Property fund manager Fletcher King says it expects pretax profits for the year to 30 April to be ahead of market expectations, but lower than the results achieved last year.
In a trading update today, the company said profits would be ahead of predictions because of marginally improved activity in the last quarter than had been expected.
Fletcher King said it had also managed to reduce running costs in anticipation of the falling market.
However, it said the coming year would be difficult and turnover and profits will fall “significantly”.
Fletcher King will announce its full year results on 10 July.
