London-based property consultant company Fletcher King announced on Tuesday that its pretax profit and revenue for the fiscal year ending April 30, 2023, have shown growth. The company remains optimistic about the future period.
Fletcher King reported a pretax profit of £192,000 ($245,433), a significant improvement compared to the £134,000 earned the previous year. Moreover, the company experienced a rise in revenue from £3 million to £3.1 million.
The board has proposed a final dividend of 0.75 pence per share, which is higher than the 0.5 pence paid in the previous year.
Although facing economic uncertainties, Fletcher King acknowledges that the commercial property capitals market is currently stagnant. The potential change in government further exacerbates the clouded vision of investors. Despite this, there is a substantial volume of funds waiting to enter the commercial property market. However, the timing of this influx remains unpredictable.
The lettings market, on the other hand, shows reasonable activity, especially for grade A office spaces. The rents for such spaces have increased compared to last year.
Strong Performance in Property Asset and Fund Management Divisions
Fletcher King’s property asset and fund management divisions have had a strong year. These divisions added new clients and observed an increase in bank valuations. Additionally, there has been a surge in instructions from new lenders.
Looking ahead, Fletcher King expresses cautious optimism for the coming year, particularly as they are engaged in discussions with several potential new property management instructions. The company sees potential for further growth and expansion.