Berkeley Group shares tumbled 5.7% on Wednesday to 3,893 points despite posting a 15% rise in pre-tax profit.

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Alongside its results the housebuilder warned profitability will drop around 30% when it returns to what it calls “more normal” levels in the current financial year.

Pre-tax profit for the year to 30 April came in at £934.9m, up from £812.4m and slightly ahead of expectations. However, group revenue nudged down 0.7% to £2.7bn.

The FTSE 100 climbed 0.48% on Wednesday to 7,640.18 points while the FTSE 250 ended the day 0.43% up at 20,926.38 points.

EPRA/NAREIT UK Index ended the day up 0.73% at 1852.95 points.

As the session closed the pound was up 0.29% against the Euro at €1.14 and up 0.27% against the dollar at $1.32