London funds house Liontrust Asset Management has cut its dividend after posting a 94% drop in pre-tax profits in its latest annual results - illustrating the devastating impact of key manager departures early last year.

Liontrust reported an adjusted pre-tax profit of £796,000 (€960,360) for the 12 months to the end of March, down from £14.3m over the previous year. Its basic earnings per share were 3.6p, down from 28.3p. The company said it will not pay a second interim dividend, meaning the total dividend for the full year amounts to 2.5p per share, down from 7.5p for the previous year.