- Real estate investor St. Modwen Properties posted a 19% fall in annual profit after its revenue slipped and costs rose.

Pre-tax profit for the year through November fell to £58.9m, down from £72.4m on-year, and included a £18.5m exceptional cost.

Revenue fell 1.4% to £429.9m, though the company's net asset value per share rose 3.0% to 484.2p.

St. Modwen Properties declared a full-year dividend of 8.7p per share, up 23% on-year.

'2019 has been a positive year for St. Modwen,' chief executive Mark Allan, said.

'Following our major portfolio repositioning, our focus shifted to growth, building on the substantial opportunities in our existing portfolio.'

'This resulted in another year of strong growth in housebuilding volumes and growing momentum in industrial and logistics development, where structural growth drivers remain positive.'

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