(Alliance News) – Fletcher King PLC said on Monday profits were up in the first half of the current financial year, despite a “challenging” property market.
The London-based accountancy firm said pre-tax profit for the six months ended October 31 rose 52% to GBP85,000, up from GBP50,000 the previous year.
Turnover increased by 21%, from £1.3 million to £1.6 million.
“Capital markets remained subdued during the period, with low volumes, which impacted our transactional fee income,” the group explained.
Benefits spending increased by 23%, from £764,000 to £967,000. Other operating expenses increased by 8.9% to £514,000, compared to £470,000 last year.
Chairman David Fletcher said: “It is encouraging that we have been able to maintain profitability during these difficult and challenging times and we are pleased to report overall financial performance above the comparable period of the year. 'last year.
“We have been successful in growing our non-transactional businesses, but it is still too early to predict when the transactional market will improve. The strength of our balance sheet continues to reassure us and give us the opportunity to invest if we find the right occasion.
Fletcher King shares were not trading at 36.50 pence each in London late Monday morning. They were last sold for 33.75p on Friday.
By Emily Parsons, Alliance News reporter
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