St Modwen's strong first half

UK regeneration firm St Modwen Properties has reported strong half-year results for the six months to 31 May, 2013.

It showed an 11% increase in profit before tax of £38.8 million (€45.5 million), while profit after tax was £34.3 million (€40 million).

The company reported a trading profit for the six months of £13.4 million (€15.7 million), in line with management expectations set out at the start of 2013.

The company’s current development programmes remain on track. In May, work started on the first phase of Swansea University’s £450 million (€530 million) Science & Innovation Campus. St Modwen also continues to push forward with its plans for New Covent Garden Market in London.

In a joint venture with Persimmon, the company is currently developing eight sites across the UK, with the aim of delivering 2,000 homes by 2017.

St Modwen currently holds a property portfolio valued at £1.1 billion (€1.3 billion).