Britain’s largest listed property developer Land Securities said on Tuesday negotiations for Britain to leave the European Union were moving more slowly than businesses would have hoped.

Reporting a 5.2 per cent rise in its half-year revenue profit, the company said political uncertainty caused by the slow pace of negotiations is leading to caution in the construction industry.

“The headwinds of Brexit are beginning to show in the economy. However, our balance sheet is healthy and we have the talent, firepower and experience to thrive,” said Landsec’s chief executive Robert Noel.

The decrease in value of Landsec’s combined portfolio over the six month period, adjusted for net investment narrowed to £19m from £260m a year ago. Adjusted diluted net asset value per share rose 1.1 per cent to 1,432p.

Landsec reported a 5.2 per cent rise in revenue profit to £203m for the six months ending 30 September. Pre-tax loss stood at £33m for the period, compared with a loss of £95m for 6 months ending 30 September, 2016.

The company said it had booked a 170 per cent profit on cost from the sale of its share of the “Walkie Talkie” skyscraper in London to Hong Kong’s LKK Health Products in July.

Landsec and Canary Wharf Group sold the tower for £1.3bn , the highest price on record for a British office building.

Reuters