2nd Jun 2015 06:48
LONDON (Alliance News) - St Modwen Properties PLC on Tuesday said it has performed well in 2015 so far on the back of a robust performance in commercial and residential regional property markets.
FTSE 250-listed St Modwen said its results for 2015 also will be given a boost by the company having achieved unconditional status on the New Covent Garden Market regeneration project at the Nine Elms area in south London.
St Modwen said its full-year expectations are unchanged and said its first-half pretax profit is expected to be significantly ahead year-on-year.
"As anticipated at the full year, we are now taking full advantage of the market recovery and are focusing our efforts on delivering commercial and residential development in the regions and progressing our major projects," said Chief Executive Bill Oliver.
"The highlight of the period has been the achievement of unconditional status for the New Covent Garden Market project in April, which will have a major impact on the half-year valuations. Cumulatively, this all points to a positive outlook for the company, both in terms of profit and net asset value growth, and a record set of half year results," Oliver added.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
SMP.L