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Digital communications group Next Fifteen Communications swung to a full-year loss after it wrote down the value of its property portfolio due to more staff working from home.
Pre-tax losses for the year through January amounted to £1.3 million, compared to a year-on-year profit of £5.6 million.
The loss included a £10 million property impairment charge due to surplus office space, though Next 15 said the move should yield about £5 million in annualised savings
Underlying pre-tax profit increased 22% to £49.1 million, as revenue climbed 7% to £266.9 million.
The company declared a full-year dividend of 7p per share.
Next 15 said it had made a strong start to the new financial year and was currently trading ahead of management expectations.
'Looking to the year ahead, the board is optimistic about the prospects for the group, despite the continued impact of Covid-19 on the economy,' chief executive Penny Ladkin-Brand said.
At 8:47am: (LON:NFC) Next Fifteen Communications Group PLC share price was 0p at 514p