The real estate group's adjusted NAV fell 20% to 200p per share from 251p but slowed to a 4% decline in the second half.

Including revaluations and other non-cash items, it made a loss after tax of £101.7m, double the 2008 figure of £50.7m.

St Modwen said £80.6m of this loss was incurred in the first half, since when market conditions and the company's performance had significantly improved.

The business was refinanced during the year with the issue of £101.6m of new equity.

Chairman Anthony Glossop said property market prospects remained uncertain.

'As yet our portfolio has not seen the resurgence in values experienced in other parts of the property market. But nevertheless I believe that we are now beginning to see important signs of improvement.

'I am confident that 2010 will see the company returning to growth in profits and NAV.'

No dividend was declared.