- Property development financier Urban Exposure, which is winding down its loan book, posted a modest annual profit.

Pre-tax profit for the year through December amounted to £0.2m, compared to a loss of £2.0m in 2018.

Income jumped to £11.1m, up from £3.9m, as both lending on balance sheet and the drawdown of loans increased.

Urban Exposure said it would not pay the final instalment of its proposed 2019 dividend of 3.33p per share, citing Covid-19 uncertainty.

The company reiterated that in light of the impact of changing market conditions as a result of Covid-19, it would focus entirely on an orderly wind down of its loan book and return of capital to shareholders.

It still believed that a wind down had the potential to produce net returns for shareholders in a range of 70p to 83p per share.

'The group estimates that 80% of proceeds should be returned to shareholders within seven to 15 months,' it added.

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