management has been relatively unaffected. On behalf of retained clients, who pay contracted quarterly fees, the property management team has been successful in collecting 80% of rents for the June quarter within 7 days of the due date, a good result in the circumstances.
The Company has also been impacted by a severe contraction in the Professional Indemnity insurance market, particularly with regard to property valuation work. The renewal premium has more than doubled, increasing by just over
Whilst there is potential for recovery of fee income later in the financial year, it is very likely that the Company will make a loss in the first half of its financial year.
The Company remains well supported by a strong balance sheet with no debt.
The Company's audited results for the year ended
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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James Caithie /
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This information is provided by RNS, the news service of the
Quick facts: Fletcher King
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