Regeneration expert St Modwen Properties has announced record results for the 15th successive year. Profits before tax rose by 3% to £100.1m, as part of the company's preliminary results for the year ending 30 November 2007. The MJ reported last month (17 January) that St Modwen had signed a deal with West Lancashire DC and English Partnerships to regenerate Skelmersdale town centre. It is also working with Bedford BC on the £200m development of its town centre. ‘There will undoubtedly be some deterioration in the market value of investment properties, and we cannot be immune from the effects of that,' said chairman, Anthony Glossop. ‘However, we are planning that, overall, the year will see growth in the company's net asset value, albeit at a lower level than in the past, and we would expect to maintain our recent pattern of dividend growth.' Ian Guy, formerly of Rok Development in Exeter, has joined St Modwen's expanding South West regional office in Bristol as senior development manager.
