Regional property group St Modwen Properties has announced an 18 per cent rise in pretax profits, bucking the general slowdown in the property sector.

St Modwen, which specialises in regenerating brownfield sites, said profits rose for the tenth consecutive year, up to £30 million in the year to November 30 from £25.5 million in 2001.

The company, which wants to rebuild Brighton's landmark West Pier and construct an associated shoreline development, is redeveloping the Woodingdean industrial estate.

It also runs Brighton racecourse. Chairman Sir Stanley Clarke said: "Our broad range of development opportunities allowed us to compensate for this slowdown by concentrating on the strengths in the distribution, convenience retail and residential land sectors."

Rental income increased by 13 per cent to £30.7 million, with overall turnover up 64 per cent to £108.2 million.

Net assets per share - a key measure in valuing property companies - rose 18 per cent to 160.9p.

St Modwen has seen a 134 per cent increase in this benchmark figure over the last five years.

Sir Stanley added the growth in the company's land bank should allow continued profit growth this year and in 2004.

Birmingham-based St Modwen snapped up French engineering group Alstom's £113 million industrial portfolio in December, giving it sites in Rugby, Lincoln, Manchester and Preston, among others.

It also bought sites from tyre group Goodyear and steel group Corus.

Major developments completed and sold in the year included the first phase of the Castle Walk retail centre in Newcastle-under-Lyme, an office block for Redrow Homes in Halesowen, in the West Midlands, and a distribution centre for retailer Argos in Staffordshire.

A boardroom shake-up, announced at the tail end of last year, has been confirmed.

Deputy chairman and chief executive Anthony Glossop will take over from Sir Stanley, who will become life president, with former finance director Bill Oliver taking over as chief executive.

Shareholders will get a total dividend of 5.7p, up 16 per cent per cent on the previous year.