Developer and house builder St. Modwen has reported a loss of £101.7m for the year ending 30 November 2009, more than double its loss of £50.7m in 2008.
However, the regeneration specialist predicted an increase in development opportunities and a return to growth in profit next year.
St Modwen said said it had a positive operational cashflow, including £101m raised from property disposals, and had raises a further £101.6m in new equity through refinancing.
The developer increased its bank of developable land – its ‘Hopper’ – by 12% to 5,600 acres.
Chairman Anthony Glossop said: “Property market prospects still remain uncertain. The economy may be slowly emerging from recession, but business confidence remains fragile, with continued pressure on rents and occupancy levels.
“However, St Modwen is well prepared for such conditions: our financial position is sound; our business model will increasingly create value; and we are in a good position to seize attractive opportunities to add further to the Hopper.
“I am confident that 2010 will see the company returning to growth in profits and net asset value.”
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