Regeneration specialist increases profits on back of strong investment property market.

Developer St Modwen has posted record results for the thirteenth successive year.

In its preliminary results for the year ended 30 November 2005, the regeneration specialist saw profit before tax rise by 15% to £46.3m (2004: £40.3m) and earnings per share up 15% to 28.7p (2004: 25.0p)

The results enabled it to propose a dividend of 5.9p per share (2004: 5.1p), bringing total dividends for the year to 8.8p (2004: 7.6p), an increase of 16%

Chairman Anthony Glossop said the results were a good start to the year. He said: "The investment property market remains very strong and the occupational market, although variable, offers opportunities for an active developer.

"The general economic climate is perhaps more uncertain than for some time but nonetheless, I am looking forward with confidence to another year of progress."