Proft and turnover fall at Tolent for first time since early 90s

Tolent has recorded its first falls in pre-tax profit and turnover since the early 90s and has warned that it "did not anticipate any improvement" in 2009.

Pre-tax profit fell 76% to £1.3m for the year ended 31 December 2008, while turnover down 14.7% to £154m..

The company - which is involved in a number of property development joint ventures and owns Ravensworth Properties, an office letting firm - blamed downward property valuations for its fall in profits.

Meanwhile the group took a £750,000 hit after its client on a construction project to build flats in Sheffield went into administration.

Tolent's order book has also taken a tumble and now stands at £72m, which executive chairman Peter Herns described as "significantly lower" than in previous years. The lower order book means that the company is also expected turnover for 2009 to be significantly lower.

Cash funds in hand for the group also fell sharply from £20.2m at the end of 2007 to £12.9m for the end of 2008.