St. Modwen Properties Plc has published its results for the year ended 30 November 2017.
Mark Allan, Chief Executive of St. Modwen, commented:
“2017 has been a positive year for us. Having established our new, more focused strategy, we started to shift our portfolio towards sectors with better structural growth characteristics, we increased commercial development activity, grew housebuilding profits and reduced net borrowings. This will continue in 2018 and beyond, so despite continuing uncertainty in the external environment, the significant potential in our existing pipeline means we expect to deliver a meaningful improvement in earnings and return on capital in the medium term.”
Rupert Joseland, Property Director for St. Modwen West and Wales said:
“Our long-term developments in Wales continue to progress well. At Glan Llyn in Newport, the second phase of 146 new St. Modwen Homes has completed on site, with the next phase now under construction. At the Celtic Business Park end of the development, work is progressing on a major new factory for CAF to support its expansion into UK train rolling stock and to create up to 200 new jobs when building completes in autumn 2018.
“In the Swansea Bay City Region, our broader development work at the Bay Campus is gathering pace. This month sees sale of the investment in the three student residential buildings on site to the specialist student accommodation provider, UPP, with the funds from the sale being invested back into long term development of the Bay Campus. Construction is also progressing on further new academic and residential buildings due to complete at the end of 2018. Beyond that, our long-term rolling programme of work at the Bay Campus provides potential to see the site reach over 2 m sq ft within the next five years.
“Our long-term investment commitment across South Wales continues to provide a springboard for income generation, jobs growth and new homes – as part of sustainable and vibrant new communities – for generations to come.”