St Modwen back in black

REGENERATION specialist St. Modwen Properties has seen a dramatic turnaround in its fortunes, according to its yearly results published today.

For the year ended November 30, 2010, the Staffordshire-based company has seen its pre-tax profit swing from a loss of £119.4m in 2009 to £37.5m.

Net assets per share are up by 18p year-on-year to 218p while property profits increased from £7.6m to £21.9m, which included its share of joint ventures.
Rent roll climbed by 5% to £46m, voids reduced to 12%, down from 17%, and valuation gains were at £23m, compared with a loss of £122m.

The company, whose North West projects include the redevelopment of Wythenshawe town centre, the £150m Project Jennifer scheme in north Liverpool around Great Homer St and the £10m Venture Fields project in Widnes, said that its financial position was sound and that the valuations of its property portfolio were “prudent”.

“We are also in a good position to seize attractive opportunities to add further to the hopper,” said chairman Anthony Glossop.

“Our regional teams continue to find opportunities to generate value and we are seeing a gradual recovery of liquidity in our key markets.”