A&J Mucklow has been hit by a 14.8% fall in net asset value after writing down its property portfolio by £41.2m.

It today revealed a pre-tax loss for the year to 30 June of £26.7m, compared with a profit of £33.4m for the previous year. The loss came after the £41.2m reduction in the market value of the group's investment properties and development land, compared with a surplus of £16.3m last year.

Its net asset value per share fell from 445p to 379p per share.

Chairman Rupert Mucklow said: ‘Over the last 12 months there has been a significant adjustment in the pricing of land and commercial properties across the UK, as a result of tighter credit conditions and a change in investor attitude. After several years of steady capital growth, we have written down the value of our property portfolio by £41.2m through our income statement which has created a substantial loss for the period.’

Despite the write downs it said its portfolio was in good shape with its development pipeline well let and vacancy levels for its portfolio static at around 7%, with rental growth of approximately 2% on the existing property portfolio.