Construction dispute resolution firm James R Knowles saw pre-tax profits after exceptional items slip to just £41,000 in the year ended July 31 down from £486,000 last year.
The slide was largely due to a restructuring exercise at its European operations, which performed poorly. The UK, East Asia, the Middle East and North America were ahead of budget while its offices in the United Arab Emirates grew to 40 staff, reflecting the construction boom in the region.
Turnover was down slightly at £30.2 million from £31.2 million in 2004.
James R Knowles chairman Roger Knowles announced his intention to stand down after 32 years and takes up the role of president. John Lee has been appointed non-executive chairman.
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