The EU referendum and Stamp Duty changes impact on the developer

Developer U+I Group has reported a pre-tax loss of 拢11.7m in its half-year results, partly prompted by an 拢8.6m drop in value of its investment portfolio due to the Brexit vote and changes to Stamp Duty.

Revenue for the firm was also down by 27% to 拢55m for the six months to August this year, down from 拢76m last time round.

The company reported that its investment portfolio was impacted by uncertainty following the Brexit vote, but added that market conditions had stabilised in recent weeks.

Matthew Weiner, chief executive at U+I Group said the company was operating in a 鈥渃hallenging environment,鈥� but had made 鈥渟ignificant鈥� progress in the two years since its creation from the merger of Development Securities and Cathedral Group.

He added: 鈥淚 am confident that U+I鈥檚 transactional activity will continue to improve in the months ahead and that we will retain the focus of advancing our strategic initiatives within a context of continuing widespread economic, social and cultural change.鈥�

U+I Group鈥檚 development pipeline includes a 拢100m mixed-use project at Cockpit Yard in Holborn and a 拢380m regeneration project in partnership with the London Fire and Emergency Planning Authority at 8 Albert Embankment.

In September the firm was selected by the Mayfield Partnership to develop a 拢850m urban regeneration project in Manchester and more recently selected by Royal London and Galliard Homes, to develop a 拢175m GDV project on part of the Westminster Industrial Estate, in Charlton.

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