- Construction management services provider Formation swung to a full-year profit, even as its revenue was hit by political uncertainty in the UK.

Pre-tax profit for the year through September amounted to £1.27m, compared to a loss of £0.28m on-year.

Revenue fell 11% to £39.8m, though operating costs also fell and the company recorded a gain on the value of financial assets.

'The year ended 31 August 2019 saw the group continue to work on existing construction projects whilst also adding to the pipeline of work by winning one new external contract,' chairman William O'Dea said.

'The more cautious investment activity is predominantly due to the uncertainty of the UK economy, both before and after the 'Brexit' referendum, and the uncertainty caused by the delay of the UK leaving the EU.'

'House prices in London, the group's key market, have also been volatile throughout the reporting period.'

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