UK listed property developer Development Securities, which owns the Nutgrove Retail Centre and Beacon South Quarter in Dublin, has reported profits of £1.4m for the six months to the end of August.

This is down from £18m the same time last year.

Basic earnings per share came in at 1.2 pence, down from the 6.7 pence the same time last year. The company has proposed a dividend per share of 2.4 pence, unchanged from last year 

The company also said today that it was asking its shareholders to approve a new name - U and I Group. 

It said the new name will formalise the integration of Development Securities and Cathedral Group with shareholder approval requested at an AGM in November.

In the six months to August, the company continued to develop its presence in Dublin.

It bought the Nutgrove Retail Centre and Beacon South Quarter for €12.8m, while it also funded the development of Burlington House which will deliver 172,000 sq ft of net office space. 

The acquisition of the Avid building in Sandyford for €6.1m was also agreed. 

These acquisitions bring the current total number of Development Securities commercial and residential opportunities in Dublin to eight and these include Percy Place, Robswall, Charlemont Clinic and Donnybrook House, 

"This has been another busy period for Development Securities in the UK and Dublin as we actively build on our existing regeneration activities and look for new opportunities," commented CEO Matthew Weiner. 

"We have been active in Dublin for almost three years and as an early entrant to the market have worked closely with our partners to identify opportunities and increase our presence," he said.

Mr Weiner said it is the company's intention, under the new U+I banner, to continue to invest in the "buoyant" Dublin market. 

"The proposed name change is an important milestone in the integration of Development Securities and Cathedral Group, and we believe it will strengthen our offering in Ireland," he added.