St Modwen focused on long-game as NAV edges up 1%

St Modwen has posted a 1% rise in net asset value to 455.4p a share in its interim results as it remains firmly focused on executing its new strategy established a year ago. The developer said is has made “considerable progress” in repositioning its portfolio towards sectors with “better long-term growth prospects and accelerating the delivery of our substantial development pipeline.” It has sold £635m of assets in the last year as it builds up a  industrial/logistics and regional housebuilding pipeline. Chief executive, Mark Allan, said: “We have had a good start to 2018. Our expectations for the full year remain unchanged and we are firmly focused on executing the new strategy we established a year ago. “Despite ongoing uncertainty in the external environment, structural growth drivers in both sectors remain positive, so we anticipate delivering a meaningful improvement in earnings and return on capital in the medium term.” Click here for the full Investegate announcement