St Modwen says it is on track despite profit dip

By Hamish Champ2018-07-03T12:55:00

Structural re-jig is boosting prospects, says property developer

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 £31.6m to £25.9m on revenue up 40% at £212m.

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

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