Strong performance for St Modwen
By Sarah Ann McCay02 June 2014
St Modwen Properties' business continued to perform strongly with a growing pipeline of development opportunities, according to the firm's trading update for the six months to 31 May, 2014.
The UK-based regeneration specialist said its profits and cash flows were in line with expectations and that its ongoing asset management and added-value activities are expected to reflect positively in its half-year valuations.
According to St Modwen, initial indications point to uplift in market valuations for the first half of the year compared with November 2013, reflecting the ongoing improvement in the residential and commercial property markets across the UK.
Bill Oliver, chief executive, said, “As predicted at the full year, we are now witnessing a sustained improvement in the residential and commercial marketplace.
"Alongside our active programme of adding value through intensive asset management, we continue to secure opportunities across our portfolio to unlock value from our land bank through land sales and by development, thereby taking full advantage of current market conditions.”
Oliver added, “This activity, supported by the ongoing optimism in the commercial and the residential marketplace, points to a positive outlook for St Modwen, both in terms of profit and future net asset value growth.”