Post-referendum slowdown hits developer’s performance
A “deliberate slowdown” in activity in the wake of the EU referendum has resulted in a fall in half year profits for developer St Modwen.
Pre-tax profits slipped 11% to £31.6m, but it said it remains confident of the opportunities ahead despite the “uncertain market environment”.
The property group’s revenues were down 5%, to £151.4m, in the six months to May, with the drop coming from its development division where profits were reduced by £9.6m.
In the North West the company completed 93 transactions (lettings a... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
