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St Modwen delivered what its management described as a 鈥渞esilient鈥� trading performance in the first six months of its current financial year, despite posting pre-tax profits slightly down on the same period in 2016.

Speaking about the group鈥檚 拢29.3m pre-tax profits, down 2.3% year-on-year, chief executive Mark Allen said the resilience was 鈥渂road-based鈥�, with residential activity, commercial development and asset management initiatives making what he labelled 鈥渕eaningful profit contributions鈥�, while net rental income continued to cover recurring overhead and interest costs.

Allen said the firm had delivered approximately 400,000ft虏 of commercial space in the first half, while its residential arm had performed strongly, with operating profits of 拢13.4m, up 4%, supported by what he called 鈥渆xcellent progress鈥� from St. Modwen Homes where profits grew 55%, 鈥渙ffsetting the planned decline in the Persimmon JV as it winds down鈥�, he added.

St Modwen said contracts had been exchanged last month for the sale of the company鈥檚 interest in the to Hong Kong-based Wanda Commercial Properties, while in south Wales, it was progressing with the sale of its student accommodation assets at Bay Campus 鈥� part of Swansea University 鈥� 鈥渢o take advantage of the strong investment demand for student housing鈥�.

Following a review of the business Allen said St Modwen had a 17.3m ft虏 pipeline of commercial opportunities, with 7.5m ft虏 being 鈥渉igh quality industrial and logistics projects鈥�, equating to around nine years鈥� worth of work, with potential profits in the region of 拢115m.

The group said it also planned to ramp up its residential and housebuilding activity. Its residential pipeline contains approximately 16,900 plots, with nearly 14,000 benefitting from planning recognition; more than a decade鈥檚 worth of activity, it added.