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Despite posting an 18% dip in interim pre-tax profit St Modwen said the strategy to re-balance its portfolio was working effectively.

Pre-tax profit for the six months to the end of May 2018 fell from 拢31.6m to 拢25.9m on revenue up 40% at 拢212m.

The property developer said it had sold 拢350m of assets since the end of 2017, bringing total disposals as part of its new strategy a year ago to 拢635m.

The company鈥檚 homes division delivered nearly a third (31%) more units, 302 versus 230 at the same point last year.

And it said it had increased its committed industrial/logistics pipeline from 1m ft² to 1.3m ft² since start of the year, of which approximately two-thirds will be retained.

Noting what he called a 鈥済ood start to 2018鈥�, St Modwen鈥檚 chief executive Mark Allan said: 鈥淪ince we announced our new strategy a year ago we have made considerable progress.

鈥淥ur organisational structure is better aligned to our strategy, our forward pipeline of projects is clear, our net borrowings are down by over 拢220m and with the sale of 拢635m of assets we have seen a significant shift in our portfolio mix.鈥�

St Modwen recently announced it was re-booting its planned development of the Leegate shopping centre (pictured) in Lee Green, south east London.

If approved by Lewisham council the scheme, which was re-vamped following local residents鈥� concerns, will see a development featuring 393 new homes, including a provision for 64 affordable units, a number of mews-style homes, as well as a convenience foodstore, a pub, cafes, restaurants and a new public square.