Property services firm Fletcher King today reported half-year pre-tax profits of £74,000.

The results, for the six months to 31 October 2008, are 84% less than the £470,000 pre-tax profits recorded for the same period in 2007.

Difficult market conditions and the costs of transferring onto the Alternative Investment Market (AIM) had caused the reduction in profits, the company said.

Initial pre-tax profits were £142,000 but the costs of transferring to AIM were recorded as £68,000.

‘We began adjusting our overhead nine months ago and substantial savings have been made. We are now at the right size for our anticipated turnover,’ said Fletcher King chairman David King.

‘Our current budgets show that the company will continue to be profitable, albeit at significantly lower levels than we have seen in the last few years.’

Yesterday reported that Fletcher King had sold its building services subsidiary, Fletcher King Howard, to members of its management team for a nominal sum.

Fletcher King Howard had been struggling and in the year to 20 April 2008 made a pre-tax loss of £18,