Developer St Modwen has reported profit before tax of £60.8m ($75.2m) for the year ended 30 November.

The figure was considerably lower compared to profits of £258.4m reported in the preceding 12-month period.

This was mainly due to the £127.4m of valuation gains booked for the New Covent Garden Market project in Nine Elms, south London, in the previous financial year, and a noticeably weaker investment market, the company said in a statement.

Underlying business remained solid, with trading profit coming in at £56.1m, down from £63.3m in the previous year.

Mark Allan, who took over as St Modwen chief executive following the retirement of Bill Oliver in December, said: "Active commercial property development and asset management, coupled with a strongly performing and growing residential arm, contributed to another good year for St Modwen. This is despite the turbulent market backdrop during 2016.

"Following my recent arrival as chief executive, we have commenced a review of what I already believe is a fundamentally strong business and portfolio to determine our strategy moving forward," he said.

St Modwen shares were trading 2% higher in London on 7 February.