The company redeveloping the Millennium Dome site has reported pre-tax profits up by 14.8 per cent at £16m.

Quintain, which owns the Castlegate shopping centre, in Stockton, said it had experienced another successful year after gaining approval to develop 190 acres of the Greenwich Peninsula, which includes the Dome.

The group also received the go-ahead to turn 42 acres of industrial land next to Wembley stadium into a £1.3bn housing and leisure development.

Quintain is part of the Meridian Delta consortium, which has won planning consent for 14 million sq ft of development on the Greenwich Peninsula.

The consortium, which includes Anschutz Entertainment and Australian group Lend Lease, plans to build retailing centres and 10,000 homes on the land, as well as turning the Dome into a 22,000-seater sport and concert arena.

Construction of the arena will begin in spring next year and finish in 2007. The total development is expected to take 18 years.