But the directors said that they would only proceed with a merger subject to satisfactory financial and other terms being agreed.
DTC's pre-tax profits in the year to April fell from pounds 4.06m to pounds 1.59m on turnover that had declined by pounds 6m to pounds 34.8m. Earnings fell from 7.57p to 2.76p and the dividend was cut from 6p to 2.5p.
The directors said it is 'currently anticipated that any equity consideration to be issued to the merger partner would be retained for a period of time'. In July, Richard Lay, the firm's chairman, said he thought the property cycle was at the bottom. But he added that the recovery, when it came, would be slow and uneven.
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