Birchwood-based national developer St Modwen has posted a 91% increase in its pre-tax profits, up from £135.4m in 2014 to £258.4m in 2015.

The increase was attributed to an £201.7m valuation increase in its £1.7bn portfolio. St Modwen’s £127m share in the 500,000 sq ft New Covent Garden Market scheme in London, which it is delivering in a joint venture with Vinci, was a major contributor.

However, in a statement on the results, the developer also listed a string of North West projects which it had progressed over the past year.

Highlights included the acquisition of Kirkby Town Centre for £35.8m and Moorgate Point for £10m; a start on site for the roadworks around its long-running Project Jennifer scheme in North Liverpool, anchored by Sainsbury’s; the redevelopment of the old Vulcan works in Newton-le-Willows, St Helens, anchored by an Aldi store; and planning permission for a 100,000 sq ft retail and leisure scheme in Skelmersdale.

Total dividend for the year increased by 25% to 5.75p per share, compared to 4.6p per share in 2014.

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