St Modwen focus turns to growth during 'positive' year
Developer St Modwen has hailed a "positive year" as it shifted its focus towards growth.
The company made progress across each of its three divisions: industrial and logistics, St Modwen Homes, and strategic land and regeneration.
In industrial and logistics, it delivered 9.6 million sq ft of space, of which 97 per cent will be retained, with the company expecting to deliver up to 182.9 million sq ft of new space during 2020.
In St Modwen Homes, 1,060 properties were sold in the year, up from 848, while in strategic land and regeneration, £65 million of non-core assets were sold and £30 million-worth of residential land was sold.
The group, which has its headquarters in Birmingham, has been building new homes on part of the former Goodyear site, in Wolverhampton.
In the year to November 30, the company's revenue fell from £436.2 million to £429.9 million, while its pre-tax profits dropped from £72.4 million to £58.9 million.
Chief executive Mark Allan said: "2019 has been a positive year for St Modwen. Following our major portfolio repositioning, our focus shifted to growth, building on the substantial opportunities in our existing portfolio.
"This resulted in another year of strong growth in housebuilding volumes and growing momentum in industrial and logistics development, where structural growth drivers remain positive.
"Underpinned by a solid balance sheet and continued capital recycling, we expect the delivery of our strategy to drive a meaningful improvement in return on capital."
