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Cautious Tolent trims dividend

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Date: Wednesday 20 Aug 2008

LONDON (ShareCast) - Shares in building contractor Tolent tumbled again after first half profit fell to £1.1m (2007: £1.53m) in tough trading conditions and a previously flagged £750,000 bad debt.

Revenue rose to £85m (£76m) but the first half saw a slowing of inquiries and conversion of these inquiries into firm orders.The current secured forward workload is £100m with a number of larger contracts running through to the end of 2009 providing some degree of security for the short term, Tolent said.

In addition, there are further orders totalling approximately £70m which are expected to be secured in the near future, with work commencing on site before the end of the year, it added.

The interim dividend is reduced to 4p from 5p.

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