Property investment company A & J Mucklow Group posted a fall in first-half profit due to lower revaluation gains, though underlying earnings rose.
Pre-tax profit for the six months through December fell 42% to to £17.2m.
In the previous year, the company had recorded a higher revaluation surplus of £14.1m and profit on disposal of investment properties of £7.7m.
Underlying pre-tax profit rose 6.3% to £8.5m amid a higher rent roll and lower vacancy rate.
The company declared an interim dividend per share of 10.48p, up from 10.18p on-year.
'Prospects for the second half year are encouraging, with further rental growth expected, and so far, it would appear that our existing industrial and logistics properties have not been adversely affected by the current uncertainty caused by the Brexit negotiations,' the company said.
At 8:09am: (LON:MKLW) Mucklow A J Group PLC share price was +7p at 512p