St Modwen performing "in line with expectations"
Birmingham regeneration specialist St Modwen has made "good progress" in the year to date, it said this morning.
Through a trading update, the company said rental income, trading profits and cashflows all remained in line with management expectations.
St Modwen described its residential business as "well positioned", adding that 80 per cent (more than 20,000 plots) of its portfolio have either received planning permission or allocations within local plans.
The company said that its joint venture with Persimmon Homes had progressed with the development at the former Goodyear site in Wolverhampton having commenced in the past few weeks.
Bill Oliver, chief executive, said: "We continue to make good progress in the year to date. Even in this challenging market, we have been able to drive income throughout our portfolio and I am particularly encouraged by the continued resilience of our retail assets.
"We have made further valuation gains within our development portfolio through active management initiatives and particularly by progressing sites through the planning process in London and across the UK."
