St Modwen sees full year profits in line with expectations
Property group St Modwen said profit before all tax for the full year is likely to be in line with market expectations.
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In a trading statement, the company said its net debt position at 30 November 2015 was expected to be slightly higher than current market expectations reflecting the timing of recent investment activities, including the acquisition of Kirkby Town Centre for £35.8m and the retention of major completed developments during the year.
“Activity across our commercial portfolio is progressing in line with the regional market recovery. We have witnessed a steady stream of occupational demand, demonstrated by the performance of our well-let income producing portfolio, and have experienced encouraging results from our speculative commercial development programme,“ St Modwen said.