This compares with £1.54m profit before tax for the same period last year.

The group, including Campmoss, specialises in property investment and development in the Thames Valley and has a total portfolio under management valued in excess of £36m. 

Richard Wollenberg, chairman of the Cardiff Property, said: “During the first half of the financial year, tenant enquiries for Thames Valley-based commercial property remained active with office and industrial rental levels retaining increases achieved over the past few years.

“The investment market continued to experience high levels of interest from institutional and private investors, taking advantage of attractive yields at a time of record-low interest rates.”

The group saw its revenue fall from £300,000 for the six months ending 31st March 2016 to £284,000 for the six months ending 31st March 2017.

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Richard felt that in recent months there had been some indication of nervousness as concerns remained over the UK’s exit from the European Union. 

“The calling of a general election may have a further unsettling effect in the short term, but could provide a positive background over the longer term.

“The residential property market for mid-range homes was similarly active in the first half, supported by high employment, low interest rates and increased mortgage availability.”

The group will be continuing to progress with planning applications in Woking and Maidenhead, while its new retail and residential development in Bracknell has commenced, allowing a marketing campaign to be finalised. 

“The eventual letting and sales will add to the group’s rental income and cash resources.

“Completion of the investment sale of Worplesdon View, Guildford, is expected at the end of the current financial year.

“…The group's strategies should ensure further progress over the second half of the financial year.”