The Midlands-based property developer St Modwen has announced pre-tax profits of £6.53m for the six months to May 31, a rise of almost 40%.
Profits from development have risen almost 8% to £4.07m and rental income was up 20% at £7.99m. Chairman Stan Clarke said that the company had “never been in better shape”.
The group has recently sold a fully-let shopping centre and hasexchanged contracts on the sale of a retail park in Cannock, Staffordshire. Joint ventures have also been agreed with British Steel for a warehouse and industrial project, and with Scottish & Newcastle for a supermarket and retail development.
- Financial Times 23/07/97 page 36
- The Daily Telegraph 23/07/97 page 33
- The Times 23/07/97 page 26
