Mapeley reported a pre-tax loss of £18.6 million for the first nine months of the year, against a £42 million profit last time. TheTimes, Daily Telegraph

The company, set up by financier George Soros, Fortress Investments of the US and private UK company Delancey, has taken a £45.8m write-down following quarterly revaluations of its investment portfolio.

It is another sign of how conditions in the property market are worsening as a result of stalled growth, the continuing credit crunch and revised valuations.

However, revenues at the Guernsey-based company rose 12% to £310m over the nine months to September.