Dev Securities back in profit

Kasmira Jefford
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DEVELOPMENT Securities, the property developer and investor, yesterday reported a full year profit of £2.3m, a turnaround from a £12m loss the previous year.

Chief executive Michael Marx said its performance was driven by gains of £28.1m from its development and trading portfolio, including the sale of Westminster Palace Gardens last year.

Development Securities’ net asset value – a key industry measure – fell 0.9 per cent to £317.6m, or 260p per share.