St Modwen says profits on track

St Modwen Properties yesterday said it performed strongly in the six months to the end of May and that it expects to reveal pre-tax profits in line with the first half last year. The FTSE 250 developer said sales values of residential land continue to rise and are being secured above book value but warned that “challenges with the planning regime” were delaying site starts. St Modwen said it also continues to work towards submitting plans for new Covent Garden Market.