Profits dropped at Twitter's UK arm last year amid global slowdown for the tech firm

 
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Twitter UK faced lower profits last year (Source: Getty)

Profits slid at Twitter's UK arm last year, even as turnover increased.

Pre-tax profit dropped to £2.7m, down from £3.4m the previous year, according to Twitter UK accounts filed at Companies House.

Overall profit fell 21 per cent to £1.8m.

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The company's directors, including director Laurence O'Brien, wrote in a strategic report that profit had been transferred to reserves and that a dividend payout was not recommended.

Turnover was £79.4m, up from £76.2m last year. But the cost of sales rose and the subsidiary was hit by Twitter's wider restructuring programme.

The reorganisation of Twitter's operations, which was announced in October last year, resulted in job losses for around nine per cent of its global workforce. Twitter UK confirmed this had included staff in its own subsidiary.

The latest results for the overall global company revealed that user growth was totally flat between the first and second quarter of this year.

But chief executive Jack Dorsey has promised to drive greater engagement on the site, through increases in active usage by existing users.

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