Developer St Modwen has reported profit before tax of £31.6m ($40.9m) for the six months ended 31 May.

The figure was slightly lower compared to profits of £35.5m reported in the corresponding period a year earlier.

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The company said in a statement that its performance had been "resilient", with around 400,000sq ft of commercial space delivered during the six-month period.

It added that it had made significant progress on its redevelopment project in the Nine Elms area on the South Bank, the sale of which is expected to release "significant capital to pursue strategic opportunities".

Chief executive Mark Allan said: "The business continued its resilient performance across the first six months of the year, despite an uncertain market environment, with all parts of the group contributing positively.

"We also concluded our strategy and portfolio review, which has confirmed the significant potential present in our business and pipeline and we are now focused on realising these opportunities in the months and years ahead."

St Modwen's board raised the interim dividend to shareholders by 4.1% to 2.02p per share.

"We remain in uncertain times, particularly politically, and consequently we will maintain an agile approach to delivering our strategy, ensuring that we can adapt quickly if the circumstances demand," the firm said.