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St Modwen reports 20% valuation drop
08:27 | 06.07.09
Regeneration developer St Modwen’s assets have fallen in value by 20% in the last six months, it announced this morning.
In its half yearly results for the period ending 31 May 2009, St Modwen said its net assets had dropped to £321m from £402m.
The decline resulted in diluted loss on each share of 66p.
However, St Modwen chairman Anthony Glossop said his confidence in the longer term ‘remains undiminished’.
St Modwen reported a trading profit of £6.8m for the period and had also successfully raised £102m in its rights issue, he said.
He also said he company had made strong progress in preparing its development projects for future delivery.
St Modwen’s projects include Skypark in Exeter, where it has signed a partnership agreement with Devon County Council, and Firepool in Taunton, where it recently signed a development agreement with Taunton Deane Borough Council.
The Firepool scheme was one of the projects discussed in Property Week’s recent Regional TV for the south-west market filmed at Woolacombe Bay. To view the video click here.
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