28th Mar 2014 12:02
LONDON (Alliance News) - St Modwen Properties PLC Friday said the business has continued its strong performance since the start of the financial year, with a growing pipeline of development opportunities, and profits and cashflows in line with its expectations.
In a statement, the property developer said it secured steady sales across St Modwen Homes and the Persimmon PLC joint venture sites, with the sale of 180 units in the financial year to date compared to 35 units during the same period last year.
St Modwen said the increase was a result of the schemes' location and quality of product, as well as the sustained increase in consumer confidence. The company also said it reflected the "continued success" of the UK government's flagship mortgage financing scheme, Help to Buy, and welcomed the extension of the initiative to 2020.
"As the year progresses, we expect the ongoing improvement in the residential and commercial markets to continue. And, having further strengthened our balance sheet, we are very well placed to drive further growth of the business, using our considerable in-house expertise to bring forward high-quality development land, both for sale and for development ourselves," Chief Executive Bill Oliver said in a statement.
In February, St Modwen reported a GBP82.2 million pretax profit for the year ended November 30, 2013, up from GBP52.8 million a year earlier.
St Modwen shares were Friday quoted at 400.00 pence, down 0.1%.
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SMP.LPersimmon