Insider Media Limited

St Modwen has said it is continuing to find development opportunities in Yorkshire after posting a 34 per cent increase in profits.

The regeneration specialist, which has an office in Leeds, said its "strong" figures for the year to 30 November 2011 were the result of a resilient rental income stream from its assets, consistent development profits and a record of adding value to its portfolio through asset management and planning initiatives, it said.

Profit before tax jumped to £50.4m compared with £37.5m last year.

The business has just obtained planning permission from Doncaster Metropolitan Borough Council for the £5m development of the former Tyco Electronics Factory in Doncaster and Stephen Prosser, Yorkshire & North East regional director for St. Modwen, said: "In addition to our development pipeline we have had continued success in finding occupiers for our existing industrial stock and have added a further £330,000 pa to our rental income in the last 12 months.

"We have also progressed our Brownfield regeneration programme and, through our JV with Persimmon, our site at Sunderland is now underway with the first houses being delivered this spring.

"Our approach of investing time to comprehensively understand the needs of our clients and other stakeholders has proved successful. The structure of our business allows us to be flexible and respond to changes in the market and we will continue to do this as the market conditions evolve."