Property developer St Modwen yesterday announced a 23 per cent rise in half-year profits and forecast record results for the year.
The Birmingham-based firm, involved in the planned redevelopment of the West Pier in Brighton, said its interim pre-tax profits for the six months to May 31 rose to £17.9 million from £14.5 million last time.
The group said it anticipated record full-year results for the 11th successive year.
St Modwen also announced the £13.2 million disposal of the Castle Walk shopping centre, in Newcastle-under-Lyme in Staffordshire, and an agreement to develop an urban village on a 92-acre site in Dursley, Gloucestershire.
Chairman Sir Stanley Clarke said: "We remain on course to grow in line with the long-term objective of doubling the net worth of the company every five years."
Its "hopper" of development opportunities had reached record levels.
Tuesday July 22, 2003
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