Developer was hit by property writedowns and loss on a Sheffield residential scheme

Pre-tax profit at alternative investment market-listed construction group Tolent fell by more than three-quarters in the year ended 31 December 2008.

The figure slumped from £5.5m to £1.3m after property writedowns and a £750,000 hit on a residential scheme in Sheffield after the developer went into administration. Turnover was also down, falling 15% from £180m to £153.5m and the company said it saw no pick-up in 2009.

A statement said: “It has been a difficult year for the construction industry and the outlook remains very challenging as the downturn in work translates to an increasingly competitive market. There are fewer projects coming to market and margins are tightening in general.”

The order book stands at £72m and Tolent ended the year with net funds of £12.9m.

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