LEADING property company Development Securities yesterday posted a decline in pre-tax profit for the half year to the end of August, after its was hit by exceptional costs.
It posted a pre-tax profit of £7.4m, down from £8.1m a year before. This was due to a big uptick in direct costs, £2.7m in acquisition costs and a £7.9m exceptional item relating to the termination of a cross-currency interest rate swap.
Chief executive Michael Marx said: “We have maintained a remarkable level of activity since 28 February 2014 as we have continued to recycle cash realised from profitable disposals into new acquisitions in both our development and investment portfolios.”
This, he added, would “increase our capacity and potential to generate greater levels of profitability” and “deliver significant returns in the near- to medium-term”.