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.
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