Announcing pre-tax profits up a third to £50m, the developer said it was on course to deliver further growth this year in spite of the Eurozone crisis denting confidence, particularly in office work.
Bill Oliver, chief executive of St.Modwen, said: “Our commercial developments in progress together with our active house building sites will deliver property profits to underpin our results for 2012 and beyond.”
“Although the wider economic environment remains unpredictable and there may still be further challenges for the sector we are confident that our asset portfolio and development pipeline will provide us with many opportunities to add significant value for our shareholders.”
St Modwen through its partnership with Persimmon said it was now pressing ahead with several schemes.
St Modwen work pipeline
Work in progress
· Llanwern/Glan Llyn, Newport, South Wales where construction commenced on 311 homes. The site has outline consent for 4,000 homes, the first phase of which has been commenced by Persimmon.
· Coed Darcy, Neath, South Wales, having resolved Compulsory Purchase Order issues, detailed planning applications were submitted for further development with an increased outline consent for up to 4,000 homes.
· Long Marston, Stratford-upon-Avon, Warwickshire with outline planning consent secured for the development of up to 500 homes.
· Longbridge, Birmingham with detailed planning applications submitted for further development of 229 homes in addition to the 113 homes already under construction by St. Modwen Homes and strong levels of initial sales.
Branston, Burton on Trent – planning application submitted for 660 homes and employment space on 280 acres of land for mixed use development.
· Pye Green, Hednesford, Cannock – planning application submitted for up to 700 high quality homes on a 142 acre development to the north of Cannock Town Centre.
· Melton Park, Hull – proposals being worked up to adapt part of the 100 acre Melton Park for residential development in response to the current need for new family homes.
· South Ockendon, Essex – outline planning permission obtained for 650 homes on a 31 acre former car factory site acquired from Ford in 2006. The scheme will form a key part of the delivery of new housing in the Thames Gateway.
· Uxbridge – obtained planning permission for 1,340 units plus approximately 200,000 sq ft of B1/retail space.