Colliers International is hit by property pain in Spain

Delayed fee income and Spanish woes triggered a profit warning from property consultant Colliers International today, sending shares down 7%.

The firm was hoping for a break-even 2010 performance but warned of a £1.5 million loss for the year due to delayed fees from UK deals and a "disappointing" performance by its Spanish subsidiary, although its Irish arm returned to profit after two years of losses. Shares slipped 1.25p to 16p.

Colliers, which advises Vodafone on its UK property portfolio, drafted in the international head of Jones Lang Lasalle Tony Horrell as chief executive last November to revive the company's fortunes.

He will unveil his initial review of the business next month.