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During the year to 30th November 2019, the housebuilding business of St Modwen Properties also grew its profit margin slightly to 14.8% (2018: 14.4%), helped to deliver a 28% rise in operating profit to £40.1m (2018: £31.3m).
St Modwen Homes is now active across 21 outlets in England and South Wales and has a pipeline in place to grow by up to 20% both this year and next.
To support existing and future growth the business created two regions during 2019, headed by Martin Install as managing director north and Jeremy Attwater, who joined the business in August, as managing director south.
Overall managing director Dave Smith said: “For a house-building business that’s been going for less than a decade, we’re thrilled to have smashed through the 1,000-home mark for the first time in a single year. Looking ahead, we have a pipeline in place to further grow sales volumes and margins. At the same time, our relentless focus on customer experience and choice means 2020 will see more innovation, more user experiences and an even greater emphasis on environmental and social factors as we deliver for all our stakeholders.”
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