St Modwen says business continues to perform well

Property regeneration group St Modwen said its business continues to perform well, supported by its extensive regional development portfolio and income producing assets.

"Real value continues to be added across our UK-wide portfolio through land renewal, planning gains and asset management," the company said ahead of its annual meeting.

"Over the course of 2016, we will continue to seek to acquire new opportunities in this way, with good development potential in the long-term and further enhancing net rental income in the shorter-term. In doing so, we continue to build on our strong regional presence.

St Modwen said demand for residential land from third party housebuilders is steady and it have agreed or completed £41m in site sales between 1 December and 22 March, with prices at or above book value.

"The procurement of the market at New Covent Garden Market is now underway, with vacant possession of the 10 acre Nine Elms Square site remaining on track for Spring 2017."

"As outlined in our 2015 full year results, we intend to explore our options to either sell, joint venture or develop this site during 2016."