Mountview Estates PLC on Thursday reported a fall in annual profit, amid higher costs, but it raised its dividend, saying this showed its confidence in its stability and future prospects.

The London-headquartered property manager posted a pretax profit of £34.9 million in the financial year that ended March 31, down 8.4% from £38.1 million the year before.

Mountview Estates blamed this on increases in the cost of properties sold and the cost of maintenance.

More positively, revenue edged up 0.5% to £66.0 million from £65.7 million.

Confident in its financial stability, Mountview Estates recommended a final dividend of 250 pence per share, taking its total payout to 750p, up 77% year-on-year from 425p.

Although Mountview Estates warned of ‘ravages that the economy may inflict’ upon it, the company said it was confident in its future prospects.

Shares were up 0.8% at 13,500.00 pence each on Thursday morning in London.

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