Property values drive St Modwen

UK real estate developer St Modwen Properties’ first-half pre-tax profits have risen by 40 per cent, from £26.7m to £37.4m in the last year, benefitting from an increase in property valuations, with gains up from £15.1m to £25m. The firm’s interim dividend has risen to 1.1p, a 10 per cent increase. Shares have nearly seen a 13 per cent increase and closed up 2.9 per cent at 196.2p yesterday.