St Modwen Properties achieved a 15th successive year of record profits but warned that 2008 would be more difficult owing to the downturn in the property market. Financial Times, The Times, Daily Telegraph

The company saw a 20% increase in its net asset value per share to 387p in the year to the end of November, but only an increase of 7% in the second half as the onset of the slump in property values began to be felt across its portfolio.

The growth in net asset value compares favourably with results so far this year from other developers. British Land said last week that more than 16% was wiped off its net asset value per share in the last quarter.

St Modwen has less exposure to the investment market, specialising in developing brownfield land, as well as town centre and small business unit development.

This focus should see the company outperform the broader property market, said chief executive Bill Oliver.

We are clearly signalling a lower rate of growth next year,' said Oliver. 'But there is still value through development even if the end investment is not worth as much as it was.'