- St Modwen Properties' H1 pretax profit has tumbled to £35.5m, from £180.2m. Revenue was ahead at £159.7m, from £135.7m.

The comparative period was boosted by a £49.7m gain on property revaluation, versus £16.8m in the just-finished leg. Moreover, the comparative period also saw a £100.6m profit on JVs and associates, against a -£19.4m loss more recently.

Interim dividend was lifted 2% to 1.94p, from 1.9p.

CEO Bill Oliver said:

"These results demonstrate our ongoing ability to deliver strong underlying profits from our robust £1.7bn portfolio.

"Our 6,000 acre land bank provides us with the flexibility to focus our attention on those areas of the market that will provide the strongest shareholder returns.

"Value is also realised from a variety of asset management initiatives, whilst supported by the strength of the regional business which makes up over 75% of our total portfolio by value.

"Following the Referendum held on 23rd June 2016, we are now operating in a period of uncertainty in relation to many factors that impact the property market.

"Whilst it is too early to accurately predict how the UK property market will respond, until we have more clarity we believe it is appropriate to take a more cautious approach to the delivery of our development strategy."

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