St Modwen reveals £100m loss

DEVELOPER St Modwen made a loss of more than £100 million last year.

The business made a trading profit of £8.4 million in the 12 months to the end of November, but a £127 million fall in the value of its land and buildings portfolio contributed to a loss of £101.7 million.

The figure is almost double that of 2008.

St Modwen chief executive Bill Oliver said he was hopeful that the residential and commercial property markets had stabilised and that the company was well placed to take advantage of any upturn in the economy.

For more St Modwen news see tomorrow's Sentinel.