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LONDON-Chesterton International, the listed property services group, has warned the stock market that it expects to make a loss in the current financial year, and it has announced 65 redundancies as part of a swingeing cost-cutting package. The move came as Jones Lang LaSalle announced 90 job losses from its 900-strong UK workforce.

Chesterton said market uncertainty has increased following the events of September 11. In its stock market statement the company said: ‘The current environment reinforces the need to continue to take strong management action, particularly in relation to costs.’

Chesterton said the cost-cutting measures would save it £4 million ($5.8 million) per annum, but it would incur costs of £2.2 million ($3.2 million) in the current reporting period, mainly in redundancy payments.

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