Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Quoted agent Fletcher King saw both turnover and profits fall in the year to 30 April 2001, underlining fears of a downturn in the commercial property sector. Pre-tax profits fell from £602,000 ($849,000) to £461,000 ($650,000) on turnover down from £7.1 million ($10 million) to £6.255 million ($8.82 million).

Chairman David Fletcher said ‘The results for the year are in line with expectations.’ And he warned that worse was still to come. ‘The reduced supply of both investment property and occupational space is likely to affect the company’s transactional business and reduced volumes could impact our profits.’

Fletcher blamed the downturn primarily on problems at the group’s construction services subsidiary Howards. Two large orders were cancelled during the year and not replaced. But the core investment brokerage business remained strong, and the company is in the process of setting up a limited partnership investment vehicle with a view to generating more transactional fees.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.