StockMarketWire.com - Property services group Fletcher King slashed its dividend after a failure to let space in London contributed to a 63% fall in annual profit.

Pre-tax profit for the year through April fell to £274k, down from £738k a year earlier, as revenue fell 24% to £4.1m.

The company declared a final dividend of 0.75p per share,bringing annual dividends to 1.75p, down from 4.00p on-year.

'The results for the year were undoubtedly disappointing and did not live up to management's expectations, but we start the new year with some good sales instructions and good recurring revenue,' chairman David Fletcher said.

'Our balance sheet remains strong.'

Fletcher King aid Brexit uncertainty continued to impact the Central London office letting market, while growing online retail sales were hurting the high street.

'The uncertainties ... impacted our ability to let the two SHIPS buildings in the City and Clerkenwell although both buildings do have some of the space occupied,' the company said.

'As a result, earnings from the sale of these buildings did not materialise as anticipated. However our volume of investment property sales held up well.'
















At 1:23pm: [LON:FLK] Fletcher King PLC share price was -10.75p at 49p



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