The developer announces a record pre-tax increase in its interim results

Developer St Modwen has announced a pre-tax profit rise of almost 50% in its interim results.

The company recorded pre-tax profit of £65.1m for the six months to 31 May, an increase of 48% on the £43.9m reported for the corresponding period last year. Net asset value per share rose 12% to 361p since 30 November 2006.

Chairman Anthony Glossop said: “We remain on course to grow in line with our long-term financial objective of doubling the net asset value per share of the company every five years and we look forward with confidence to a successful outcome for the year as a whole.”