St Modwen sees profits jump

UK regeneration firm St Modwen Properties has posted positive growth for the year ended November 30, 2013, with a gross profit of £82.2 million (€100 million), up 56% on 2012 figures.

The developer reported realised property profits of £40 million (€48 million) up 37% on 2012’s £29 million (€35 million). The year also saw St Modwen successfully complete a £49 million (€59 million) equity placing to support redevelopment of New Covent Garden in London.

Other operational highlights of the fiscal year saw St Modwen sell the Elephant & Castle Shopping Centre in London for £80 million (€96 million).

Bill Oliver, chief executive of St Modwen, said, “The recovery has gathered momentum in 2013 and, against this improving backdrop, we achieved a number of important milestones across our business. This has been illustrated by another strong set of results.

“The improvement in the housing market is well documented, driven by strong demand from customers for our homes, and from housebuilders for our development-ready land. The recovery in the nationwide commercial property market also looks to be gathering momentum and we are optimistic for 2014.”