The developer announces a record pre-tax increase in its interim results
Developer St Modwen has announced a pre-tax profit rise of almost 50% in its interim results.
The company recorded pre-tax profit of 拢65.1m for the six months to 31 May, an increase of 48% on the 拢43.9m reported for the corresponding period last year. Net asset value per share rose 12% to 361p since 30 November 2006.
Chairman Anthony Glossop said: 鈥淲e remain on course to grow in line with our long-term financial objective of doubling the net asset value per share of the company every five years and we look forward with confidence to a successful outcome for the year as a whole.鈥
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