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St Modwen set to boost its commercial scheme construction

Developer St Modwen has announced that it will be increasing its commercial construction programme over the coming months as its focuses on work outside of London.

The firm has published its annual results for the year ending November 2017, the highlight of which is a trading profit of £64M, up from £56M for the previous year.

Chief Executive Mark Allan said: “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.”

St Modwen is currently involved in three large projects which have made extensive use of steel construction, Nine Elms in London (pictured), Longbridge in the West Midlands and Swansea Bay.

Mr Allan said the company will progress further work on these sites as well as on other regional regeneration schemes.

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