DEVELOPER St Modwen today predicted strong results for the full year in a trading update covering the past two months.

The company, which has a regional base in Warrington and is behind the proposed £150m Project Jennifer scheme in North Liverpool’s Great Homer Street, said rental income, trading profits and pre-tax profits should be ahead of the previous year and “at the upper end of expectations”.

They should include more than £20m in profits from development activities and will show residential land sales of £72m.

An extension of banking facilities worth £119m with Lloyds and Barclays has also been concluded.

Chief executive Bill Oliver said today: “As a result of our team’s hard work in managing our assets to maximise value and crystallise profit, we expect to report a strong performance this year, in spite of challenging market conditions.

“We continue to drive income growth across our portfolio through the intensive active management of our existing properties and by progressing potential new opportunities.

“Demand for residential land remains robust, and we have made excellent progress in our housing development programme, both in joint venture with Persimmon and under our own housebuilding arm, St Modwen Homes.”

He added: “With a strong track record of delivery, regional and partnership expertise, strong asset management skills and the proven ability to secure new projects, we have confidence in our prospects for continued growth in the company for 2012 and beyond.”