PROPERTY developer and housebuilder St Modwen said it delivered strong results for the year to November 30, today, with a £52.8m profit before tax and an 8% increase in net asset value to 251p per share.

The group, which has a regional base in Warrington, is developing the £150m Project Jennifer scheme in Great Homer Street, as well as the £20m revamp of Skelmersdale town centre.

Its £52.8m pre tax profit was up from £51.7m the previous year and the group said its property profits were up 22% to £29m, while net rental income continues to grow, up from £35.5m to £36.2m.

It reports a continued positive outlook for residential land, with London residential transactions driving valuation gains.

Among its recent projects is a £150m first phase development scheme at Swansea University for a new science and innovation campus due to commence in the first half of this year.

The group is also preparing to start work at Great Homer Street after a compulsory purchase order (CPO) for the land was confirmed by the Government following a public inquiry last July.

The scheme has planning consent for a 114,000 sq ft Sainsbury's supermarket, set to be Liverpool's largest foodstore, 80,000 sq ft of further retail, 80,000 sq ft of industrial development, 480 new homes and 40,000 sq ft of community facilities including a new library, market and community health centre.

Following the CPO award, a reserved matters planning application will be made to approve the final detail of the new Sainsbury's store and other retail units.

Among its planning consents achieved during the year was its Vulcan Works project at Newton-le-Willows where permission was granted for an 18,000 sq ft food retail unit and the second phase of 282 homes, of which housebuilder Persimmon is building 208.

Another project, Lowfield Lane, St Helens, will also provide 152 new homes.

Chief executive Bill Oliver said today: "This has been another successful year during which we have achieved some significant milestones across our portfolio and, in particular, on our major development projects.

"These achievements underline our growing presence in the London and the South East market while also proving that there are still opportunities in the regions for well-placed and well-priced product."

Last October St Modwen raised £80m from a successful retail bond issue, enabling it to diversify its sources of funding, without increasing its borrowing.