St Modwen Properties, the brownfield development specialist, has achieved a 15th successive year of record profits but warned that 2008 would be more difficult owing to the downturn in the property market.

The company saw a 20 per cent increase in its net asset value per share to 387p in the year to the end of November, but an increase of only 7 per cent in the second half as the onset of the slump in property values began to be felt across its portfolio.