Colliers CRE has reported a loss of £4.49m in its first half results for 2008 and announced that David Doyle, chief financial officer, will be leaving the company.

Despite posting a profit of £3.01m in the same period in 2007, the company revealed that a reduction in fee levels of more than £9m had hit them.

It is now looking for savings of £5m over the next six months, including scaling back on its acquisitions programme, formerly managed by David Doyle.

In a statement issued today, chairman Sir John Ritblat said: ‘As markets have slowed, we have thought it prudent to moderate significantly this programme of acquisitions.

‘In addition, the current cost reduction programme is in place and is now well underway.

’Consequently, a significant proportion of David's responsibilities has come to an end. I thank David for his contribution and wish him well in the future.’