RETTIE & CO, the property sales and lettings business, saw pre-tax profits decline 60 per cent to £275,000 in 2015 amid poor confidence in the property market.
The Edinburgh-based company said “underlying lack of confidence in the UK economy and residential property market” continued to restrict trading in various property sectors.
However turnover grew almost 22 per cent to just under £7 million. The directors also noted that their agency fees had increased by 18 per cent, new development fees were up 55 per cent and management fees rose 5 per cent in the year to end April.
After administration costs, bonus payments and bad debt write-off, Rettie & Co said the net profit was reported at £0.33m.
The company, which is led by managing director Simon Rettie, has 115 staff. Remuneration to the highest paid director increased from £133,891 to £335,003. A final dividend was paid of £260,000, up from £102,024.
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