Savills, the estate agent, reported a £7.7m loss and cut its dividend payment in half.
The London-listed agent, which has more than 200 offices and affiliates worldwide, said that a collapse in property volume had forced it to recommend a reduced final dividend of 3p a share, taking its full 2008 dividend to 9p down, from 18p in 2007.
The group has suffered a sharp reversal in fortunes as housing markets around the world have slumped. It made £85.9m in pre-tax profits in 2007. Underlying pre-tax profits also slumped by 61% to £33.2m last year.