News - Midlands
St Modwen returns to profit
St Modwen, the Birmingham-based developer, is back in the black and reporting a return to profits this morning. For the six months ending 31 May 2010, the company made £26.7m, compared to a loss of £98.3m over the same period last year.
Anthony Glossop, chairman, said of the period: "As anticipated in our March trading update, I am delighted to be able to report a significant improvement in our trading performance for the half year, which has produced an NAV increase of 6.8 per cent in the period and enabled us to resume the payment of dividends."