Property development and investment company Development Securities has posted a 133 per cent increase in pre-tax profit to £45.4 million (€63.5 million) for the year ending February 28th 2015.

After exceptional items of £10.6 million, the profit before tax amounted to £34.8 million.

The company reported a 12.1 per cent or £11.2 million increase in the value of its investment portfolio including its share of joint ventures.

Total dividends for the year increased to 13.9 pence per share comprising a recommended, increased final dividend of 3.5 pence per share, interim dividend of 2.4 pence per share and special dividend of 8.0 pence per share

This compares to total dividends of 5.6 pence per share for the same period in 2014.

Development Securities chief executive Michael Marx said last year was a record year for the company, delivering the highest level of underlying profitability to date.

“This was largely driven by a step change in the level of development and trading gains realised, leading to a material increase in shareholder distributions,” he said.

Earlier this year, it was announced Mr Marx will stand down from his position as chief executive on July 14th. He will be succeeded by Matthew Weiner, who has served as a board director for 10 years.

Development Securities spent €16.1 million acquiring Donnybrook House in Dublin 4 and the Charlemont Clinic in Dublin 2 last year.

The company has been working with Irish developer Johnny Ronan. The two agreed to buy a key site beside the former Burlington Hotel for €40.5 million last year.