19 January 2021 | 10:03am
StockMarketWire.com - Specialist regeneration developer U&I booked a deeper first-half loss and said its chief executive and chief financial officer were both standing down.
The company also suspended its interim dividend and said it would accelerate asset sale and cost cutting programmes.
Pre-tax losses for the year through September amounted to £50.2 million, compared to year-on-year losses of £23.9 million.
The losses largely resulted from a reduction in investment portfolio valuations, operating costs and development and trading losses.
A decision on a final dividend would be made during the 2021 financial year, the company said.
Chief executive Matthew Weiner had stood down but would remain on the board until the end of May to provide continuity and a smooth transition.