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Residential property developer Watkin Jones posted a small fall in first-half profit, owing to a one-off compensation payment to new its chief executive Richard Simpson.
Pre-tax profit for the six months through March reversed 0.9% to £23.4m, as revenue edged up 0.5% to £159.1m.
The £2.6m exceptional charge came after Simpson forfeited outstanding incentives held in respect of his former employer.
Adjusted profit, which stripped out the payout, grew 10% to £26.0m.
The company declared an interim dividend of 2.75p per share, up 11% on-year.
'We are pleased to report another strong set of results, in-line with our expectations,' chief executive Richard Simpson said.
'The financial performance of the group continues to be underpinned by robust student accommodation development activity and we are very encouraged by the increased contribution from the group's other operating divisions.'