Mountview Estates PLC on Thursday said revenue and profit grew in the first half despite ‘difficult times’, as it cut its interim dividend.

The London-based property manager reported that revenue rose 5.4% to £39.2 million in the first half ended September 30, from £37.2 million the year prior.

The firm said pretax profit increased 9.3% to £19.9 million, from £18.2 million a year ago. It noted that finance costs mutiplied to £1.6 million, from £336,000 previously, while administrative expenses remained flat.

Mountview declared an interim dividend of 250 pence per share, down from 500p per share the previous year. It noted of its 2022 dividend that it ‘would not be possible to continue at this level without compromising the Company’s financial prudence’.

In the first half of the year, total assets rose 8.4% to £473.6 million, from £437.1 million previously. Mountview said its purchasing activity ‘has remained strong’, while its Strength should allow it to continue‘ to take advantage of good purchasing opportunities’.

‘We live in difficult times, but I believe that this Company will continue to prosper and can continue to care for its staff and its shareholders,’ Chief Executive Duncan Sinclair said.

Mountview shares fell 2.3% to 9,840.00 pence each on Thursday morning in London.

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