Birmingham regeneration specialist St. Modwen has posted a £12.6 million increase in pre-tax profit to £50.3 million.
In its half-year results for the six months to May 31, 2014, the listed company also recorded turnover growth of £46.3 million to £110.1 million.
Midlands regional director John Dodds said today the increase was underpinned by a strong pipeline of projects in the region.
St. Modwen's is behind the long-running, £1 billion regeneration of Longbridge and a new town centre for Hednesford in south Staffordshire as well as the £450 million campus at Swansea University and a new market in Covent Garden.
The company finished the half-year period with an overall profit of £45.2 million (2013: £34.3 million).
Mr Dodds said: "St. Modwen enjoys continuing strong performance in the Midlands, based on a growing pipeline of development projects and property transactions, reflecting the strength of the company nationally.
"Residential-led regeneration schemes, working in partnership with St. Modwen Homes and through our joint venture with Persimmon, continue to play a major role in our activity.
"Occupiers have started to move into the first of 284 homes being built as part of the first phase at Meon Vale, our new community near Stratford-upon-Avon.
"Work is about to begin on our high-quality housing scheme at Pye Green in Hednesford and other residential-led schemes are set to be developed at Branston and Uttoxeter in Staffordshire, Clay Cross in Derbyshire and Little Haywood in Staffordshire.
"Land sales, property purchases and lease agreements have enjoyed a 25 per cent increase this year, reflecting growing confidence in the market."
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