Birmingham-based regeneration giant St Modwen has reported a healthy 11 per cent rise in profits before tax.
The results for the six months to the end of May revealed that profits increased to £38.8 million compared to £34.9 million during the same period 12 months earlier.
Chief executive Bill Oliver welcomed the figures. He said: “To be announcing a strong set of half-year results and further growth in the net asset value of the company is positive and a testament to our clear strategy and robust business model.
“In addition, these results demonstrate the strength and continued growth of our residential and London and South East portfolios which underpin the market valuation gains that have been achieved.
“All these factors, coupled with our active development pipeline and our ability to extract value from our properties through strong asset management, continue to provide an excellent platform.”
Several prestigious projects were underway. St Modwen said construction of Swansea University’s Science and Innovation Campus started in May and work towards the submission of a planning application by the end of 2013 for the New Covent Garden Market redevelopment is making good progress.
It said there were also indications of increased investment interest in secondary commercial property with the successful sale of £35 million of mature commercial assets at or above book value during the first six months of the year.
The developer reported a positive outlook for residential land activity, with good reservation rates already achieved.