Revival in the regions helps St Modwen smash expectations

 
Kasmira Jefford
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A resolution to grant planning at New Covent Garden Market was received in November
St Modwen smashed analyst forecasts yesterday after posting a 68 per cent jump in full-year profits, thanks to a revival in the regional property market and its burgeoning commercial developments.

The company, which is redeveloping Britain’s biggest flower and vegetable market, New Covent Garden in Nine Elms, said pre-tax profits rose to £138.1m in the year to 30 November, up from £82.2m last year.

Its net asset value per share jumped 16 per cent to 344.2p compared with the previous year, while profits on property rose 45 per cent.

Chief executive, Bill Oliver, said: “This has been an exceptional year for St Modwen and we have achieved significant progress across all of our major projects as well as increasing our active pipeline of commercial development opportunities to over 3m square feet of space.”

“The residential part of the business continues to perform well with good sales rates achieved throughout the year and we anticipate a sustained performance into 2015,” he added.

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