PROPERTY developer St Modwen delivered strong results for 2011 today with pre-tax profits up 34% to £50.4m, despite a fall in group revenues from £121.4m in 2010 to £109.6m.
The firm, which has a regional office in Warrington, said it has a secure development programme for 2012 with commercial schemes already on site to deliver more than £15m in profit this year.
It also reported a positive outlook for its residential development land with good levels of housing sales already achieved and strong on-going demand.
The group is behind the £150m Project Jennifer scheme in Great Homer Street which could create 1,000 jobs but is subject to a public inquiry, probably this summer.
Chief executive Bill Oliver said today: "We have had a very successful year despite the challenges posed by the market conditions, significantly growing profits and completing transactions across the portfolio, and we have the foundations in place to delivery very good results in 2012."
Among developments completed and sold during 2011 were The Hive Leisure Park, in Widnes, comprising a five-screen Reel Cinema, the 16-lane Widnes Superbowl, and a 60-room Premier Inn hotel, together with a retail scheme in Connah's Quay including a Morrisons foodstore creating more than 300 jobs and other retail outlets.
Michelle Taylor, St Modwen's North West regional director, said: “In the face of tough market conditions, we have continued to build momentum at our schemes in the North West during the past year.
“We also completed The Hive, a fully-let £10m leisure scheme at the Widnes Waterfront, and our Urban Village development in Newton-le-Willows has continued to develop, with housing specialist Jones Homes acquiring more plots at the site.
“Movement in our district centre portfolio included completing a £2.8m sale of retail units at Connah’s Quay in Flintshire, continued progress with proposals for the redevelopment of Skelmersdale town centre and acquiring Farnworth Market Precinct in Bolton.
“At Great Homer Street in North Liverpool, the city council is moving forward with the CPO (compulsory purchase order) process with our support and has now formally called for the Government to bring forward an Inquiry.
“A number of discussions are already taking place towards relocating businesses based at the 45-acre site ahead of a CPO being granted and if successful at the Inquiry, the retail phase of the project could start on-site by Spring 2013.”
