Regeneration firm St Modwen has remained in the black despite tough economic conditions.
The Quinton-based firm saw pre-tax profit fall to £30.4 million in the six months to May 31, compared to £37.4 million the same period last year.
The company behind the Longbridge development said the year has started very well, despite the on-going challenges posed by the wider economy, as it increases focus on the residential market.
The results come against the backdrop of a tough climate for the West Midlands building sector, Midland firms Controlled Construction, Ibex Interiors and BJC Demolition all collapsing in recent weeks.
Chief executive Bill Oliver said the firm had been well-served by a focus on residential development over commercial schemes.
He said: "Our year has started very well, despite the on-going challenges posed by the wider economy, enabling us to deliver a strong set of first half results. Our strategy of an increasing residential focus, with more emphasis on London and the South East, has enabled us to continue to grow the next asset value of the company."
St Modwen which, along with French group Vinci, has been selected to lead the £2 billion redevelopment of London’s new Covent Garden Market, said revenue for the six month period rose to £81 million from £61.3 million for the same period last year.
