Quintain Estates & Development PLC posted a 31 pct drop in interim profits mainly as a result of exceptional costs related to the refinancing of the company´s debt.
For the interim period to Sept 30, the property investment group recorded a pretax profit of 5.0 mln stg against 7.3 mln a year earlier on sales of 37.4 mln stg, up 34 pct.
Group net asset value increased to 406 pence per share from 349 pence at Sept 30 2003.
The interim dividend was maintained at 2.75 pence.
The group said it has made significant progress at Wembley since the year-end.
In June, a resolution to grant consent for mixed-use development was obtained from the London Borough of Brent.
'We are on site with demolition works and construction of the Pavilion, a temporary facility to continue the arena business whilst the 30 mln stg refurbishment takes place in 2005,' it said.
'Also during 2005, construction will commence to deliver the significant public realm improvements, providing a fitting setting for the new national stadium when it opens in 2006.'
Quintain added that good progress has also been made on the Greenwich Peninsula, where the entire transaction with English Partnerships went unconditional in June.
Detailed planning consent for the development of Millennium Square was obtained and work is due to begin on site in January 2005.