(Sharecast News) - Residential property management firm Watkin Jones saw its share price drop sharply on Thursday after reporting that transactional activity "remains slow" following a big drop in revenues in its first half.
Against a backdrop of "continuing limited transactional liquidity in the market", the group reported revenues of £129.2m over the six months to 31 March, down 26% from £175.1m the year before.

Adjusted pre-tax profits fell to just £0.2m, compared with a profit of £3.4m previously, though statutory results showed a pre-tax loss of £0.9m, down from a profit of £2.1m before, due to a £1.1m exceptional finance cost related to the unwinding of the discount rate on a Building Safety provision.

No interim dividend was paid as the board decided to "prioritis[e] the maintenance of financial flexibility", it said.

Chief executive Alex Pease said results were in line with the company's expectations "despite the continuing challenging market backdrop, as a result of our focus on operational delivery, cost management and cash generation".

He continued: "Whilst transactional activity remains slow and subject to a continuing volatile market backdrop, we are focussed on ensuring that the group remains in the best position to exploit opportunities as conditions improve."

Shares were 11.6% lower at 31.6p by 0837 BST.

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