St Modwen enjoys strong first half

St Modwen Properties reported a strong interim performance driven by active management initiatives. Pre-tax profits climbed 40 percent from £26.7m to £37.4m and net asset value from 213p to 226p.

Bill Oliver, chief executive, said the company had achieved very strong results for the first half of the year in markets that continued to present challenges. “Even in this market, our skilled regional teams have been able to drive income and valuation gains through active
management and progressing sites through the planning process in London and across the UK,” he said.

Oliver also said St Modwen was seeing an increase in demand for residential land that could be developed and it continued to progress its residential development programme both in-house and through joint ventures.

“Our long term focus, track record of delivery, strong asset management skills and ability to secure new projects, either on our own behalf or in joint ventures, give us continued confidence in both the results for the current financial year and our future growth,” he said.