Listed property and regeneration group St Modwen has enjoyed a bumper rise in profit on the back of growth in the UK sector and the firm's "continued belief in the regional marketplace".

Announcing its half-year results for the period to May 31, 2015, Birmingham-based St Modwen said pre-tax profit had climbed from £48.6 million to £177.6 million while group revenue rose from £110.1 million to £150.1 million.

The company is behind the regeneration of Longbridge and is also involved in key schemes in Burton, Stoke-on-Trent and building a new town centre in Hednesford.

Earlier this month, it handed over the keys to Marks & Spencer to begin fitting out its 150,000 sq ft store in the new-look Longbridge town centre which will be the largest in the Midlands when it opens later this year.

Chief executive Bill Oliver said today: "These record-breaking results are underpinned by the growth in the UK property sector and are testament to our continued belief in the regional marketplace and our long-term approach to regeneration as a whole.

"They are positively supported by our three major projects reaching significant milestones in the period. Most notably the New Covent Garden Market site in Nine Elms, London reached unconditional status in April.

"We continue to increase our levels of both residential and commercial development and to add further value to our major projects and our broader £1.5 billion property portfolio, delivering maximum returns for the business and for our shareholders."

Steve Prosser, Midlands regional director, added: "St Modwen's performance in the Midlands continues to be very strong across all areas of activity.

"Our speculative schemes now total 250,000 sq ft, with facilities of 87,000 sq ft at Burton Gateway and 50,000 sq ft at Centurion Park, Tamworth, and a number of smaller unit schemes across the region.

"General tenant demand for all existing stock continues to increase, with total rents being £15.6 million. We are looking forward to this continued activity in the second half of the year."