Results to be at top-end for St. Modwen

1st Jun 2011 09:01

Property regeneration specialist St. Modwen Properties has revealed that half-year results should come in at the top end of management (and consensus) expectations, "both in terms of profit and net asset value growth."Results in the six months to 31 May have been helped by its residential land portfolio, despite a flat underlying market.Notable highlights from its residential operations include: planning consent for 1,373 homes on the 110-acre former Ministry of Defence site at RAF Uxbridge; and planning consent for 1,100 homes at Mill Hill, North London.The joint venture with Persimmon is said to progressing well, securing land sales at or above book value."In the first half of the year St. Modwen has continued to build momentum across all areas of the business," said chief executive Bill Oliver."Our regional network of offices, skilled development and asset management teams, unique land bank and strong forward position of pre-lets and pre-sales give us continued confidence in both the results for the current financial year and our future growth," he said.---BC