St Modwen sees vital signs
The firm, which specialises in town centre regeneration and bringing former industrial sites back into use, posted pre-tax losses of 119.4m for the year to November 30, up from 73.1m the previous year.
But St Modwen added that prices had stabilised after a 20 per cent decline in assets over the year, and predicted a return to profit growth despite uncertain market prospects and "fragile" business confidence.
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Hide AdSt Modwen is working on town centre regeneration schemes in Farnborough, Skelmersdale in Lancashire, and Wembley, north London.
Shares in the Birmingham-based firm rose after it also grew rental income in "very challenging" conditions, with asset sell-offs and tenant failures more than offset by new lettings and income from newly-completed developments.