St Modwen back in profit

St. Modwen Properties has swung back into a full-year pre-tax profit of £37.5m compared with loss of £119.4m last time. The UK’s leading regeneration specialist reported net assets per share up 9 percent to 218p and property profits, including its share of joint ventures and associates, increased to from £7.6m to £21.9m. Rent roll rose 5 percent to £46m and St Modwen cut voids to 12 percent.

Anthony Glossop, chairman, said the company’s financial position was “sound”, the business model would increasingly create value, its valuations were “prudent” and its recurring income was “robust”. He said: “We are also in a good position to seize attractive opportunities to add further to the hopper; our regional teams continue to find opportunities to generate value and we are seeing a gradual recovery of liquidity in our key markets.”

Bill Oliver, chief executive, commented on a “landbank that is full of latent value”. The development pipeline for 2011 and beyond was strengthening and several significant schemes were being marshalled for delivery in future years, he said.