Developer posts 366% jump in pre-tax profit on the back of buoyant property sector

New Covent Garden Market redevelopment

St Modwen has reported a 366% jump in pre-tax profit to 拢178m in half-year results to May 2015, up from 拢48.6m the previous year.

The regeneration and development specialist also reported an increase in revenue to 拢150m for the period, up from 拢110m.

St Modwen鈥檚 chief executive, Bill Oliver, attributed the bumper results to the 鈥済rowth in the UK property sector鈥�, and the firm鈥檚 three major projects 鈥渞eaching significant milestones in the period鈥�.

St Modwen and joint venture partner Vinci committed unconditionally to building the 拢2bn New Covent Garden Market mixed-use development in Nine Elms, London, in April.

This week St Modwen appointed DBK as independent certifier on the first phase of the New Covent Garden Market project.

St Modwen has also been selected as development manager for the Defence Infastructure Organisation for the redevelopment of MOD Ashchurch in Gloucestershire into a mixed-use community with 2,100 homes.

The Bay Campus development at Swansea University will welcome its first students in September.

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