Fletcher King Maintains Turnover as Investment Weighs on Interim Profit

Fletcher King (LSE:FLK) reported interim revenue of £1.63 million for the six months ended 31 October 2025, broadly unchanged from the prior year, while earnings before tax eased to break-even. The result reflects around £100,000 of additional investment in staff across the group’s facilities management and valuation teams.

The company said trading conditions remain challenging, with commercial property transaction volumes and rating appeal activity still subdued, particularly outside London. These pressures weighed on transactional income, although Fletcher King partially offset the impact by expanding non-transactional revenue streams. During the period, the group also brought its facilities management operations in-house, a move expected to contribute approximately £270,000 of annualised revenue going forward.

Given the mixed operating backdrop, the board adopted a cautious approach and did not declare an interim dividend. However, management highlighted the strength of the balance sheet, a solid cash position and signs of improvement in the transaction pipeline, which it expects could translate into higher activity in the second half of the financial year.

From an outlook perspective, Fletcher King’s robust financial position and dividend appeal are balanced against softer profitability and mixed technical indicators. While the recent dividend-related corporate update provides some positive sentiment, ongoing challenges around revenue momentum and operational efficiency remain key considerations.

More about Fletcher King plc

Fletcher King plc is a UK-based commercial property consultancy offering a range of services including property transactions, valuations, facilities management and advisory work. The group has particular exposure to the London office market and the wider UK commercial real estate sector. Fletcher King is increasingly focused on building recurring, non-transactional income streams alongside its traditional transaction-led activities as it navigates a still-muted property investment environment.