PROPERTY developer Quintain Estates posted a forecast-beating rise in profits today and said it continued to perform well in its new financial year.

The firm, involved in redeveloping the Millennium Dome, said the value of its assets rose 16.4 per cent in the year to March 31, also slightly above estimates, as new development rights boosted its portfolio.

"The company made considerable progress in the year across all its areas of operation. This has continued since the year-end," Quintain chairman Nigel Ellis said. "The board is confident of future growth and success."

Quintain posted pre-tax profit of '16m in the year to end-March, up from '14m in the previous year, mainly due to a number of high-value property sales. The market consensus forecast had put pre-tax profit at '10.9m.

Net asset value (NAV) per share - a key performance gauge for property companies - was 405 pence at the end of March, up from 348p a year earlier. Analysts expected Quintain to post NAV of 379.6p per share. Tweet