Tolent posts fall in first-half pretax profit

LONDON (Reuters) - Construction group Tolent (TLT.L) reported a 28 percent drop in first half pretax profit of 1.1 million pounds on Wednesday, reflecting difficult trading conditions in the construction sector.

Revenue of 85 million pounds was up on the 76 million recorded a year ago, but was 18 percent down on the second half of 2007 as order conversion slowed and a number of projects were deferred or cancelled, the company said.

Tolent said it had a secured workload of 100 million pounds, including a number of larger contracts that would contribute to revenue into 2009.

"This, together with the new orders which we hope to secure in the next few months, will give us the stability to trade through this difficult period for the construction industry and economy in general," it said in a statement.

The company, which has a capitalisation of 12.2 million pounds, is cutting its interim dividend to 4 pence a share from 5 pence a year ago.

(Reporting by Paul Sandle)