- St. Modwen Properties booked an 18% fall in first-half profit after its earnings from developments shrunk.

Pre-tax profit for the six months through May declined to £25.9m, though its net asset value per share grew by 1.0% over the period.

The company declared an interim dividend of 3.10p, up 53.5% on-year.

'We have had a good start to 2018,' chief executive Mark Allan said.

'Our expectations for the full year remain unchanged and we are firmly focused on executing the new strategy we established a year ago.'

Allan said the company had sold £635m of assets since then, improving its portfolio mix and allowing it to reduce borrowings.

'Despite ongoing uncertainty in the external environment, structural growth drivers in both sectors remain positive, so we anticipate delivering a meaningful improvement in earnings and return on capital in the medium term.'

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