Fletcher King has sunk to a pretax loss of £834,000
The agent made a slim profit of £76,000 last year. Chair David Fletcher said it was only the second loss in the company’s more than 50-year history, and had to be put in the context of a “challenging year”. Revenue was also hit, falling from £2.9m in April 2020 to £2.26m.
The firm was done no favours by the fact that its reporting period, from April to April, meant that there was no recovery period included in its results.
Fletcher said: “The year to 30 April 2021 will go down as one of the most difficult in the history of the commercial property market.”
However, he tried to strike a positive note. “We are reasonably optimistic for the coming year, but it remains difficult to predict the outcome with any certainty. We anticipate returning to profit, although it may not be in the first half. Our balance sheet remains strong with good cash reserves.”
Unsurprisingly, the directors have decided not to pay a final dividend.
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