Edinburgh Fund Managers (EFM) has revealed a plunge in post-tax profits from £8.6m (€14m) to £1.6m for the year to January and a halving of its full year dividend to 12.5p.

This was made worse by goodwill write-offs, rationalisation costs and other exceptional items totalling £3.7m. Before exceptionals, pre-tax profits fell from £12.5m to £6.5m. The shares fell 2.3% to 421p after the results were announced.