St Modwen profits jump thanks to Elephant and Castle disposal

 
Kasmira Jefford
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ST MODWEN said yesterday it would submit its planning application for New Covent Garden Market within the next six months as it posted a jump in profits and net asset value (NAV).

The developer and joint venture partner Vinci are redeveloping the 57-acre site to house the market’s 200 businesses and completed a £49m share placing last year to help fund the £2bn scheme.

They expect to be granted consent next year.

In its annual results for the year to 30 November, St Modwen said pre-tax profits jumped 56 per cent to £82.2m, boosted by the disposal of London’s Elephant & Castle Shopping for £80m in December.

NAV was up 11 per cent to 279p per share, compared to 251p per share in 2012.

“The recovery has gathered momentum in 2013 and, against this improving backdrop, we achieved a number of important milestones across our business,” St Modwen chief executive Bill Oliver said.

“We look forward to another busy and successful year.”