Real estate investment manager Speymill Group warned that profits are likely to fall short of expectations this year, owing to delays in its investment schedules and a one off cost for reincorporating in the Isle of Man.

The company has experienced planning delays for construction projects in Macau which will depress the level of investment made by Speymill Macau Property Company.

The company will take a one-off hit of £400,000 against profits this year as a result of Speymill’s holding company reincorporating in the Isle of Man this year.

The board considers it unlikely it will meet the forecast pre-tax profit of £3.651m (before any allowance for the costs of Speymill’s incorporation in the Isle of Man) for the current year as published by its house broker on 24 September. The company now expects second half profits to be of similar those seen in the first half.

The board reiterated that the company is profitable and cash generative, and that it intends to recommend a final dividend in respect of 2007.

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