Regional revival and New Covent Garden Market boosts St Modwen

Kasmira Jefford
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ST MODWEN posted a strong start to the year on growing momentum in the regional property market, and said that first-half profits would be “significantly ahead” of the same time last year.

The FTSE 250 company, which is redeveloping Britain’s biggest flower and vegetable market, New Covent Garden in Nine Elms, said yesterday that it was taking “full advantage of the market recovery” to deliver commercial and residential projects in the regions.

“The highlight of the period has been the achievement of unconditional status for the New Covent Garden Market project in April, which will have a major impact on the half-year valuations,” St Modwen chief executive Bill Oliver said.

“Cumulatively, this all points to a positive outlook for the company, both in terms of profit and net asset value growth, and a record set of half year results,” he added in a statement.

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