DEVELOPER St Modwen confirmed today that trading is continuing in line with management expectations, in an update for the financial year so far.

The group is involved in a range of projects around the region, run from its Warrington office, including the £150m Project Jennifer scheme in Great Homer Street and the Venture Fields leisure development in Widnes.

Today’s briefing said since the half year results announcement on July 5, rental income, trading profits and cashflows have all remained on course, despite a “flat underlying market”.

It said it had made progress in its residential division, with more than 20,000 plots having either planning permission or allocations within local plans.

The housebuilding arm is involved in a number of schemes across the country, including a joint venture with Persimmon in Wolverhampton.

A scheme on the former Rover car site in Longbridge, Birmingham, has also seen 57 of 115 homes either pre-sold or reserved.

Chief executive Bill Oliver said today: “We continue to make good progress in the year to date.

“Even in this challenging market we have been able to drive income throughout our portfolio and I am particularly encouraged by the continued resilience of our retail assets.

“We have made further valuation gains within our development portfolio through active management initiatives and particularly by progressing sites through the planning process in London and across the UK.”

He added: “Demand for developable residential land remains robust and we continue to make further excellent progress in our residential development programme, both through St Modwen Homes, where we have been encouraged by initial demand, and our joint ventures.

“Our track record of delivery, strong asset management skills and ability to secure new projects, either on our own behalf or in partnership, give us continued confidence in both the prospects for the current financial year, and of continued growth in 2012.”