Quintain upbeat after profits rise

The company involved in redeveloping the Millennium Dome site in London today said pre-tax profits were up by 14.8% to £16m (€24.2m).

Quintain said it had experienced another successful year after gaining approval to develop 190 acres of its Greenwich Peninsula land, which includes the Dome.

The London-based group also got the go-ahead to turn 42 acres of industrial land next to Wembley stadium into a £1.3bn (€2bn) housing and leisure development.

It said its investment portfolio had gained 9.5% in value to £797.7m (€1.2bn) as it announced a 9.4% hike in its total dividend for the year to March 31 to 8.75p (13.3c).

Chairman Nigel Ellis said the company made considerable progress during the year in all areas of its operation.

“With the backing and enthusiasm of our management teams, our financial strength and the exciting prospects for the company’s three operating divisions, the board is confident of future growth and success,” he said.