Property group says profit fell from £25.8m to £18.1m, but it remains confident for the long term

Property group Terrace Hill has announced a fall in pre-tax profit from £25.8m to £18.1m in the year to 31 October 2007.

Turnover fell from £80.5m to £70m over the same period.

It said it remains confident for the long-term despite market challenges and warned of a modest slowdown in occupier demand with some further weakening in investment yields since the year-end even as it reported a fall in full year pre-tax profit.

Its commercial development programme has a projected end value of £1.3bn.