St Modwen in right place for pick-up

DEVELOPER St Modwen said it has continued to make progress across its operations since the start of 2011, with profits and cashflows in line with management expectations.
By The Newsroom
Published 23rd Mar 2011, 06:00 BST

The firm, which has an office in Leeds, said it is progressing sites through the planning process and identifying new developments.

It said in a statement yesterday: “We are well positioned to take advantage of increased activity in the residential land sector with over 80 per cent (20,000 plots) of our residential portfolio either secured with planning permission or allocated within local plans. We continue to make tangible progress in our joint venture with Persimmon and plan to start construction on, and receive land payments for, three sites by the end of 2011.”

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Chief executive Bill Oliver added: “We continue to build on the excellent momentum in our income-enhancing asset management programme while achieving sustained progress at our development projects across the UK.

“This, coupled with our strong forward position of pre-lets and pre-sales, gives us confidence in our future growth.”

Related topics:Leeds