Investment company Marshall Monteagle (MMP) has reported headline earnings per share of 6.4 US cents for the year ended September 2013‚ from 12.7c a year ago.

The group holds portfolios of investments in the UK‚ Europe‚ US and the Far East as well as commercial properties in the US and SA. It also has an import and distribution businesses operating internationally‚ and in SA it has interests in food processing and logistics. It said the year was characterised by significant currency movements and a challenging consumer environment in the countries where it operates.

Group revenue dipped to $209.8m from $210.2m. Had currencies remained constant‚ sales would have increased by 13%‚ it said.

Operating profit was 4% lower at $8.3m but profit before tax increased by 17% to $10.8m.

The directors are proposing a final dividend of 1.8c‚ making a total of 3.5c for the year compared with 3.3c a year ago. The group said its South African commercial and light industrial property portfolio had a satisfactory year.

It said vacancy levels continued to remain below national averages‚ so the value of the portfolio appreciated during the year.

The board is cautious about the year ahead‚ citing disappointing global economic growth and concern "that extended periods of artificially low interest rates will increase volatility and have further unintended consequences".

It said its conservative policies and strong balance sheet would stand it in good stead.