St Modwen losses widen
St Modwen, the West Midlands property development giant, has seen its losses before tax jump from £73.1m to £119.4m for the year ending 30 November 2009. In a statement to the Stock Exchange this morning, chairman Anthony Glossop said: “Property market prospects still remain uncertain. The economy may be slowly emerging from recession, but business confidence remains fragile, with continued pressure on rents and occupancy levels. However, St Modwen is well prepared for such conditions: our financial position is sound; our business model will increasingly create value; and we are in a good position to seize attractive opportunities. As yet, our portfolio has not seen the resurgence in values experienced in other parts of the property market. But nevertheless, I believe that we are now beginning to see important signs of improvement.”
