St Modwen in a "strong position" to grow
Net value increases at regeneration specialist St Modwen should be at the top end of management expectations for the last six months, the company said this morning.
Birmingham-based St Modwen said that in the six months to 31 May 2011, rental income, trading profits and cashflows all continue to be in line with expectations.
In the first half of its financial year, the company has obtained outline planning consent for sites including 1,373 homes on the 110 acre former MoD site at RAF Uxbridge and Long Marston near Stratford upon Avon, where up to 500 homes will be developed.
The company's joint venture with Persimmon continues to progress "very well, providing significant mutual benefits", said St Modwen.
The joint venture has made £42m of sales during the period, said the company. Sales have been agreed on sites including Coombs Wood in the West Midlands, Newton-le Willows in Lancashire and Newport in Shropshire.
Bill Oliver, chief executive of St. Modwen, said: "In the first half of the year St. Modwen has continued to build momentum across all areas of the business and, as a consequence, we expect our interim results to be at the top end of our expectations, both in terms of profit and net asset value growth.
"Our regional network of offices, skilled development and asset management teams, unique land bank and strong forward position of pre-lets and pre-sales give us continued confidence in both the results for the current financial year and our future growth."
