- London and southeast England focused property investor McKay Securities posted a 70% fall in annual profit, owing to lower rises in the value of its investments.

Pre-tax profit for the year through March fell to £13.2m, down from £43.4m on-year.

Adjusted profit rose 2.3% to £9.3m.

McKay Securities declared a final dividend of 7.4p, up 2.8% on-year.

'I'm pleased to be able to report another successful year of delivery for McKay which concludes five years of exceptional growth since our 2014 capital raise,' chairman Richard Grainger said.

'The past year saw further delivery against our long-term strategic objectives as it captured more of the portfolio's reversion for the benefit of shareholders, despite navigating a turbulent market environment.'

'McKay's concerted focus on the office, industrial and logistics markets of London and the South East continues to deliver robust performance, whilst the substantial income potential still to be released, and our proven ability to unlock this, leaves us well placed to deliver future value.'

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